Best Times to Buy: Cars

If you’re considering buying a car in the near future, then this article can help save you some money – simply by timing your purchase correctly! Knowing when to buy your car can help you score a solid discount on the price of your vehicle and help you to enjoy savings on your auto loan for years to come. There are a lot of factors that impact the prices of cars, including when dealerships offer promotions, when new models are coming out, existing inventory, and more. That means that there are several different times during the year where these factors combine to give you a chance to get a great deal on your next car! Here’s when to get your car buying into gear.

May

After a traditionally slow period during the winter and early spring, the auto industry tends to start to pick up speed in May. Automakers and dealers will start rolling out specials early in the month, offering discounts like cash-back and bargain-priced leases, which you can only get during this time of year. If the springtime fits your plans for when you’ll be looking to get a new car, target these specials during the month of May.

October

For the auto industry, the year starts in October. New and redesigned models are arriving at showrooms and dealerships during this month. Take advantage of this lopsided calendar by shopping for a new car in October. New models arriving means that dealerships will be motivated to sell their older models, so you’ll find steep discounts on all older models as dealers try to make room for the incoming shipments. If having the latest model isn’t something you care about, this can be a fantastic opportunity to take advantage of the auto industry’s model cycles and score a discount.

November

November is a still a great month to shop for a car, for many of the same reasons as October. As the autumn goes on, older models will continue to sell at discounted prices. You might want to wait for November because prices will likely drop even more than they did in October. On the other hand, the inventory will dwindle as well, so your selection will become increasingly limited. If you’re looking for the best possible deal, waiting until November may be a good idea. If you’ve got your heart set on a specific kind of car, perhaps buying earlier is for the best.

December

The final month of the end-of-the-year car-buying frenzy brings with it lots of cash-back deals and great financing options on cars. You’ll find some older models still hanging around the lot at discounted prices, plus some newer cars that may have slightly lower prices as well. Pay attention when shopping in December just like you would for any other product, though. You may find some “special holiday pricing” is not all that special after all and is just dressed up to look like a limited time deal.

New Years

New Year’s Eve and Day are fabulous times to buy a car. End-of-year car sales reach their final peak on the first day of the year and are often coupled with attractive financing and lease deals from automakers. If you can make some time around your end-of-year celebrations, or drag yourself out of bed after staying up to watch the ball drop, you might be rewarded with a deal you’ll be smiling about all year long!

More great times to buy a car:

• Between design cycles
  If you shop for a car right before it hits the end of its design cycle, which is approximately five years long, you can enjoy massive incentives and steep price cuts.
• On Mondays
  Weekends are usually the busiest time for dealerships. When business plunges on Mondays, they are more likely to offer discounts.
• Three-day holiday weekends
  In general, you’ll want to avoid shopping for cars on weekends, but three-day holiday weekends are the exception. You’ll find great deals on cars on Memorial Day, Labor Day, July 4th, and Presidents’ Day weekend.

If you’re looking to buy a new set of wheels, make sure you keep this guide in mind! If you have the luxury of biding your time before purchasing a new car, make sure you take advantage of the best times of year to buy a car at a great price. Timing your purchase right can result in significant savings.