Buying a car is not a simple task, especially when considering how expensive cars can be. Fortunately, there are many deals and special sales out there, but knowing which ones to take advantage of and when can be a big challenge.
Both automobile and business experts alike have gotten when to purchase a new vehicle down to an exact science. Whether you’re currently in the market for a new car or are simply curious, check out when you should buy a new vehicle.
Time of the Year
The automobile industry is no stranger to annual sales, though it can seem like a new promotion springs up around almost every major (and sometimes minor) holiday. However, there are some sales that are better than others.
Interestingly enough, market experts have determined that the best year to purchase a new vehicle is the week between Christmas and New Year. This is the optimal week for a variety of reasons. For one, dealers and manufacturers are in a rush to meet their end of the year quotas at this time, making it more likely that you can secure a good deal on your new ride. You may find that the dealer or manufacturer is adding several benefits to your package to get you to buy, such as large rebates. Additionally, many people are not buying cars at this time, making it easier for you to capture the full, undivided attention of the dealer.
It is important to keep in mind that this really only applies to people who can afford to wait to purchase a new vehicle. If you’ve recently been in an accident and need to replace your car, you should attempt to buy as soon as possible to have your life upended.
Time of the Month
Again, there is also a best time of the month to purchase a new vehicle. Like previously mentioned, dealers are in a rush to meet their end of the month totals as sales, commissions, and other totals get calculated at the end of the month. Thus, you should aim to purchase a vehicle toward the end of the month, ideally the last 4-5 business days.
Because the dealer is in a rush to meet their quota from the month, it is very likely that you will be able to negotiate a deal with them on the purchase of your new vehicle as long as you promise to purchase the vehicle that day.
Time of the Week
Yes, experts have even determined the best time to purchase a vehicle down to the day of the week. The best time to do so, according to experts, is on the slowest days of the week, namely Monday through Thursday. This follows the same logic as presented above. With less people entering the dealership in hopes of buying a new car, you’ll get more personalized treatment from the dealer and will be better able to negotiate.