When Is the Best Time to Buy a Car?

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. 

• Black Friday - Car dealerships also want to participate in the Black Friday craze. They typically offer sales with great deals on Black Friday. 
• Christmas - In addition to potential dealer sales, you may score a discount with your salesperson as they may want to close the deal quickly to get back to their family.
• New Year's Eve - This is one of the best holidays to purchase a car. Salespeople again have motivation to get home, and it is the last day of the last month of the year. It’s the salespeople’s last chance to meet their quota. 
• President’s Day - In the quieter winter months, dealerships tend to offer sales on President’s Day to motivate sales. 
• Memorial Day - Summer is the most popular season to purchase a car. Memorial Day is the holiday that kicks this season off. 
• Fourth of July - You can still receive holiday discounts with Fourth of July sales, but these discounts do not typically have the largest. See if you can hold out for one of the later holidays.
• Labor Day - The unofficial end of the summer is Labor Day, and 2% of all car sales happen during this week.

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. 

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:

• Beginning of the month - Due to sales quotas closing at the end of the month, most salespeople do not feel the pressure at the beginning of the month to close deals. Therefore, they are more likely to hold their ground and not offer any deep discounts. 
• Beginning of the year - While car dealerships tend to be slow in the beginning months, there are still many months in the year. Dealers also know they will have the summer to gain the most ground so they are not likely to rush into offering discounts. 
• On a Saturday - Saturdays are the busiest day of the week at a car dealership. You are likely to not receive a salesperson’s full attention, and the finance office is sure to be bottlenecked. 
• When a car is brand new or best selling model - Because of its high demand, it is best to wait until prices have cooled down. This also affords you more time to do research and read reviews.
• When you are desperate - When you are in a pinch and quickly need a car, you have much less leverage to negotiate. Be proactive and start looking before you are in need of a car. 

Regardless of when you choose to buy a car, consider these tips as you shop.  

• Set a budget - Figure out how much you can comfortably afford to spend on a car. Consider not just the purchase price but also additional costs like insurance, fuel, maintenance, and financing.
• Research and compare - Research different car models that fit your needs and budget. Look into their features, reliability, safety ratings, and ownership costs. Compare prices from different dealerships, online platforms, and private sellers to get an idea of the market value.
• Pre-approved financing - If you plan to finance your car, get pre-approved for a car loan from a bank, credit union, or other lenders before visiting dealerships. This allows you to know your budget and have leverage during negotiations.
• Test drive and inspection - Always test drive the car you are interested in. Pay attention to its performance, handling, and comfort. Additionally, have a trusted mechanic inspect the car thoroughly to identify any potential issues before making a decision.
• Negotiate - Be prepared to negotiate the price. Research the market value, consider any vehicle flaws or repairs needed, and use this information to make a reasonable offer. Be willing to walk away if the price isn't right, as there are often other options available.
• Read and understand the contract - Carefully read and understand all the terms and conditions in the purchase contract before signing. Be aware of any additional fees, warranty details, and cancellation policies.