As with many things in life, timing is everything when buying a modern car. You’ve probably already done a ton of research and even test-drived the cars you’re considering. But when should you actually pull the trigger and sign on the dotted line? Is there a season, day of the month, or specific season that is better than another? Will there be a greater selection of vehicles available in the showroom or at the dealership in winter or summer?
As it turns out, if you can hold off on buying a modern car for a few days – or even a few weeks – you can potentially save a lot of money when it comes time to sign the contract. Some of this information applies to both modern and used cars, so if you’re looking for a bargain, this is the information you need.
When is the best month to buy a car?
The absolute best time of year to buy a modern car is the end of December. This is when a dealer’s annual, monthly and weekly sales goals come together. Achieving these goals can unlock many incentives and rewards for the dealer, which means they will likely be more eager than usual to complete the sale.
Of course, there are plenty of other good times to buy a modern car. Here are some of the most significant ones and when it might be better to wait.
When is the best time to buy a modern car?
End of month
Car dealers have monthly sales quotas, and individual sellers often receive bonuses tied to these goals. At the end of the month, the seller may be willing to trade the car for a lower price because the financial reward for meeting the sales goal can often outweigh the amount lost by lowering the price of the modern car for the sale.
End of the day
Every good car salesman knows that you can’t let a customer leave empty-handed. By trying to negotiate the purchase price at the end of the day, the seller may be more willing to break the contract. After all, there is no guarantee that you will return to that dealership once you walk out the door.
What is the cheapest day to buy a car?
Monday is the best day of the week to buy a modern car. This may be because the dealership is not too busy at the beginning of the week or because salespeople want to get a head start on their weekly goals. In any case, numerous studies over the years have shown that car buyers often get better deals on Mondays.
What is the best holiday to buy a modern car?
Black Friday is not only an opportunity to queue in front of the mall. In recent years, car dealers have begun publishing Black Friday deals, offering additional incentives related to this popular shopping day. Recent Year’s Eve is also a great day to buy a modern car because that’s when the dealership’s annual, monthly and quarterly goals align. The Recent Year can also bring some benefits, as dealers sometimes enter into year-end closing agreements that cover the first few days of the modern year.
Worst time to buy a modern car
Avoid buying a car at the beginning of the month because salespeople are not as eager to meet their monthly sales goals. Saturday is also the worst day of the week to buy a modern car because Saturdays are often the busiest days and sellers have plenty of other sales opportunities throughout the day.
It’s also wise to avoid buying a modern car when that particular model is in high demand. When a warm modern car hits the market, dealers tend to charge high premiums for their narrow inventory. Unless you need to have the latest and greatest modern car as soon as it’s released, waiting a few weeks or months can save you a lot of money.
Other things to consider if you want to get the best deal on a modern car
When buying a modern car, always check for local rebates. Call or check dealer websites to see if there are incentives specific to that location. Just because a car costs one price at one dealer doesn’t mean it will have the same price at a dealer in another city.
Take a look at the previous model year. Unless the car you’re looking for hasn’t undergone a major rebuild, dealers often want to clear out last year’s inventory to make room for newer models. The differences between last year’s model and the modern version may be so slight that you’ll never notice them, but upgrading to a previous year could result in gigantic savings.
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