When is the Best Time to Buy a Car?

When is the Best Time to Buy a Car?

Timing is everything in life. Regardless of the season, the most practical time to start thinking about buying a new car is of course, before you actually need one. With time to establish a budget and do research on any cars you may be interested in, preparing in advance for the purchase of a new vehicle can make the entire process less stressful. If that timing also coincides with the best times on the calendar to buy a car, you may also get a great deal.

If you wait until your current vehicle expires, you may lose trade-in value as well as feel forced to enter into bad car deal because you desperately need a vehicle.  According to a report published by U.S. News & World Report, “Being prepared to buy a vehicle includes finding the car that meets your needs and wants, choosing a car that fits your budget and having a pre-approved financing offer in place before you even head to the car dealership.”

If you are in the process of shopping for a new car and you are not in a rush, following are some hints about when may be the best time to make a decision and finalize your purchase.

During the Week

Some people think that shopping for a car during a busy weekend or going into the dealership right before they close will force them into giving you a discount. This however, is just not true.  If you visit a dealership on a weekday, the salesperson and customers will have more time to negotiate the best deal. In addition, most financial lenders are open for business on a weekday, so you can arrange and finalize an auto loan before you leave the car dealer.

When New Models Arrive

If you want to save money, you might consider buying a car that is the previous model year (when it is on closeout). This often occurs when the new model year is fully arriving on dealerships’ lots and the dealers are eager to clear space to make room for the new models.

During Certain Times of the Year

Many dealerships offer some of the best deals at the onset of the new year. Others offer year-end sales in December. In addition in the month of May, many dealers roll out sales and car manufacturers provide special finance deals and lease incentives for Memorial Day weekend. In October, dealers and manufacturers may start to aggressively move the last of the previous year’s vehicles off the lots to make room for next year’s models.

When Incentives are Offered

At certain times of the year manufacturers often offer financing deals, cash rebate offers, or other incentives on vehicle purchases or lease options. If your favorite model doesn’t have an incentive offer, try bringing up that fact that competitors are offering deals to negotiate a better price on the car you want.

Securing financing is also an option that can help with the initial purchase of a vehicle.  If you have good credit and a substantial down payment, you may be able to get a new car and an affordable monthly payment.  Even if you have bad credit, there still may be financing options available to you. If you are in the market for a new car and you are looking for car finance options, visit CarCredit.com.