When buying cars, people, both first-time buyers and experienced drivers, always want to get the best model with the best deals. However, car purchases could take some time with the huge price tags on many car models and makes.
While there are many tricks people can use to save money on a car purchase, one of the best ones is to know the best time to buy a car. While there are always car advertisements all year round, people should understand specific times when car deals get better.
Some of the best times to make a car purchase include:
End of the quarter, month, or year
Many car salespeople operate on quarterly, monthly, or annual car sale goals. When the salespeople meet those goals, they come with incentives like promotions or a salary raise.
However, sometimes it becomes difficult for salespeople to meet those goals, making them more likely to negotiate car prices towards the end of the required period.
At the end of the year, almost all dealerships offer huge holiday car sales.
Beginning of the year
If you want to get a used car, this is the perfect time for it. Many car users trade in their old cars for new ones at the beginning of the year, especially in the first three months.
Early in the week
Many people are off work during the weekends, which means that the dealerships will have a lot of work.
However, earlier in the week, especially on Monday and Tuesday, the dealerships are not very busy, which gives people a lot of time and a good opportunity to negotiate car prices, compare different cars, and go for test drives.
It is also easier to apply for a car loan since many banks and financial institutions are open and have fewer people.
Car dealers want to attract more buyers during holidays and long weekends, which means they have offers and discounts on most of their cars. Those holidays and weekends include Memorial Day, July Fourth, Labor Day, and Black Friday.
End of model’s design or life cycle
Cars have expected life cycles, after which manufacturers stop making them. Manufactures also redesign car models after a certain time, which means car dealers will want to get rid of all the old models to prepare for the new models.
This happens around fall, and all dealerships usually have huge sales and discounts for all the old models. Therefore, for people who don’t mind driving an old model around, this is a perfect time to purchase.
The worst time to buy a car
- Immediately after a model changeover- Dealers want to make the most profit from the new model and are not in a hurry to finish the new stock.
- Beginning of a month- Salespeople still have a long time to meet their monthly goals, which means they might not be ready to make negotiations.
Many people take car loans, whether buying new or used cars. There are usually payment terms and periods the borrower agrees upon with the lender, but can you pay off your car loan early?
According to Lantern by SoFi, early loan repayment can help people save on interest, improve their debt-to-income ratio, and free up cash. However, it could also attract penalties from the lender and lower someone’s credit score.
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