The Best Time to Buy a Car

Whether it’s new or used, a car is one of the most significant expenses you’ll incur in your life. Given that, it makes sense to do all you can to get the best possible price. One often overlooked pricing factor related to car prices is timing. As it turns out, certain times of the year, month, and even week favor the buyer in terms of negotiating power.

Assuming you’re able to hold off for a week or a month (or two), leveraged timing has the potential to literally save you thousands.

Here’s a look at some peak savings times/opportunities:

End of the Month

The last week of the month is when many car salespeople and dealerships are most willing to negotiate. The need to hit end-of-month numbers can motivate sellers to drop prices to meet quota and earn a bonus that will more than make up for any commission they might lose on your sale.

End of the Quarter

If you have flexibility, it’s ideal to hold off car buying until the end of a quarterly month (March, June, September, December). That’s because in addition to hitting a monthly number, sellers are also looking hit quarterly numbers that can yield a nice bonus. Again, if possible, hold out until the last week of the month to negotiate.

End of the Year/December

Of all the months and quarters to shop for a deal, December is widely considered the best month to buy a car. In addition to hitting monthly and quarterly goals, dealers and salespeople are looking to make their annual quota (read: big bonus on the line).

In addition, many manufacturers offer holiday deals and are frequently looking to offload the current year’s models to make room for new inventory.

If you can wait, the days between Christmas and New Years give consumers the best leverage and opportunity to meaningfully save.

Holidays

If waiting until the end of a month, quarter or year isn’t an option, keep your eyes peeled for holiday sales. Frequent car sale event holidays include:

    ►   Memorial Day
    ►   Fourth of July
    ►   Labor Day
    ►   Black Friday

Other Timing Considerations

Buying a car during the months of January and February as well as on a Monday or Tuesday can both work in the buyer’s favor.

Cold weather often keeps customers away, driving down demand and make sellers more open to negotiating prices. Similarly, dealerships tend to be slow on Mondays and Tuesdays meaning salespeople have more time to discuss your needs and potentially negotiate.

Of course, buying a car can’t always wait. At the very least, be sure to compare prices between dealerships and do some online research. Sites like Kelley Blue Book, Edmunds, and Carvana can show you what different makes and models are going for in your area. Be sure to look at the prices in nearby zip codes to see if an hour-long drive might save you some money. And don’t be afraid to ask your local dealer to match the price.  Afterall, the only person more interested in getting you in a car is a hungry salesperson.

DISCLAIMER: This article is meant for educational purposes only and is not intended to be construed as financial, tax, investment or legal advice.