For many people, shopping for a new car is a process. Because this is a massive purchase that will last for many years, it’s imperative that you find the perfect vehicle for your needs. However, if you’re not too savvy, then how can you be sure that you’re going to get a great deal?
Fortunately, automakers and dealerships are always adding incentives to help move their stock and get people into their vehicles. Thus, if you know the best time of the year to buy a car, you could wind up saving big time as a result.
So, with that in mind, here are the best times to buy a new car.
During a Sale
It may seem obvious, but the fact is that more than a few people miss out because they don’t time their shopping experience with a dealership’s sale. Even if one isn’t happening right now, that doesn’t mean that there won’t be one later on in the year. Most dealerships have quotas that they need to fill, meaning that sales are always around the corner.
At the End of the Month
Although there are particular times of the year when buying a new car is best (more on that in a bit), if you’re going to buy one during the peak season, you want to avoid the beginning of the month.
As we mentioned, dealerships typically have quotas, which means that at the end of the month they are more motivated to sell a car than at the beginning. Thus, if you wait a couple of weeks and pick your time right, you could wind up with a lower price tag or bonus incentives to get you behind the wheel.
The Holiday Season
Usually, auto manufacturers announce their upcoming lineup in September. That means that dealerships have to be aggressive to move their inventory to make room for all of the latest makes and models.
Between October and December is an excellent time to buy a car because you can usually save a lot on this year’s models. Also, this is often when dealerships start offering their year-end sales, which makes it even more enticing for the average buyer.
Although all three months are great for car buying, December is usually the best. Here’s why.
Christmas Savings – because everyone is shopping around this time, dealerships know to take advantage as much as possible. Thus, they will offer more discounts or incentives, particularly for peak shopping days, such as Black Friday.
Slower Traffic – usually, people want to buy a new car in the Spring and Summer months because it’s much nicer out. However, that means that you have to compete with everyone else to ensure that you get the best deal. During December, however, that foot traffic slows down, which enables you to get more personalized attention. Usually, having more one-on-one time, coupled with lower sales numbers means that you can get a better sales experience.
New Year’s Eve – once the calendar year has finished, that’s it for quotas and sales counts. Thus, the closer you wait until the end of the year, the better the deals can get. Motivated salespeople are going to offer greater incentives, so being patient can pay off substantially.
Other Considerations When Buying a Car
Although picking the best time of year to find a new vehicle is an excellent way to save money, that shouldn’t be your only concern. As we mentioned, buying a car is a process, and you want to make sure that you take as much care with your purchase as possible. Thus, keep these factors in mind as well.
Current Vehicle
What is the state of your car right now? Does it have a few good years left, or is it hanging by a thread? If it’s the latter situation, then you’ll have to be a bit more aggressive in your search, since you don’t want to be stuck with a lemon and have to buy something right away.
Trade-In Value
If your current vehicle is in excellent condition, then what can you get for it? Be careful to consider how much you may owe on the car, especially if it’s more than it’s worth (in this case, it’s upside down). A great way to check on this is to run your make and model through a car evaluation site like Kelly Blue Book. Also, talk to dealerships about any trade-in offers they may have. Some places may have better incentives than others, so don’t be afraid to shop around.
Insurance
As you already know, buying a car is not a one-time purchase. No, we’re not referring to making monthly payments (although that is a consideration). Instead, we’re talking about all of the other costs and expenses that come with owning a vehicle. Insurance rates should be a factor when buying a new car. In fact, you should talk with your insurance agent first to get their input on what will be the best for your premiums. Some makes and models are better than others, so you want to make sure that your rates aren’t going to increase as a result.
If you’re ready to buy a new car, contact us today, and we can help you find a model that will keep your rates low. We know that the experience can be exciting, but it’s crucial to do your due diligence first so that you can be proud of your purchase. We’re here to help!