At some point everyone has asked themselves, “when is the best time to buy a new car?” Whether they were referring to the time of year, the interest rates on loans, or the make and models currently available on the market, it’s a valid question. Buying a new car is a tough choice for many people, so let’s look at some of the factors that make up the best time to buy a new car.
Timing May Be Everything for Car Sales
Timing is everything, at least according to some people. The weekend is probably the worst time to buy a car, especially from a dealership, as so many other people are out doing the same, salesmen are less likely to give you that sweet deal you desire. The influx of potential buyers equals more gullible people for car salesmen to woo; meaning that your hard-nosed tactics are less likely to result in a sale now than on a Monday or Tuesday. Alternatively, the end of the month is often a great time to buy a new car, as salesmen may need to meet individual or group quotas and be more willing to negotiate a deal to receive a bonus from their employer.
Buying a new car when the model is about to be discontinued, or the model year is being phased out in favor of the new one is another great time to buy a new car. These models, though new, are treated with disdain from many buyers because they are no longer the best of the best. Ignore that mindset, and you can end up with a brand new car at a great deal. The season can affect how good of a deal you can find as well. Buying a new car in winter should get you a better deal than doing the same in the summer, when car sales are stronger.
Low Interest Rates are In Your Favor
Economically, now is also a great time to buy a new car. Very low interest rates are pervasive throughout the industry, and with new car sales lagging, many dealerships are offering ridiculous deals to get people to buy new cars. As new cars become better built and more efficient, the chance to ditch that old clunker has never been better. Many manufacturers are starting to offer 100,000 mile warranties, and increased fuel efficiency from newer models, combined with more power, are making newer vehicles an attractive choice for many. Advances in safety technology should also be a factor when buying a new car – traction control, more complete airbag packages, and all-wheel drive are all compelling options. You can upgrade to a much better automobile, with a warranty and better fuel efficiency, and all while enjoying interest rates that can be below even inflation.
Even armed with all this knowledge, nothing replaces doing your research on the car you would like to buy and what its market value is. Knowledge is the key to getting the best deal, though these tricks should help you save a few pennies here and there.