Buying a car is a significant financial commitment, and timing your purchase can make a substantial difference in the price you pay. Whether you’re looking for a brand-new vehicle or a used car, there are certain times of the year when dealerships offer the best deals. Here’s a breakdown of the best times to buy a car to maximize your savings.
1. End of the Month
Car dealerships have monthly sales quotas to meet, and salespeople often receive bonuses based on how many cars they sell within a month. As the month draws to a close, dealers may be more willing to negotiate on price to meet their targets. Shopping toward the end of the month can increase your chances of scoring a better deal, as they may be more flexible with pricing or willing to offer additional incentives to close the deal.
2. End of the Year (October to December)
The final months of the year—particularly October through December—are some of the best times to buy a car. Dealerships are eager to clear out inventory to make room for next year’s models, and they often offer substantial discounts on vehicles from the current year. Additionally, manufacturers may offer end-of-year promotions and rebates to help dealerships meet their sales targets.
The best deals typically occur in the final days of the year, as dealerships want to push sales before the calendar flips over. You might find prices significantly lower, as dealers are motivated to hit their annual goals and clear out their stock.
3. Holiday Sales Events
Many holidays throughout the year bring car sales events, where dealerships offer significant discounts and promotional financing. Some of the biggest holiday sales events include:
- Memorial Day (Late May)
- Labor Day (Early September)
- Fourth of July (Early July)
- Black Friday (Late November)
During these events, you’ll find a combination of manufacturer incentives, special financing offers, and dealer discounts. Holiday weekends are often promoted with large advertising campaigns, so you can expect to see great deals if you shop during these times.
4. Model Changeover Period (Late Summer to Fall)
New car models are typically released in late summer or early fall, meaning that dealerships are eager to clear out the previous year’s models to make space for the incoming stock. The months of August to October are prime time to buy a car from the previous model year. As the new models hit the lot, dealers will often offer discounts on the outgoing models to make room for fresh inventory. If you’re flexible with model year preferences, you could find great deals on nearly new cars that are only a few months old but priced much lower.
5. Winter Months (December through February)
The winter months, particularly from December to February, are traditionally slower times for car sales due to the cold weather and the holidays. Since fewer people are car shopping during this time, dealerships are often more willing to negotiate on price to attract buyers. If you’re willing to brave the cold, you may find some of the best deals during these months, especially for vehicles that are considered “off-season,” such as convertibles or SUVs in certain regions.
The holiday season also brings end-of-year clearance sales, and the lower demand for vehicles can give you more negotiating power. As a result, winter can be a strategic time to find lower prices, particularly if you’re looking to purchase a car that’s not in high demand.
6. Spring (March to May)
Spring is a great time to buy a car, especially if you’re looking for a convertible, sports car, or other vehicles that are in higher demand during warmer weather. While spring doesn’t typically offer the same deep discounts as the end-of-year months, dealerships often start offering special financing promotions and leasing deals as the weather warms up. Additionally, if you’re looking for a new model that’s just hit the market, spring could offer a good balance between availability and pricing.
7. When You’re Flexible on Your Model Choice
One of the best ways to save money on a car purchase is to remain flexible on your model choice. Dealerships often offer discounts on cars that have been sitting on the lot for a while or vehicles that are nearing the end of their production run. By considering cars that have been available for longer periods, you may be able to get a great deal, even if it’s not the latest model.
8. End of the Lease Term for Used Cars
If you’re in the market for a used car, consider shopping toward the end of lease term periods (typically in late summer or early fall). Many car leases end in these months, and dealerships may be eager to sell the off-lease vehicles to make room for new inventory. These cars are usually in good condition and come with a full maintenance history, making them an excellent option for buyers looking to save money.
Conclusion
The best time to buy a car and save money largely depends on timing, negotiation skills, and seasonal factors. For the best deals, aim to shop at the end of the year (October through December), during holiday sales events, or toward the end of the month when dealerships are trying to meet sales targets. Additionally, consider shopping during winter months or when you can take advantage of model year-end clearances. By planning your purchase around these times, you can maximize your savings and drive away with the best possible deal.
-1.gif "CuraDebt")