SHOPSMART AUTOS – CUSTOMER INFORMATION – JUNE 20, 2021-1
When Is the Best Time to Buy a Car? PT.1
The best time to buy a car is in late December when yearly, quarterly and monthly sales goals all converge. If a dealership needs to sell just a few more cars to unlock several tiers of incentives from the automaker, it could make sense to sell those cars at breakeven or better if that’s what it took. Fortunately, there are plenty of other ways to shop smartly throughout the year. Buying at the end of the month is always a good idea, as car dealers work hard to meet monthly sales quotas. In some cases, salespeople have financial bonuses assigned to their monthly sales quota — which means they’re willing to lose money on a car or two at the end of the month in order to make even more money by reaching their bonus. And then there’s another end period you could use to your advantage: the end of the quarter. Buying a car at the end of the month in March, June, September or December often leads to even better deals than buying at the end of the month, as dealerships are trying even harder to reach sales goals.
Best Day of the Week to Buy a Car
-Advertisement- The best day of the week to buy a car is Monday. While it’s good to shop for a car at the end of the month or the end of the quarter, there’s an advantage in shopping at the beginning of the week. Studies have shown that car buyers get better deals shopping on Mondays than any other day of the week. This is likely because car dealerships are generally not very busy early in the week which means the sales staff has more time to negotiate.
Best Holiday to Buy a Car
The best holiday to buy a car is New Year’s Eve. The timing is perfect on the last day of the year because it’s the end of the month, the end of the quarter, the end of the year, and a holiday when there are likely to be incentives available on top of being the best possible time to buy a car. New Year’s Day is great too because holiday incentives usually extend through the first couple of days of January. New Year’s is ideal, but there are many other holidays on the calendar that are good for car buying. Just about any holiday with a 3-day weekend attached to it like Presidents Day, Memorial Day, or Labor Day have incentives that come with them to entice potential car buyers. Memorial Day, in particular, usually brings with it excellent incentives that often extend to more of the month of May making May a good month for car shopping. Other holidays like the 4th of July and Black Friday offer deals for car shoppers as well. Since Black Friday is towards the end of the year, you’re likely to find good deals on cars from the outgoing model year as the dealership tries to clear the way for models from the upcoming model year. Since holidays are usually busy times at car dealerships because of the well-advertised deals available, it’s good to get as much of your car shopping done as possible before you even set foot on the dealer lot. Shop around on Autotrader and narrow down your selection to a couple of specific cars. This will save a lot of time at the dealership and your salesperson will really appreciate it if you already have what you want in mind. If you’re planning on financing the car, try getting pre-approved for a loan with your financial institution before you even go to the dealership. It’s also a good idea to value your trade-in ahead of time.
Best Time to Buy a Used Car
The best time to buy a used car is in the last quarter of the year between October and December. Some of the same strategies that apply to the best time to buy a new car apply to used cars, but not all of them. Like new cars, it’s good to shop for a used car early in the week and towards the end of the year. However, holiday deals and new car incentives usually don’t apply to used models. The last quarter of the year is peak buying season for new cars. Many of those new cars are bought by folks who trade in their cars to the dealer. Those trade-ins become used car deals available to you that the dealer wants to get rid of to make room for new models from the upcoming model year. Not only do you get good prices on used cars toward the end of the year, but you also get a great selection. This is because of the influx of trade-ins that dealerships often see towards the end of the year from drivers buying new cars and trading in their old ones. If you want the savings that come with a used car purchase and you want a wide variety to choose from, this creates another advantage to shopping for a used car towards the end of the year.
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