Did you know timing comes into play when purchasing a car? With current new car prices so high, it is important to consider every way to potentially bring the cost down. Find out when the best time to buy a car is so you can ensure a lower price.
5 minutes
06.08.2023
With inflation going up and a high demand for cars, the time of year and day in which you purchase a car should become an even more important part of your car buying strategy. If you can be strategic about timing and be flexible when it comes to colors and features, this could save you money.
End of the month - Most salespeople in all industries have monthly sales quotas to meet. If a salesperson has yet to meet their quota, they are more likely to offer a deal to ensure the sale.
End of a quarter - Also due to sales quotas, salespeople will have quarterly quotas. Be sure their calendar years actually begin in January. If so, you know the end of their quarters will be int the months of March, June, September, and December.
End of the year - October, November, and December are all good months to purchase a car, not only because of the end of the year quotas that sellers must meet, but also because in colder months not many people are motivated enough to browse vehicles on outdoor lots.
End of the model year - Keep an eye on when a new model is about to be released. For example, if Nissan is about to release a newer model of the Pathfinder, it is best to wait just before that new model is released so the dealership has a higher incentive to get the car off their lot.
Best month - December has consistently scored high on both frequency and size of discounts, making it the best month of the year to buy a car.
Holidays - Holidays are also good times to land a deal. You can score big with Black Friday deals, Christmas, or New Year’s Eve. If you are unable to wait for this time of the year, Memorial Day and Labor Day are holidays to get a good discount, as they kick off and close the summer sales months.
Mondays are the best day of the week to buy a car. Weekends are the most busy, but because there is more competition, you are less likely to receive a discount. On Mondays, the representatives are typically in a good mood from a typically busy weekend, and most potential car buyers are at work which allows for quieter competition.
The following is a list of common holidays when car dealerships offer discounts. Please note that these are not guaranteed and can differ by state.
There are other factors to keep in mind when considering the timing of purchasing a car. If you are certain of which model of car you want, do your research to see when the manufacturer is going to release a new design of that model.
When manufacturers release a new design of a model, car dealerships are typically eager to get the previous design off their hands. New redesigns of models typically get released in the fall. For even more potential savings, look out for when a model is being discontinued entirely. If you have an eye on a model that has a low sales history to the point of discontinuation, you could save more. However, be sure you look into why the manufacturer is no longer willing to produce that model.
Another factor to keep in mind is the type of car you are purchasing. If you are purchasing a convertible, the best time is to buy during the off-season in the winter.
Alternatively, if you are purchasing a larger vehicle with four wheel drive like a Chevrolet Silverado, you may want to make the purchase in the summer.
If you are unable to purchase a car during the best time of the year for savings, what are times when you should avoid purchasing a car? Here are times to avoid:
Regardless of when you choose to buy a car, consider these tips as you shop.
If you can wait until the last three months of the year, you are more likely to receive a discount. However, if you are unable to wait for a new, reliable vehicle, consider a FINN car subscription.
A car subscription from FINN allows you the opportunity to have a reliable car without having to make negotiations with salespeople because you know you will receive a good and fair price. Plus, your monthly subscription fee includes insurance, registration, maintenance, and roadside assistance. Choose a term length and mileage package that fits your lifestyle, then order the car to be delivered straight to your home.
Think futuristically and prepare to purchase a new car before you are in need of one. This preparation allows for a strategic process as far as when in the year, month, and week to purchase. Regardless of the time of year, consider a FINN car subscription to meet all your driving needs.