Six Expert Pointers on the Best Time to Purchase a Car
Before you drive off into the sunset with your dream wheels, these tips for buying a car based on day, month, and holiday sales could offer massive savings:
1. Do Your Car Shopping Early in the Week
Naturally, most people tend to have more time on their hands over the weekends when browsing or shopping for a new car. But, in order to bag a better deal, you really should avoid weekends when car shopping.
Monday, Tuesday, and Wednesday are the ideal days of the week for purchasing a car. This is due to less customer traffic, which means a better chance of driving away with a better deal.
Car dealerships are also crowded over the weekends, which results in less personalized attention. This makes price negotiation difficult.
So, stick to the early days in the week and take advantage of those limited opportunities when car dealerships are at their quietest.
2. Shop Later in the Year (and Month)
Buying a new car at the turn of a new year is never a good idea. Instead, stick to later months in the year such as October, November, and December. Car dealerships generally have sales quotas and sales goals they have to meet by these later months in the year.
Shopping for a car at this time could be work to your advantage as salespeople intend to settle with their sales goals and quotas in mind.
The same goes for car shopping later in the month. Sales quotas tend to sync up with the end of each calendar month, but it’s not always exact. Try to schedule your new car shopping for the 26th, 27th, or 28th of the month.
3. Take Advantage of Holiday Sales
This really is a no-brainer when it comes to shopping for any large purchase. Holidays periods throughout the year offer deeply discounted prices compared to other months — so take full advantage.
Some of the best holiday periods to keep in mind include:
• Memorial Day weekend: summer is an expensive time of year to buy a car, but prices are always discounted over the Memorial Day holiday
• Black Friday: car dealerships take part in the Black Friday sale craze just like any other retailer, and you can save big
• New Year’s Eve: it may seem like an odd time, but this is one of the best days of the year for car shopping as dealerships are facing monthly, quarterly, and yearly quotas and sales goals
• Labor Day weekend: this a great time to purchase a car based on car selection and competitive pricing
Bear in mind that end-of-year holidays and sales goals are also driven by annual bonuses. Naturally, salespeople want to meet their quotas so that they can receive their commission. This makes for the best chance of securing a great deal on your dream car.
4. Plan Your Shopping Based on Car Model Closeout
What is does it mean when a car is on closeout? Basically, this when a newer, updated model of the same car is being brought in, so older models are on closeout.
Car dealerships tend to have limited space when they receive their latest car models, and they need to move ”old” stock. This is another great time to get in a good car deal as older models need to be sold.
If you can hold out on buying the most up-to-date car model, purchase an older model instead and save yourself thousands of dollars.
But keep in mind that many car shoppers use this same strategy. Most manufacturers release new car models in the summer but don’t wait too long to make your move as older car models can sell out very quickly.
5. Consider the Car’s Design Cycle
Car models are constantly being updated. Some car models are also completely res-designed altogether. It may be a good time to shop for your car when the manufacturer is about to implement a completely new design cycle of the car.
You could save serious amounts of money on the outgoing design model as the stock needs to be sold. This is a great tip if you are more of a bargain hunter, and not too focused on being a trendsetter!
6. The Best Time of Year to Buy a Used Car
If you have your eye on a used car, October-December is the best time of year to consider buying second-hand.
These months tend to coincide with peak season and new-car buyers. This means that the number of trade-ins increases exponentially at car dealerships. Basically, you’ll be spoiled for choice when it comes to second-hand car options.
The greater number of trade-ins at a dealership also makes for better prices — especially if a dealership wants to meet its end-of-year quotas.
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Now that you know more about the best time to purchase a car, you’ll know that you really shouldn’t rush into a car purchase. Holding out pays off in the long-run.