When is the best time to purchase a new/used car?
If you’re in the market for a new car, there are a few times of year that will lead to the best deal.
The Start of a New Year
The best time for cheap cars is during January because the vehicles have all been sitting on the dealership lot since July, waiting for someone to buy them. You may also be able to get more money back due to depreciation being more significant at this point than any other point during the year. A sedan will typically cost less during the first quarter of the year because there’s been less demand for this type of vehicle in recent years due to an increase in SUV sales.
During Weekly Cycles
Buying on Monday can be advantageous in some cases because the dealership will be eager for business. Many shoppers are focused on job commitments, so motor dealers wait for any shopper. If you’re looking for luxury brands like BMW or Mercedes, then Wednesday is your best bet because dealerships will typically try and clear all of their inventories by Friday, so they don’t carry over models that are too old. You may also find better deals at this point in the week than any other day due to promotional incentives to clear out older cars before new models are released.
At the End of the Year
The end of the year is an excellent time to purchase a car, especially if you need something that will last for some time. The number of people buying new cars at this point in the year dwindles, and dealers are more likely to offer incentives like showroom discounts or low-interest financing options because they want to get rid of their old inventories before it’s too late.
Suppose you’re looking for a deal on last-minute gifts. In that case, it’s best to buy during the holiday season because dealerships will be more likely to offer incentives like showroom discounts or low-interest financing options due to an increase in demand from shoppers trying to save their money before Christmas. Also, it’s best to buy on Black Friday because dealerships are looking for ways to cut costs and to make room for newer inventory.
During Sales Cycle
Suppose your car is under warranty through a dealership or manufacturer-sponsored program. In that case, waiting until January may be an excellent idea since they’ll have all been sitting on the dealership lot since July waiting for someone to buy them. You may also be able to get more money back due to depreciation being greater at this point than any other point during the year.