SHOPSMART AUTOS – CUSTOMER INFORMATION – NOVEMBER 11, 2021-(Pt.4)
When Is the Best Time to Buy a Car?
Best times to buy a car
End of the model year
All the new model-year cars used to debut in the fall, making the end of summer a good time to shop for leftovers. These days, however, there is no unified new model-year season. For example, we see cars from the upcoming model year debuting as early as March of a calendar year. Even so, Edmunds data indicates that the end of the summer is a sweet spot for outgoing model-year vehicles. Edmunds analysts say that August and September are when they generally see automakers make the most decided transition into the new models. The summer months tend to correspond with a bump in incentives, particularly low APR financing on outgoing model-year vehicles. Something to note: It’s worth looking at the incoming model-year cars to see what features have changed and to get a feel for pricing. It’s rare, but there have been instances when a car from the incoming model year has had better incentives than a car from the outgoing model year, particularly if you’re looking to lease.
End of the car’s design cycle (before a redesign)
When the manufacturer is going to continue making a certain car model but is about to redesign it completely, you can see some serious savings on the outgoing design. True, you are buying a car without the latest styling or technology, but if you’re more bargain hunter than trendsetter, this might not matter to you.
End of the car’s life cycle (discontinued model)
Sometimes the manufacturer announces that it will stop making a car altogether. There’s potential in this situation for even bigger savings. You should know that the car will depreciate steeply if it’s being discontinued, but if you plan on keeping it for a while, it won’t affect you. It’s also worth looking into why the automaker pulled the plug on a given vehicle. Is it a matter of changing tastes, or was the car truly bad in terms of performance or reliability? In recent years, for example, SUVs have surged in popularity and many domestic automakers have discontinued many of their sedans. Going further back, vehicles such as the Nissan Murano CrossCabriolet never really found an audience and the Pontiac Aztek had a face only Walter White could love. More to follow.
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