Are you looking to buy your dream car? How’s it going? Chances are your answer could be “stressful.” It takes a lot of effort to find the perfect car from thousands of them. Even if you find the perfect car, you’ll still have to deal with the sales team that’ll come to you with all types of deals.
However, there’s one thing that’ll change your entire car shopping experience. Knowing you have the perfect deal. Timing is one of the ways you can strike the perfect deal and save thousands of dollars on your dream car.
1. Thanksgiving, Labor Day, and Memorial Day
What better time to buy a car than on holiday? In fact, holidays are some of the best times in the year to purchase a car. Black Friday, Labor Day, and Memorial Day are some of the holiday weekends that come with numerous discounts.
However, you don’t need to wait until the weekend is upon you to start hitting the dealership. Most of the time, dealerships start rolling out promotions a few days before the weekend.
2. One week after Christmas
You must have noticed how businesses compete to put out all sorts of promotions and discounts on their products and services to attract customers. If you haven’t, you may want to pay attention during the next holidays.
However, many people believe this all just pure hype to get the most sales during the short period. But is this belief true? Before jumping on any deal, it’s important to reconcile the numbers. Nonetheless, holidays are indeed the best time to get that item you’ve always wanted.
It gets even better if the holiday falls at the end of the month. At this time, dealers are in a rush to hit monthly targets, and discounts can go even higher to make sure they hit those goals. If you’ve always eyed a particular car, this period presents the best time to seize the opportunity.
December presents the best month for anyone looking to buy a car. This month holds the holidays, and there’s a lot of hype.. On the other hand, apart from the monthly targets, dealerships are looking to hit yearly sales and clear out old stock.
Data from Cars.com shows December to have been the best month to get incentives for the period between 2013 and 2018. It’s during this month that luxury brands that rarely advertise incentives spice up their deals.
December may be the best time to hunt down lucrative car deals as dealers offload older stock, but the run-up to this starts months before. Late summer and early fall present a good time to look, as new models begin to roll out then.
When to Buy a Car Model
Let’s face it. You’re not looking for just any car. You’re looking for a specific model. The good news is you can land the best deal during certain months of the year.
According to data from TrueCar, which came from analyzing over 12 million transactions between 2011 and 2015 these months present the best time to buy these vehicle types:
Other Times to Purchase a Car
What happens if you don’t have the money to buy your dream during these discount months? You can always take help of online options for funding, especially for a car loan and auto repairing when needed in an emergency. Don’t worry because even after getting the money after these windows close. Look at some of the other times you can shop for a car.
1. Close to End-Month or Early in the Week
What time of the week do you think dealerships will be busiest? It’s during the weekends. During these days, people are off work, therefore, they have more time to visit the dealership to strike a deal. However, if you’re smart, you’ll go in early in the week instead.
During this time, there’s less traffic and the sales team will be at your disposal for whatever period you’ll be there. This will allow you to negotiate a better price. According to TrueCar, this is the best time of week to buy a car, although the difference is almost negligible.
Monday leads as the day that will save you the most money at 0.61% more than on Sunday. Thursday and Wednesday come in second and third.
The other time to visit the dealership is close to the end the month. This is a rush-hour period for them because they are hard-pressed to hit their monthly targets. Therefore, they’ll be willing to offer you a bigger discount so they can hit their quotas.
Nevertheless, this is all guesswork because there’s no way of knowing whether the sales team has hit their monthly target. However, if you’re a good negotiator and reader of body language, you’ll notice their willingness to offer larger discounts.
2. End or Beginning of the Year
As the year ends, the sales team will be in a hurry to clear the old stock so they can bring in new models. However, it doesn’t necessarily mean that clearing old stock will coincide with the end of the year.
Therefore, if you‘ve set your eyes on a particular model, it’ll be smart to know when the current model will be out of the market. Then you can buy it when it’s no longer most sought-after. If you don’t mind owning a year-old model that isn’t really ‘a year old’, you may land massive discounts on these models as dealers look to clear to create space for the newer ones.
That’s not the only time to land an amazing deal. Car manufacturers bring in new models in the market and often, they offer rebates and incentives to attract customers. Therefore, if you want a specific model, find out the date of the next release to see whether you can get some exclusive deals.
There are other instances when dealers and manufacturers decide to phase out certain models completely. The car’s value may depreciate quickly, but this is a perfect opportunity to buy. Nevertheless, tread with caution by finding out the exact reason the manufacturer decided to eliminate the model.
Other Factors to Consider
While timing will help you land a great deal, it’s not the only factor involved when buying a car. Your credit score, for example, plays a massive role. A poor score will lead the dealer to impose high interest rates to cover the associated risks.
However, you can avoid all this by paying cash at the dealership. Otherwise, you can wait for the best times to purchase a car. Timing and patience will be your key allies here if you wish to leave the car lot driving your dream car.