Automakers sold more than 17 million vehicles in 2019. This means that every day, thousands of people bring a new car home. Some of these buyers pay top dollar, while others secure the deal of a lifetime.
Knowing when to buy a car can help you secure a great deal on your new car purchase. You can carefully time your purchase to leverage promotions, incentives, the end of the model year, or the end of the fiscal year.
This guide will help you know the best time of year to buy a car.
When Is the Best Time of Year to Buy a Car?
The best time to buy a car is when you need one. However, sometimes you can time your car purchase.
End of Model Year
Auto manufacturers will periodically give vehicles a makeover. Typically, they will update the body styling, change the interior, and adjust the features that come standard.
The biggest discounts you will find are on vehicles where the manufacturer is ending a particular model generation. The manufacturer wants to get rid of all of the old inventory before introducing the newly designed model.
Even if it is a carry-over year and not a whole lot changes, you can find some discounts. These are models that are a part of the current generation but are the next year. You can secure a discount on the previous year’s cars.
End of Calendar Year or Month
The end of the month and especially the end of the year are crunch times for car dealerships. The sales team wants to squeeze in as many last-minute sales as possible. However, this strategy might not work as some car dealerships are wise to this strategy.
Many car dealers host holiday events that coincide with major national holidays. You’ve probably heard of a Memorial Day, Labor Day, or 4th of July Sale. This is a perfect time to take advantage of the promotions and incentives offered.
End of Life Cycle
Sometimes a carmaker will decide to totally stop making a particular model. The last year that it’s sold is called the end of the life cycle.
Buy a Used Car at Any Time
Instead of trying to carefully time buying a new car, you could consider buying a used car. These are cars that have a previous owner. You could buy your used car from a dealership or a private owner.
Cars tend to depreciate in value once they are bought. When you buy a used car, you take advantage of this.
Plan Your Next Car Purchase
As you can see, there are certain times of the year when you can secure a better deal when buying a car. However, don’t try to wait for the best deal ever. There will always be a better deal at some point in the future.
Ultimately, the best time of year to buy a car is when you need one and are ready. It could end up costing you more by trying to wait.
Check out our other car articles that are conveniently organized by each manufacturer.