Timing is everything, especially when it comes to the best time to buy a car. Like any major purchase, when you buy a car can have a major impact on the price you pay, the discount you land and the attention you receive from salespeople. And though much of your search will likely revolve around make, model and style, if you’re looking for a great deal on a car, heading to the lot at the right time can have a big impact on your pocketbook.
The Six Best Times to Buy a Car
If your need for new wheels isn’t urgent, waiting a few months for the best time of the year to buy can potentially pay off. So, when is the best time to buy a car? Here are six times to buy a car that could mean significant savings for you.
1. End of the Month
If you’re planning to buy a car, wait until the end of the month. Salespeople are often eager to close deals and meet their monthly quotas. As salespeople get more anxious to make that number, you’ll likely see larger discounts applied. Brush up on your negotiating tactics and head into the dealership at the end of the month to make the best deal!
2. When New Models Arrive
Out with the old and in with the new! When a new vehicle model comes out, dealers are eager to move the old model off their lots, and it’s the best time to take advantage of savings. It’s true that the incoming model likely has new bells and whistles — it might feature better car technology, for example — and those features give salespeople more selling points to move more merchandise. While the shiny new car may get all the attention, the outgoing model is still a perfectly capable car. Typically, you’ll see new car models start arriving in dealerships in the late summer or early fall.
3. End of the Day
The end of the day is another good time to buy a car. An eager salesperson won’t let an interested buyer walk away just because it’s close to quitting time. And, because closing time is near, they might be more apt to give you a better deal to move another car off the lot. Take a cruise around and pinpoint which vehicle you want, then swing by the dealership just before they close for the day. Doing so makes you a “found customer” they weren’t expecting, and they’re more likely to want to close this deal.
4. On a Sunday (or a Tuesday)
TrueCar, which analyzes prices nationwide, found that Sunday was the best day of the week to get car savings, with an average of 10% off MSRP. In some states, car dealerships can’t be open on a Sunday — in that case, go on Tuesday. (Mondays are busier in those states, and you won’t get as much attention.) Try to avoid buying a car on Thursday: TrueCar’s data suggests you’ll get the least favorable deal that day.
5. Black Friday
Most shoppers are focused on holiday gifts on Black Friday, but big box retailers aren’t the only ones offering sales. If you’re in the market for a new car, Black Friday might be the best time to go car shopping. With the end of the year drawing near, dealers are likely working to clear out old inventory. Black Friday also falls toward the end of the month — it’s always the day after Thanksgiving — so they’re likely working overtime to meet their sales quotas for November. So, if you want a great deal, skip the crowded mall and make a trip to the showroom on Black Friday.
6. Late December
The best month to buy a car is December, according to MarketWatch’s data. That’s when dealers are working to add to their annual sales totals and hit that month-end quota. Weather is often less than favorable this time of year, so buyers aren’t out test-driving or buying cars as much as they normally would be. That means inventory is likely high, making the end of the year a great time to find a deal on your dream car.
Let Us Help Protect Your New Car
There are a lot of options available to you when you buy a new car, but you can rest assured that when you choose auto insurance with Farm Bureau Financial Services, you are choosing a company that offers a range of options to help keep you safe — both on and off the road. Contact your Farm Bureau agent to learn more.