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When is the best time to buy a car?

Those shopping for a new vehicle typically believe they can find the best deals at the end of the year.  We have good news for those in the market to buy a car right now. There are many other times throughout the year to score a great deal. It’s a myth that spring is not a good time to buy a car. In fact, one of the biggest times to secure a great deal is actually Memorial Day weekend. According to Edmunds, the online resource for automotive information, good auto discounts can be found May through September, with even better discounts found October through November. Don’t forget those deep end-of-the-year cuts in December either.

Dealerships may feel the pressure to sell more during certain times throughout the year as compared to others. Knowing these times can give you better negotiating power. Whether you’re in the market for a new car right now, or you’re just testing the waters to see if any deals stand out, here are some tips on the best time to buy a car.

End of the month auto discounts

Car dealerships typically have monthly quotas on car sales. When the end of the month is near, they may be more apt to entertain a lower offer. There may also be hidden sales incentives if they meet their quotas. For this reason, the end of the month can be a great time to negotiate a good deal. A caveat to this, if the dealer has already met their sales goals for the month, they may not be as apt to bargain.

End of the quarter car shopping

Just like the end of the month might score you a great deal on a new car, the end of the quarter might net you an even bigger discount. Again, it comes down to the individual dealership sales quotas and how close they are to meeting those goals. It may be of greater value to them to provide you with a better discount on the vehicle you want in order to reach a particular goal.

Buy a car – end of the model year deals 

Leftover vehicles from the previous model year can be a real bargain when the new models arrive at dealer lots. New models typically come out in September and October. Auto dealers looking to make space for the newest models are eager to sell. If you don’t have your heart set on the brand new model that just debuted, you may be much happy with the lower price tag on the current model year. There’s no better time to find dealerships motivated to sell.

Mondays can mean negotiating power

Monday can be a lonely day for a car salesperson, but a good day for a buyer looking to negotiate a good deal. A busier day with a showroom filled with shoppers may not be as conducive to productive negotiation. Less foot traffic just might equal a better deal.

Holiday weekend car shopping

In the market to buy a car? Is the next holiday weekend approaching? If so, you may want to skip the holiday picnic and head to the dealership instead. Holiday weekends typically bring with them big sales at car dealerships. Great deals can be found over Presidents Day, Memorial Day, Fourth of July, and Labor Day weekends.  This might include rebates and other holiday shopping incentives.

Discontinued models 

Car manufacturers sometimes discontinue models. When this happens, it may be an opportunity to strike a deal. Do a little research on why the manufacturer discontinued the model. You’ll want to make sure there were no problems with the vehicle. Also, be aware the vehicle may lose its value faster than another model.

End of the year car shopping

It is widely believed that it is the end of the year that will provide you with the best sale prices on new vehicles. It’s all about the goals at the end of the year. If an auto dealer hasn’t met sales goals, a great deal might be ripe for the picking. End of the year shopping can save you a bundle. 

Drive away even happier with a great auto loan

In addition to our tips for the best times to shop throughout the year, be proactive in searching online to find manufacturer rebates and other incentives. A new car is a big investment. The right timing can help you get thousands off the asking price. Your biggest negotiating power will come from your research and careful comparison. If you’re in the market for a new car, be on the lookout for car sales all year long.

If you’ve spent the time it takes to get a great deal on a new car, don’t blow the savings with a bad auto loan. Benchmark Federal Credit Union has an auto loan deal that can provide you with low interest rates, flexible terms, and no payment due for 60 days*. Best of all, if you apply soon, you may be eligible for a $50 cashback bonus*. Click to learn more, see rates and apply.

 

*Drive Away Happier 60 Day Deferred Payment Auto Loan Promotion is subject to termination at Credit Union’s discretion & without prior written notice. Only available on New & Used Auto Loans; excludes DrivingSense, Indirect, & Title Secured Auto Loans.

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