When Is the Best Time to Buy a Car?

Wondering when is the best time to buy a car? It's probably not when salesmen are recommending it. There are a few strategies to follow that can help you save a great deal of money when you decide to buy a car. Some tried and tested results for the best time to buy a car are on holidays, toward the beginning of the week, and at the end of the year. At these times, you're more likely to score larger discounts. 

To help make things easier for you, we'll break down the best time of year to buy a car, right down to the time of day. Just make sure you're prepared to protect your vehicle with the proper car insurance before you start shopping around. An independent insurance agent in your area can help you get set up with the coverage you need. But first, let's go ahead and take a look at the best times to buy a car.

Best Time of the Year to Buy a New Car

Knowing the best time of year to buy a car can help you save a lot of money. So when is the best time to buy a car? A few suggestions are the end of the month or quarter, the end of the calendar year, and the end of the model year of the specific vehicle you want. 

Purchasing a new car at these times has been known to earn buyers more generous discounts than at other times of the year. Keep this list handy when you're ready to start shopping for a new vehicle. 

End of the Month or Quarter

When is the best time to buy a car in general? The end of the month or quarter can be considered one of the best times of year to buy a car. Sales teams have quotas to meet by the end of the quarter or month, so if you decide to buy a vehicle from them, you could be one of the final sales that help them meet their goals. Since the salesperson doesn't want to miss their goal and face potential consequences, they'll more likely be willing to give you a better price on a car.

However, you'll want to make sure you're not being offered what seems like a great deal because a vehicle isn't reliable. If you're purchasing a used car and the offer seems too good to be true, don't ignore that feeling. But if you're buying a brand-new vehicle and you're shopping toward the end of the month or quarter, the deal offered is more likely to be the salesperson trying to meet a quota. To be safe, do some research on the value of the vehicles you'll be looking at before you start shopping.

End of the Calendar Year

When is the best time to buy a car for the highest MSRP discount? The best time of year to buy a car for this reason can be the very end of the calendar year. December has been shown to have the highest discount off MSRP for the entire year, about 6.1% on average. Since dealerships are trying to close the year with strong sales and meet their final quotas, they're more likely to offer more generous discounts on ticket prices.

Also, dealerships are looking to sell off prior model-year inventory before the calendar year closes out. This can help buyers earn a much better deal on prior model-year vehicles that are still in new or excellent condition. So, consider waiting until close to the end of the calendar year before you shop for your next vehicle. 

End of the Model Year

When is the best time to buy a car of a specific make and model? The end of a vehicle's model year is one of the best times to buy a new car. If you want to buy a specific make and model of vehicle, keep an eye out for when new model-year versions of that vehicle hit the market. Buying a soon-to-be-replaced model car can come with a nice price cut.

New model-year cars are often starting to be released to dealerships in the fall months each year, but this can vary. Pay attention to vehicle reviews and when they're released. When you start seeing reviews for newer models, that can mean they've been released to dealerships or soon will be. 

Best Months to Buy a New Car

Certain months of the year are also more advantageous for buyers to shop for a new car. The best months to buy a car fall between October and December. The final months of the year have greater potential for discounts and deals because sales teams have monthly, quarterly, and yearly quotas. In the last few months of each year, all of these goals collide to bring the greatest potential for savings on a new car.

The best months to buy a new car:

• October: Already a good way into the fall season, October is also within the last quarter of the year. Salespeople are looking to meet their quotas and are likely to offer discounts.
• November: Approaching the final month of the year, November is also a great opportunity to earn greater discounts on new cars. Salespeople have to meet their final monthly, quarterly, and yearly quotas.
• December: The final month of the year, you stand to earn potentially the greatest discount on a new car in December. There's a lot more pressure on the sales team to meet all their quotas, which translates to higher discounts being offered more quickly. 

Worst Months to Buy a New Car

Of course, there are times of year when you are less likely to be able to negotiate a good deal. That is when dealerships are already very busy, inventory is moving nicely, and the sales staff is not worried about meeting quotas. These are the worst months to make a purchase:

• February and March: This is when people start receiving tax refunds. Many people like to wait out the winter with old vehicles and then trade them in and use tax refunds as down payments on new cars. Dealerships are often very busy at this time of year, and great deals are scarce.
• April and May: This is when high school and college seniors are preparing to graduate, and many parents are buying them vehicles as graduation presents. Also, this is when the weather vastly improves, and many people feel more motivated to drive. Car dealerships rarely suffer from low sales during these months.

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Best Day of the Week to Buy a New Car

Many experts have unanimously agreed that the best day of the week to buy a new car is Monday. It is the best day to buy a car because sales are typically slower in dealerships, with many potential buyers starting their own work weeks.

Since the dealership is coming off the high of a lot of sales on the weekend, you'll likely either get offered better deals on a Monday, or at least have a more personable experience with a salesperson. If they're in better spirits, they might be more easily convinced to knock money off a car's ticket price. You might even be able to score extra freebies like car washes or oil changes.

Best Holidays to Buy a New Car

There are a few holidays that rank best for buying a car. Holiday sales mean great times for buyers to look for a new car. Dealerships and manufacturers alike offer discounts on holidays, and these savings can be significant for buyers. However, not all holidays are created equal in terms of potential savings for a new car.

