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SHOPSMART AUTOS – CUSTOMER INFORMATION – JUNE 20, 2021 -2
When Is the Best Time to Buy a Car? PT.2
Consider the Previous or Outgoing Model Year
A good way to use timing to your advantage when buying a new car is by getting a vehicle that is from the previous model year. You can also get a good deal by buying a new car that is getting toward the end of its model year, for example, a 2020 model in December of 2020. New-model-year vehicles will start to come out in the fall of the previous year — for example, a 2021 model will debut in the fall of 2020 — and dealerships usually want last year’s stock gone before the new model arrives. But that doesn’t always work out, and if a 2020 model is still on the lot when a 2021 model arrives, dealerships will usually offer heavy discounts on the older model in order to sell it. That said, there could be some drawbacks to this: If you buy last year’s model, and the new version is substantially changed or updated with a new look or new features, you won’t have the latest and greatest in technology or design. For some shoppers, that’s a deal-breaker, but other drivers who just want the best price probably won’t mind. Another potential drawback of buying from the previous model year is that you can’t be too picky. You’re limited to buying something that the dealer has sitting on the lot. If you have your heart set on a certain color, certain wheels, or specific features, then you may not find exactly what you’re looking for in a dealer’s inventory from the previous model year. However, if you’re flexible, this is a great strategy to get a good deal on a new car.
Worst Time to Buy a Car
The worst time to buy a car is early in the month or on a Saturday when the dealership is at its busiest. Dealers typically aren’t in a rush to hit sales targets when they have a whole month ahead of them. Some exceptions to this are when holiday incentives continue early into the following month like New Year’s Day and sometimes Memorial Day. Saturday is a popular time to shop for a car for obvious reasons; most people are working during the week when the dealership is open. It’s hard to get a good deal on a car when the sales staff is busy and the finance office is bottlenecked. Not only does the salesperson not have a lot of time to give you undivided attention, but if you don’t buy the car you’re looking at, someone else likely will. These factors combined make it tough to get a good deal on a car on a busy Saturday.
Final Thoughts on the Best Time to Buy a Car
As a general rule of thumb, the later in the year you’re shopping for a car, the better deal you’re likely to get. October, November, and December are the months where we typically see the most attractive incentives available on new cars. This is also a time when dealers see an influx in trade-ins making it a good time to shop for used cars as well. However, that doesn’t mean it’s a bad idea to buy a car earlier than October as long as you use the timing and strategies we’ve outlined above.
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When Do 2022 Cars Come Out?
It used to be that fall is the time when new cars for the next year start showing up at your local dealership or auto mall. That’s still true, kind of. Today, new vehicles come out throughout the calendar year. For example, in March of 2021 we already knew that there would be a 2022 Chevrolet Bolt EUV, a utility version of the Chevy Bolt electric car. The 2022 Kia Carnival and 2022 Genesis G70 are other examples. While all-new models can be introduced at any time, often updated or replacement models will be announced closer to the end of the calendar year. If you’re a car enthusiast, this might seem interesting but it can also be helpful for the average new car shopper. It can really pay to pay attention to new model launches. Generally speaking, when a new model comes out, you can get a better deal on “last year’s” model. Want a great deal on a new car? Look for 2021 models in November, December of 2021 or January, or February of 2022. Dealerships will want to sell the “old” version of a given car and might make you a deal. However, this only works if you’re willing to buy one of the vehicles that the dealer has on the lot right now. Start asking for special paint or rare options and the “deal” part of the formula will go away quickly.
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