SHOPSMART AUTOS – CUSTOMER INFORMATION – NOVEMBER 8, 2021(Pt.1)
When Is the Best Time to Buy a Car?
Summer/fall 2021 update:
The COVID-19 pandemic has affected vehicle production worldwide through factory closures, limited staffing and a global shortage in semiconductor chips that are essential components in a modern vehicle. As a result, fewer new vehicles are available on dealer lots and prices remain high, which has driven prices on used cars to unprecedented heights. According to Edmunds analysts, new vehicle inventory at dealerships nationwide was down by two-thirds in June compared to a year ago. Average transaction prices for new vehicles are up 8.6%, while prices for used vehicles have increased by a whopping 27%. This means that these are far from normal times in terms of both the selection of cars available and the discounts you may encounter. We suggest starting your shopping process sooner rather than later since the chipset shortage will likely affect pricing and inventory at least through 2021. If you’re shopping for a new or used car in today’s difficult marketplace, please see “Shopping Tips During the Global Microchip Shortage” for our experts’ targeted, data-driven advice. Note that the article below was originally written before the pandemic when vehicle prices were relatively stable and predictable. That said, many of the major elements still ring true. The fall and winter should bring the largest discounts, and vehicles that are being redesigned or discontinued should still provide the potential for greater savings. Buyers are always looking for a way to game the system and save money on major purchases. Much of this thinking revolves around zeroing in on the best time to purchase a particular item. Need a new TV? Shop on Black Friday or around the Super Bowl. Flying somewhere? Buy your plane ticket on a Tuesday and fly out on a Wednesday. It’s no different for cars. Ask anyone, “When is the best time to buy a car?” and you’ll get answers ranging from the end of the month to “wait until the new models come out.” There are as many theories on this topic as there are days in the year. And, oddly enough, there is a grain of truth to many of them. Simply put, here’s our advice: The best time to buy a car is when you need it and feel ready to buy, regardless of the time of year. Car buying can be stressful, and it can take more than a month to go from deciding what to buy to actually closing the deal. Why add to that pressure by trying to squeeze your shopping into a certain day of the week or a holiday weekend when everyone has the same idea?
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