The best times of year to buy a car
Know when request is lowest, and pressure on auto dealers is highest
The following article is part of a broader series meant to share tips and trends around the automobile industry, introduced by Pursue Auto Finance.
Making any purchase off-season—like a grill in January, or a cover in May—usually means a discount. It’s no different when planning the right time to buy a car. It’s all about understanding the supply of inventory, buyers and dealership goals. The right timing can mean saving thousands of dollars. Here’s a look at some of the best times to buy a car:
1. End of the month
At the end of the month, many auto salespeople are impatient to close deals to meet their monthly quota. “Every general manager, if you sneak into their office, you’ll see a whiteboard with a bottom line number,” says Len Brief, head of LotLinx, an inventory platform that tracks thousands of auto dealers in real time. “That’s the number of vehicles they’ve got to stir this month. And as the end of the month approaches, they get anxious to make that number.” Brief says he consistently sees discounts at the end of the month, which means it’s a good time for you to bargain.
Two. August
Fresh models are typically delivered in the fall. Making room for this fresh inventory requires selling off older models, usually at a discount. TrueCar, which analyzes car prices nationwide, shows that August is the best month to buy a car. The price in the fever of summer can be fifteen percent less than the price for the same vehicle in December. That two thousand sixteen model you spy in the lot may only differ from the incoming two thousand seventeen car by its production date.
Three. When fresh cars are spinned out
When a fresh design is soon to be released, thicker savings are likely on the outgoing one. The two thousand seventeen Subaru Impreza features more gam and hip room, steering responsive headlights, and is the very first Subaru model to have automatic braking. It may get all the attention, but the outgoing two thousand sixteen model, tho’ it doesn’t have the same bells and whistles, is a ideally capable car. Generational design switches don’t occur often, typically around every five or six years. Additionally, automakers release a midcycle refresh harshly every three years. Features like wireless charging ports, Android Auto, or adaptive cruise control may be added. But if you stand against the allure of the latest gizmos, you can rail off with a deal.
Four. Black Friday
Big box retailers aren’t the only ones who want to take advantage of the pre-holiday consumer madness. A excursion to the showroom instead of the mall can be profitable. “Car dealers are going to attempt to be competitive with Black Friday sales,” says Brief. “Because if you go out and buy a fresh vapid screen TV, that’s less money available to buy a car.” Putting some money aside for this extra holiday purchase can make you one of the few buyers looking to lay down cash for a car instead of movie games for the kids.
Five. Late December
Post-holiday, many dealers are still attempting to add to their annual sales total. Inventory is high and weather is bad, so often buyers are staying home. Dealer pressure, plus inventory, minus customers, means a excellent time to find a deal. “I once bought a car on December 31,” says Brief. “They did extreme things to make that deal.”