Looking to buy a car? Don’t miss out on the best time to do so! October, November, and December are the prime months for snagging a great deal. Here’s why:
Don’t miss out on these amazing deals! Do your research beforehand to ensure you’re getting the best price possible.
What Month is the Best Month to Buy a Car?
The End of the Year Strategy
As someone who has purchased several cars over the years, I can confidently say that the best time to buy a car is towards the end of the year, specifically during the months of October, November, and December. This is because most dealerships in the automotive industry have sales quotas and targets to hit, and the end of the year is crunch time. This means that they are more motivated to sell cars during this time and are willing to offer more incentives to close deals.
The Sales Targets: Quarterly, Monthly and Annual
Dealerships typically have sales goals broken down into quarterly, monthly and annual targets. The end of the year is when all of these goals converge, making it the best time to buy a car. During this time, sales professionals are more eager to move inventory and meet their targets, which is why they will often be more willing to offer discounts, incentives, or freebies to lure buyers.
Best Time to Bargain for a Car
If you’re looking to buy a car and want to get the best deal possible, then it’s essential to do your research and choose the right time to buy. As mentioned above, the months of October, November, and December are the best times to bargain for a car because dealerships are offering end-of-year deals to meet their sales quotas. During this time, dealerships will often offer discounts, cashback offers, and low-interest rates on new cars to help them hit their targets.
Here are some things to keep in mind to help you get the best deal:
- Do your research beforehand and find out the invoice price of the car you want to buy.
- Shop around to different dealerships and compare prices.
- Don’t be afraid to negotiate and ask for a lower price, especially towards the end of the year.
- Consider timing your purchase towards the end of the month when sales representatives may be more willing to offer discounts to meet their monthly targets.
End of Year Sales Promotions
During the end of year, dealerships will offer various promotions, such as year-end clearance sales, or holiday promotions such as Black Friday, Cyber Monday or Christmas deals. These sales events offer opportunities for buyers to take advantage of discounts, incentives, and low-interest rates on new cars.
Brand-wide Sales Events
In addition to end-of-year sales promotions, many automakers have brand-wide sales events throughout the year. During these events, which usually occur during the major holidays such as Memorial Day, Labor Day, and the Fourth of July, car dealerships will offer discounts and incentives on new cars. These are great opportunities for buyers to get a good deal on a new car.
Benefit from the Low Interest Rates
One of the biggest benefits of buying a car towards the end of the year is the availability of low-interest rates. During the end-of-year sales promotions, dealerships always offer some great financing deals to buyers. According to Bankrate, the average interest rate for new car loans in 2020 was around 4.20%. However, during the end-of-year sales promotions, you can sometimes find rates as low as 0.9%. This means that you could save thousands of dollars in interest charges over the life of the loan.
Availability of New Car Models
Another benefit of buying a car towards the end of the year is the availability of new car models. Automakers will usually release their new models in the fall or early winter, which means you can get great deals on the outgoing models. Dealerships will want to move these older models off their lots to make room for the new ones, which means they’ll be more willing to negotiate on the price.
Consider Leasing Options
If you’re looking for an alternative to buying a new car, then leasing is a great option that offers several advantages. When you lease a car, you essentially rent it for a specific period, usually between two to three years. During this time, you’ll pay a monthly fee that covers the cost of the car’s depreciation. Towards the end of the lease, you’ll have the option to either buy the car outright or return it to the dealership.
Leasing is a great option if you want to drive a new car every few years and don’t want to deal with the hassles of selling your car when you’re ready for a new one. Additionally, lease payments are often lower than monthly payments on a new car loan, making it a more affordable option for some buyers.
In conclusion, the months of October, November, and December are the best times to buy a car because dealerships are more motivated to sell cars and meet their sales quotas. During this time, buyers can take advantage of discounts, incentives, and low-interest rates on new cars. Whether you choose to buy or lease a car, it’s essential to do your research and negotiate to get the best deal possible.