When Is the Best Time to Buy a Car?
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The way people are traveling has changed substantially since the pandemic hit. And if you're one of the millions of Americans who plans to hit the road for their next vacation, a car purchase may be in your near future. As with any investment, it's wise to conduct your own research to figure out the exact model and features you want, then contact local dealerships that have your dream car in stock. Industry experts report that buyers are currently flooding the used-car market, looking for deals amid high-priced new vehicles and low-interest long-term loans, even as demand outpaces the supply. And while you can't as easily head over to the dealership for a test drive—there are likely mandated safety precautions in place—most of the experience is now done virtually from browsing to buying.
One thing that hasn't changed: Everyone wants to get a good deal and timing plays a big role in that. The best time to buy a car depends on the season, the month, and even whether it's Tuesday or Thursday. Here, we tapped an expert of the automotive industry for the best times to drive a hard bargain.
Related: What to Do If Your Car Is Part of a Safety Recall
The End of the Year
October, November, and December are the months when dealerships are especially eager to sell the current model year's cars to make room for the new ones. "When that happens, you see the prices come down," says Ivan Drury, senior manager of insights at Edmunds, the automotive resource. Also, they want to end the calendar year with strong sales so they're more inclined to negotiate. But that doesn't mean that as soon as January arrives, all discounts are gone. "Dealerships may still be trying their best to get the older cars off the lot," says Drury. "You might have to concede on the color or a feature you really want, such as a sun roof, but if you're really looking to save as much money as possible, this is the best time to do it."
Holidays
While you're busy grilling hot dogs during the Memorial Day weekend, you could be missing out on some great car deals and incentives like cash discounts. Other national holidays, including the Fourth of July and Labor Day, could also save you hundreds if not thousands of dollars. And though they're not official holidays, don't rule out Black Friday to save big, as well as New Year's Eve when salespeople may be especially eager to make a deal to earn end-of-the-year bonuses.
The Beginning of the Week
In the world of car buying, every day is not equal. "There's more competition on weekends from Thursday to Sunday," says Drury. The salespeople may be juggling several customers at once and are not as focused in cutting you a deal. "You're better off doing it on a Monday, Tuesday, or Wednesday when it's not as busy," he says. You'll also have more time to think things through. You can walk away and do more research without any pressure to buy on the spot.
The End of the Model's Year
Though it varies by manufacturer, late summer (August and September) is often a good time to shop for previous-year model cars since dealers want to make room for the brand new ones. For instance, a typical incentive is low APR financing.
