Are you in the market for a new car? If so, you’re probably wondering if there’s a “best” time to buy — besides when you need one. Here’s an overview of some common suggestions.
- The end of December. Reasons abound for buying at year-end. For instance, during the winter months, you won’t be competing with as many consumers. Colder weather tends to discourage people from venturing out. Holiday shopping drains bank accounts so people are less likely to buy new vehicles. In December, sales staff and dealerships want to move inventory because their bonuses and incentives are tied to end-of-year sales targets. All these are good reasons to buy late in the year. Waiting also includes a risk: Others may have picked over the inventory and you may not find a vehicle in your preferred trim or color.
- August to October. Some studies have shown that late summer to fall is an opportune time to buy certain kinds of cars because car dealers are rolling out next year’s models. Dealerships have an incentive to move inventory. They need the space.
- Black Friday. Some dealerships offer discounts on the day after Thanksgiving because it’s close to the end of the month. They may be willing to negotiate a lower price to meet their quotas.
- Late in the day. The idea is this: Show up when the dealership is preparing to close, and salespeople won’t resist your negotiations. They’re tired and eager to go home. But don’t count on this tactic. Many people who work at auto dealerships are accustomed to long hours, and they’re more than willing to stick around to close a deal.
Whenever you choose to buy your new vehicle, sound purchasing practices can save you money. One example: Remaining flexible. Don’t set your heart on a specific model to the exclusion of every other consideration. There are plenty of models available and many quality sellers. Get quotes from at least three dealerships in your area. Take your time. Do your research. Know your market. And if you need help running the numbers, contact us. We’re always here to help at Dye and Whitcomb, LLC