As price tags on vehicles continue to rise year after year, it pays to know when to take advantage of discounts, deals, and dealership incentives. While October, November, and December remain the best months to buy a car, Mondays and holidays are also great if you time your purchase right. Many automakers and car dealers provide varying deals, but it takes a bit of patience and proper timing to get amazing offers.
Best Months To Buy a Car
The best months to buy a car are those toward the end of the year. Also, look out for auto deals in months with three-day holiday weekends. Let’s review some of the months when you can score the best automotive deals and discounts.
October, November, and December
Dealerships want to make maximum sales every month, but as the end of the year approaches, their urge to make a sale soars high. At this time of the year, car dealerships want to meet or exceed their quotas. Salespeople also want to surpass their targets. October through December marks crucial months for manufacturers and dealerships that want to clear old stock.
The end of a dealership’s quarter is also a good time to buy a car, and for most dealerships, this period falls within the last three months of the year. These months present countless opportunities for car buyers as dealerships provide various discounts, deals, and bonuses.
For most car manufacturers, brand-new models and redesigned models hit the showrooms in the fall. This means dealerships have to discount the old models to get them off the lots as they compete to sell the new models. This changeover happens in most dealerships in October, creating more bonuses for car buyers. These deals ramp up through December when auto dealers give generous financing options and cashback offers. December marks the best month, as dealerships can combine holiday incentives with end-of-year discounts to give customers hefty discounts.
Memorial Day weekend kicks off a blowout of summer sales in May. You can snag great deals on various vehicles this month because most auto sellers launch their promos and discounts weeks before and after the holiday. This month, you can enjoy good deals on leases and new car purchases. Most lenders also provide generous APR deals and exciting cashback offers. You can browse through various offers online to buy a car that meets your needs.
It’s bliss whenever there’s a three-day weekend. It can be even more fun if you can take advantage of it to shop around for auto deals in your area. Most dealerships have huge sales by offering discounts during weekends that coincide with Presidents Day, Memorial Day, Independence Day, and Labor Day.
Labor Day weekend marks the season of unending discounts for cars and auto financing. As dealers try to sell off their stock, they take advantage of the long weekend to make ample sales. Fourth of July also comes with a ton of promotions, including lease specials, low-interest APR deals, and massive cashback incentives.
As automakers and dealerships compete to gain customers’ attention during the Independence Day holiday, look out for the best offers and drive home in a new car. Since salespeople desperately want to meet their holiday quotas, you’re likely to land a good deal and get more attention from your salesperson.
End of Month, Year, and Model Year
The end of the month, the year, a car’s model year, or a dealership’s quarter is usually the best time to enjoy promotions. As you approach the end of the calendar year, you’ll notice that various dealers, lenders, and automakers compete for advertising space. At this time, companies want to meet or beat their end-of-year sales targets.
Christmas holiday auto deals mark the start of end-of-year offers, which can run up to New Year’s Eve. Since most dealerships are very busy during this time, it’s important to do your homework early. Know which car you want to buy and access a pre-approved car loan before the season kicks off.
When manufacturers launch new models and trims in the fall, they put exceptional discounts on the outgoing models to pave the way for debuting vehicles. This usually happens toward the end of summer as automakers push to sell off old models. If you shop around for a car during this period, you may bump into low APR financing and other incentives on the previous model year vehicles.
Note that new model year vehicles can also come with unbeatable incentives. For example, when automakers launch a new model, they often provide offers and promos to announce its entry into the market. Also, note that offers are likely better for vehicles that are about to be discontinued or redesigned.
Monday is the best day of the week to buy a car because you’ll get more attention from the salesperson. Most dealerships are busy on Saturday and Sunday. Shopping on the weekend may not land you the best deals as shoppers are many, but time is minimal.
On the contrary, on Mondays, salespeople handle fewer clients and may go the extra mile to sell a car. Since most dealerships have little walk-in traffic on this day, they make very few sales. That’s why you’re likely to land a good deal, especially when salespeople can give you great discounts just to get some units sold.
Black Friday comes with enormous markdowns on most products, from electronics to clothing. When others are lining up for big-screen TVs, visit your dealership and check what offers they have on Black Friday. Car dealers and automakers usually run thrilling offers and discounts on Black Friday to capitalize on the retail excitement. Before Thanksgiving, do some preplanning on outgoing car models and affordable financing options so that when the day comes, you have everything set and ready to leave the dealership in a new car.
Perfect timing can land you great car deals, amazing APR loan offers, huge cashback offers, and other incentives like free gas and car washes. When preparing to take advantage of these deals, get a pre-approved car loan early. Also, don’t be choosy about things such as color and accessories. Know what you can afford and what models are likely to experience deep discounts. It’s paramount to avoid best-in-class or best-selling models, as they rarely have significant discounts.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.