The Best Time of Year to Buy a New Car
A new vehicle is one of the largest purchases you can make, so it’s worth taking a little time to ensure that you get the best deal. With just a little time spent researching the best time to buy a car, you could save hundreds–or even thousands–on your purchase. While there’s not one golden opportunity to purchase a new car, there are some guidelines you can follow that will help you get the best deal.
The Best Deals Come at the End of the Year
It doesn’t hurt to take a look at this transaction from an economics viewpoint. Although it may have been some time since you took high school econ, you surely remember the principle of supply and demand: the more people buy of something, the less of it there will be, incentivizing suppliers to sell at a higher price. One major event in the automotive industry that drives supply and demand is the release of the next year’s models, which tends to happen near the end of the year. As more customers want the latest and greatest models, the prices on the current (or older models) tend to come down. If you’re OK with having a car that’s a year or two behind the latest and greatest, your slight sacrifice could equal major savings.
Look Out for Rebates and Other Sales
There might be other reasons that dealers and manufacturers are looking to offload older models. Perhaps the consumer demand was miscalculated and too many were produced that year, or maybe the car didn’t review very well and the dealers just want to get rid of them. Whatever the reason, look out for rebates in your area, many of which you can find on the website Edmunds.com.
Consider the Day of the Month and Time You Visit
It isn’t just the car market that dictates what price you’ll pay on your new vehicle. To get the best deal, you might have to think like a car salesperson. After all, they’re pretty much the last line of defense between you and your shiny new pair of wheels, and they have a lot of sale in how much of a deal you really get. Think of it from their perspective – what are the times that they’ll be most likely to close on a deal quicker? Common advice suggests that going to the dealership near the end of the month, when dealers are trying their hardest to hit their quotas, might result in a quicker deal. Same goes for a visit late in the day, when everyone wants to head home.
Shop Around and Wait to Make Your Deal
In all, the best time to purchase a car is after you’ve done plenty of research into all that’s offered in your area. By shopping around at different dealerships, not only will you get a good sense of what the going prices are for new cars, but you’ll also get a wider range to choose from. Plus, by speaking to salespeople at different dealerships, you may be able to use some leverage to negotiate a better deal. When making such a large purchase, it’s best not to rush your decision, anyway.