When it comes to buying a new car, timing can be crucial in order to get the best deal possible. While you may have done your research and taken test drives, knowing the optimal time to make your purchase can save you some serious money. So, when should you pull the trigger and sign the dotted line?
Late December proves to be the absolute best time of the year to buy a new car. This is when a dealership’s yearly, monthly, and weekly sales goals all converge, unlocking incentives and rewards for the dealer and making them more eager than usual to close a sale. However, there are other times throughout the year that can also offer great deals.
The end of the month is another opportune time to buy a new car. Car dealerships have monthly sales quotas, and salespeople often have bonuses tied to meeting these goals. As the end of the month approaches, a salesperson might be more willing to negotiate a lower price in order to meet their sales quota and earn their bonus.
Similarly, the end of the day can also be a favorable time to negotiate a purchase price. A good car salesperson knows that letting a customer leave empty-handed is not a desirable outcome. By negotiating towards the end of the day, you may find that the salesperson is more willing to cut a deal to ensure a sale.
Aside from specific months and times, there are certain days that can offer better purchase deals. Mondays tend to be the best day of the week to buy a new car. Dealerships may be less busy at the beginning of the week, and salespeople might be eager to make an early start on their weekly goals. Multiple studies over the years have shown that car buyers often get better deals on Mondays.
In addition to specific times and days, holidays can also present opportunities for significant savings. Car dealerships have started offering Black Friday deals in recent years, with extra incentives tied to this popular shopping day. New Year’s Eve is also a great day to buy a new car since a dealer’s yearly, monthly, and quarterly goals all align. Additionally, New Year’s Day may offer advantages, as dealerships sometimes have year-end closeout deals that extend into the first few days of the new year.
While there are ideal times to buy a new car, there are also certain times to avoid. Buying a car early in the month is not advisable, as salespeople may not be as motivated to hit their monthly sales goals. Saturdays are also the worst day of the week to buy a new car, as dealerships tend to be busy and salespeople may have multiple prospects throughout the day. Furthermore, purchasing a new car when it is in high demand can lead to higher prices. Dealers place premium prices on new, hot models with limited stock. Waiting a few weeks or months after the initial release can result in significant savings.
In addition to timing, there are other factors to consider when seeking the best deal on a new car. Always check for local rebates specific to the dealership you are considering. Prices may vary between dealerships, so it’s worth checking out multiple locations. It’s also worth considering the previous year’s model if there hasn’t been a major redesign. Dealerships often want to get rid of last year’s stock to make room for newer models, and the differences between the previous year’s model and the new one may be minimal. Opting for the previous year’s model can lead to substantial savings.
Ultimately, timing your car purchase can make a significant difference in the amount of money you can save. By understanding the best times of the year, month, week, and day to buy a new car, as well as avoiding peak demand periods, you can negotiate better prices and secure a great deal. Remember to always consider local rebates and the previous model year to maximize your savings.
