Looking to buy a new car?
It pays to be patient — literally. Waiting until certain times of the year to buy a car can save you hundreds and even thousands of dollars on your purchase. So at just what time are you supposed to make the big decision? Try to wait until these opportunities:
End of the quarter/month
This is a time of the year where there is more of an incentive for car dealers to get rid of their loot, as some are short of their monthly quotas or want to acquire that bonus. If you can find a salesperson short on his goal (and you’re more likely to if you start searching in the last week or two of the month), you’re sure to get the best deal possible on certain vehicles.
Late summer/early fall
These cars are considered “in season,” which means current-year vehicles are rolling in, so buying around this time ensures that you can negotiate a good deal on a vehicle of the previous year. If you had to pinpoint an exact day, some say Labor Day.
“If you just isolated this calendar year, Labor Day is the best time to buy,” said Juan Flores, director of vehicle valuation for Kelley Blue Book. However, that means you should be okay with buying a car that isn’t the newest model.
“You want to make sure you’re buying a car people absolutely want to get rid of, that nobody else wants,” said Mitch Hardy, a salesman at a Nissan dealership. “That’s the one that you’ll really get a deal on.”
The weekend
Sometimes it pays to buy during the weekend instead of a weekday.
“That’s when dealerships themselves want to do the best deals,” Sergio “Cheeky” Gomez, a sales manager for a Ken Garff West Valley dealership explained. “The [financial institutions] are apt to do more deals on the weekend than they are during the week.”
End of the day
If you stay at the car dealership until they’re just about to close, you may be able to negotiate a good deal pending that the car dealer is tired and wants to clock out of his shift. Of course, to use this strategy, you must be well rested enough to stay until the end of the day.
End of the year
Most of the time, if you can afford to wait until the end of the calendar year, you’re bound to get the best possible price on your vehicle. Car dealers are aiming to meet their annual quotas, and if they haven’t done so, they’ll be more willing to come down.
“Dealers and manufacturers are all trying to hit their month-end target, their quarterly target and their year-end sales targets,” said Alec Gutierrez, an analyst at Kelley Blue Book.
Gomez also explained that by mid or end of December, car dealers have typically only sold about 30 percent of what they need to. Another reason buying at the end of the year is smart is because annual sales bonuses are common around this time, and car dealers are more willing to reduce prices to sell more.
Regardless of when, or even what you decide to buy, be sure to let us help you finance your next ride.
Used with Permission. Published by IMN Bank Adviser Includes copyrighted material of IMakeNews, Inc. and its suppliers.