New automobiles are one of the biggest investments many consumers will ever make. Buyers typically look to get the best price on new vehicles, and when buyers begin their search for new vehicles can influence just how great a deal they get.
Timing your new car purchase correctly can save you hundreds and sometimes thousands of dollars. Automotive information experts, such as JD Power and Associates and Edmunds.com, note that certain times of the year may be best for cutting a deal.
End of year
One of the best and most consistent times to get a great deal on a new car is the end of the year. This is when car dealerships are trying to move the greatest number of vehicles to increase unit sales and annual revenue numbers. In addition, many dealers have annual quotas and offer bonuses to salespeople who meet certain annual sales figures. If you can wait until the end of December to make your purchase, you very well may drive off the lot with a great deal.
End of model year
New model year vehicles begin to arrive at dealerships sometime between the end of summer and the beginning of autumn. That means the current year models still on the lot become a lot less desirable to customers eagerly awaiting next year's vehicles. Dealerships are willing to negotiate on the older models and may offer customers cash rebates to make room for the new inventory.
End of design cycle
From time to time, auto manufacturers roll out a newly designed car under the same name. The older body type then becomes less desirable, and that is when drivers can get bargains on cars that may have become outdated seemingly overnight. If you're more interested in saving money than setting trends, wait until the end of a car's design cycle to buy. You can save even more if a particular model is being phased out entirely.
End of the month
Similar to end of year deals, come the end of the month, salespeople and dealers are trying to sell as many vehicles as possible in an effort to qualify for bonuses from auto manufacturers. If you can't wait until the end of the year to buy, consider the end of the month.
Save money on your next vehicle by shopping at the right times.