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Timing your car purchase carefully is a great way to save serious cash. But the big question is: when’s the best time to buy a car?
In general, you’ll save the most money if you buy a car when dealers are offering their best discounts and lowest prices, which is usually at the end of the year. Buying during sales promotions, at the end of the month or when a new model is being added to the inventory are also good times to save.
Dealership incentives, manufacturer supply, and market conditions can also influence the best time to buy a car, which is why it’s important to stay up to date on news throughout the year.
Finding the best time to refinance a car or buy a new one can be tricky. Learn when to time your next vehicle purchase to save the most money.
Cars are a commodity, and their prices fluctuate based on supply and demand, which changes throughout the year. Certain times of year have different effects on car prices, because of how manufacturers produce new cars and how dealers sell them.
The best time of year to buy a car is when dealerships need to move inventory quickly — typically October, November and December. That’s when they’re more likely to have an increase in supply (last year’s models are still on the lot as the next model-year inventory arrives).
For example:
According to Edmunds, the biggest decline in prices in 2023 was December, which saw discounts averaging 3.10%. If you wait for the final week in December, you might find a salesperson trying to hit end-of-month, end-of-quarter and end-of-year quotas all at once.
Some major holiday sales events are reliable times to find deep discounts, making them one of the best times to buy a car. Most dealerships will advertise lower prices, lease deals, financing specials and other incentives, especially on three-day weekends.
Consider buying during one of these major holiday events:
Just keep in mind that plenty of other people may be shopping for a car at the same time. Consider test-driving and researching ahead of time and then closing the deal with a holiday discount.
Even the day of the week you choose to shop could affect the price of a new car. Mondays and Tuesdays tend to be slow days at the dealership, with less foot traffic. That could mean you have greater leverage when negotiating.
Weekends, when many people have more free time to go car shopping, are usually busier for dealers — but they’re also when they tend to have promotional events with discounts. When’s the best time to buy a car during the week may depend on whether you prefer to go when it’s less crowded or when there are more promotions going on.
We’ve discussed the best time of year to buy a new car — but what about used cars? The new car market also influences when it’s a good time to buy used.
For instance, if you’re buying new, shop when new models roll out, which is often at the end of the year. But if you want a used car, you might do well to shop just after that — when trade-ins hit the lot — or in early fall, when demand is lower.
Pay attention to rate trends for car loans, too, so you can take advantage of lower interest rates when they come along. That’s useful whether you’re planning to buy new or refinance a car loan.
Here are some of the most frequently asked questions about the best time to buy a car.
According to pricing data, December is traditionally the cheapest month to buy a car. Not only are there often holiday sales, but it also marks the end of the fourth quarter and the end of the year for dealerships trying to hit sales targets.
If you can afford to be patient, waiting for a holiday sale is a good idea. Prices are usually discounted, and dealerships may offer other incentives like promotional financing or lease deals, too.
If you want to buy a current-year model, waiting for the new model-year vehicles to arrive could be a good strategy. That’s because dealerships are often looking to clear out old inventory to make room for the new vehicles coming in.
You could have greater leverage in your negotiations if you buy a car during slower periods, like early in the week or early in the day. Sales reps may have more time to work with you at those times because there are fewer other customers around.
Discover the best months, days, and even times of day to buy a car and maximize your potential savings. With expert timing tips, you can get the best deal!