• Three-day weekends (e.g., Memorial Day and Labor Day): When you want the most options for your new car, shop around on Memorial Day or Labor Day. Summer offers great potential for higher discounts, and three-day weekends essentially cancel out the "don't shop for a new car on weekends" rule. Holidays attached to the end of weekends offer dealerships a higher promise of foot traffic, so in turn, they offer greater savings and promotions for buyers.
• Presidents' Day: This holiday isn't your greatest bet when it comes to potential savings on a new car. February offers the smallest discounts off MSRP of the entire year, so don't plan to shop for a new car on Presidents' Day.
• Martin Luther King Jr. Day: This holiday falls in the season with the fewest potential discounts due to being toward the beginning of the year. It's not considered a great holiday to shop for new cars.
• July Fourth: This holiday falls in the summer season, so the potential for getting greater deals exists. In many cases, you'll also start to see new model-year vehicles being released to dealerships, which can give you more options.
• Black Friday: Dealerships, along with pretty much all other retailers, crank out the deals on Black Friday. This holiday also hits the sweet spot of sales teams trying to meet all their year-end quotas, so the potential for savings is very high.
• Christmas: There's a different reason Christmas can be great for potential savings. With sales team members wanting to go home and enjoy their holiday, they might be more willing to cut you a faster, better deal.
• New Year’s Eve: The potential to earn a nice bonus puts salespeople in a discount-offering mood on New Year's Eve. Right before the end of the year, everyone in the dealership is focused on meeting quotas, making it one of the best times to shop for a new car.

What Is the Best Time of Day to Purchase a New Car?

Once you've completed your research and test drives and know which vehicle you want to buy, it may be in your best interest to walk into the dealership when it's close to closing time. Salespeople and dealership management will still be happy to wait on you. But because they'll be anxious to get home after a long day, they may be less likely to push hard on their side of the negotiations and could be more willing to offer you a fantastic deal just to make the sale as quickly as possible.

Other Times to Consider Buying a New Car

Aside from the suggestions above, there are a few other considerations when it comes to a good time to buy a car. Many factors that go into a good time to buy a car are personal and tailored to each individual, depending on life circumstances. Next, we'll break down other considerations for when the ideal time to buy a vehicle for you might be.

Buy Your New Car Before You Need One

The best time to buy a car is before you need one. When to buy a new car varies for many people, but it's always certainly before a current vehicle breaks down and leaves you stranded or without a way to commute and run errands. The more rushed you are to buy, the less time you'll have to research your options to ensure you're getting the best deal possible. Further, if a salesperson knows you're in a pinch, they'll be less likely to offer you discounts because they know you need to buy a car immediately. 

Buy Your New Car at the End of the Design Cycle

The best time to buy a car for many folks can be at the end of the design cycle for a specific vehicle. If a manufacturer plans to release a newly redesigned version of a specific car model and you don't mind driving the previous design, you'll know that might be when to buy a new car. A great time to buy a new car coincides with the end of the last design of a specific make and model since many customers are focused on getting the latest design. Therefore, the sales team will be more likely to offer deals to get the older design models off the sales floor.

Buy the Discontinued Model of a New Car 

When to buy a new car might also come down to when a specific vehicle model is discontinued. You can often get a deal on a new car if the manufacturer plans to stop making that vehicle altogether. The best time to buy a car can then be determined by studying reports for the latest vehicle releases and discontinuations for whichever brand of vehicle you want. If you know you want to buy a Honda, you can plan to go shopping right away if a discontinuation of one of their vehicles is announced. 

Keep an Eye Out for Incentives, Rebates, and Financing Deals 

If you’re looking at a specific make and model of vehicle, keep an eye out for manufacturer incentives and rebates. Manufacturers sometimes do an off-season special to boost sales of a specific model or vehicle type. So, the best time to buy a car can easily be during off-season specials. If you start seeing incentives and rebates offered by a local dealership, you'll know when to buy a new car.

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Are There Better Times of Year to Purchase Specific Types of Cars?

There are certain times of the year when you're at an advantage for buying specific types of vehicles. For example:

• Convertibles and sports cars: For those who live in northern states where heavy snow and harsh winter weather are an issue, purchasing a convertible or sports car is best handled in the winter months. Sports cars typically have rear-wheel drive, which gives the car a tendency to spin out of control, and convertibles lose their appeal when the top is up. If you're looking to buy one of these cars, keep in mind that any car dealership will be more than happy to get one of these vehicles off their lot in the winter.
• Trucks and SUVs: The appeal of these vehicles for many is that they offer four-wheel or all-wheel drive, which makes for better road control in the winter months. In the summer months, however, sales of these types of vehicles tend to drop. You may be able to negotiate a better deal by buying when the weather is warm. Another good time to purchase this type of vehicle is when gas prices rise. As fuel costs go up, people tend to prefer to buy high-gas-mileage vehicles, and sales of trucks and SUVs suffer.

Knowing that there are better times of the year to buy specific types of vehicles can help you save the most money possible if you have a certain make or model on your wish list. 

When Is the Best Time to Buy a Used Car?

The best time to buy a used car can be similar to the best time to buy a new car. Buying a used car during peak new-car buying season is optimal for many people because more trade-ins are coming into dealerships, which increases their used-car inventory. This provides you with more options and better chances of getting a deal. 

Since dealerships expect more foot traffic during peak seasons for new vehicles, they can also be more likely to run sales and deals on used vehicles. Sales teams are likely to have higher quotas to meet during these peak seasons, which can include all types of vehicles, new and used alike. So, head to a dealership during peak season if you're looking to buy a used car.

FAQs about the Best Time to Buy a Car

For the Best Prices, Know When to Buy a New Car

Remember, knowing when to buy a car is everything. Use timing to your advantage when shopping so you can make a great deal on your next new car. No matter what timing you choose, make sure you're covered from an insurance perspective. It's strongly advised that you have an independent professional source the auto coverage you need. An independent insurance agent is ready to help.