BUDGETINGINVESTINGCOLLEGE

The Best Time to Buy a Vehicle

Have you ever wondered when is the best time to buy a vehicle from a dealership? If you’re able to plan when to purchase your next car, December is considered the best time historically. The next-best time is typically at the end of a quarter or the end of a month. Read on to learn more about timing your car purchase if you can.

December is generally the first choice when it comes to buying a vehicle from a dealership because dealerships are sales-based and will have quarterly and annual sales goals they are striving to meet. Your vehicle purchase could help them reach these goals, and they will likely be more eager to negotiate the price and finalize a sale because of it. New Year’s Eve can be the best day to purchase a vehicle because it’s literally the last day of the year and the last day of the fourth quarter. Based on information from TrueCar, you could save over 10% by purchasing on Dec. 31 compared to any other day of the year. In addition, if you’re looking for something newer, December is a good time to shop because the current model year vehicles are typically discounted to make room for the new model year vehicles.

What if you can’t buy a vehicle in December, though? That’s OK! Consider finalizing your vehicle sale on the last day of a quarter instead — try March 31, June 30 or Sept. 30 — to save more money.

If buying a new vehicle at the end of the quarter is not feasible, try the end of the month instead. According to TrueCar, you can expect to find greater savings after the 20th of each month. This is likely due to end-of-the-month sales goals dealers are trying to reach.

If you’re looking for other ways to save on your vehicle purchase, do your research so you can find a reliable car that will last 10 years or longer. As a college student, you may qualify for a lower interest rate on your loan with some financial institutions, so be sure to thoroughly review your options. If you’re a recent graduate, you also may have special financing opportunities, so don’t forget to investigate how to take advantage of those offers before showing up at a dealership.

Once you’ve landed on a month and day to target your vehicle purchase to maximize your savings, don’t be afraid to negotiate — it’s part of the process. Happy shopping!

Sources:

(https://www.iwillteachyoutoberich.com/best-time-of-year-to-buy-a-car/

https://www.forbes.com/sites/jacknerad2/2021/12/29/buying-a-car-at-the-end-of-the-year-can-save-you-thousandsif-you-do-it-right/#:~:text=%E2%80%9CDecember%20has%20typically%20been%20the,%2Dbased%20TrueCar.

https://www.truecar.com/blog/the-best-time-to-buy/