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Mark your calendars; the best season to buy a car is fast approaching. You can find discounts on new and used vehicles throughout the year, but timing your purchase around specific holidays and months could yield even more savings due to the nature of the automotive industry. Knowing when to buy also depends on your financial situation, the type of car you want to drive and how long you expect your search to take. With so many factors to consider, use this guide to get time on your side.
The Best Season for Shopping for a Car
The best times to buy a car are at the end of the year and in May before the start of summer, but savings can be found year-round. Buying used? Look for deals on diesel parts to repair aging oil and fuel systems that can affect the vehicle’s total value.
Why Buy a Car at the End of the Year?
The final days of the calendar year tend to feature discounts designed to make you reach for your wallet. Dealership owners typically cut prices in the lead-up to and on New Year’s Day to clear house before next year’s models hit the lot. Manufacturers release new and improved versions of their best-selling models and trim packages at the start of the year. Used dealerships don’t feel pressure to make space for new inventory at the end of the year but may want to thin out their offerings before drivers upgrade to the latest model.
December also marks the end of the quarter and year for companies and salespeople. If sales have been slow, they will cut prices to reach their sales quota. (Expert Tip: Sales made on January 1st go to the previous quarter and year.)
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Automakers and local dealerships have Christmas and Black Friday holiday specials to incentivize end-of-the-year buying. Models from the current year may go on sale as early as fall, giving you months to narrow your search.
Recently, some automakers have started to shift car release schedules to generate demand during what tends to be the slowest months of the year.
Why Buy a Car in May?
Can’t wait until the end of the year to buy a car? Try May, particularly in the lead-up to Memorial Day. Summer is a busy month for the automotive industry as drivers prepare to spend more time on the road. Some dealerships may not receive the newest models until March due to shipping delays, which can trigger a major sell-off as early as late March.
Other Times to Buy a Car
If you need a car, you may be unable to wait until November, December or May to sign on the dotted line. When time is of the essence, buy at the end of the month or quota when salespeople want to increase their quotas, on Monday when the agent will have more time to answer your questions or on three-day weekends to find bigger sales.
How to Prepare for Car Buying Season
You never know when you might see a great deal on a new or used car. Don’t let peak buying season catch you off guard. Use these tips to get everything you need to strike when the iron’s hot.
Gather Repair Materials
You shouldn’t buy a used car in need of repairs unless you can repair it.
Diesel vehicles tow more and last longer than gas cars with proper maintenance. Some truck models may change hands dozens of times before being put out to pasture. If you want to haul with a used truck, invest in a new diesel injection pump to restore fuel efficiency, acceleration and torque.
If the truck has a bad high-pressure oil pump (HPOP), lubrication and fuel pressure will plummet, reducing efficiency, power and lifespan. Shop for HPOPs by make/model to give a used truck a new life.
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Narrow Your Search
Test-driving vehicles is free, so you might as well get behind the wheel of some of the cars on your wish list to see if they suit your needs before you’re ready to take one home. Research user reviews to see how they perform at various mile intervals.
Prepare the Necessary Materials
You’ll need documentation, insurance and an auto loan to drive off in the car. Learn what to bring when buying a car to finalize the deal when it feels right.
‘Tis the Season to Buy a Car
There’s no one right time to buy a car. Prices can change every few weeks or months based on supply and demand, but timing your purchase around model and quarterly changeovers increases your chances of landing a great deal. Look for updates from local dealerships, automakers and industry forecasts to anticipate price changes. Being patient and having everything you need to complete the purchase ready to go will give you the upper hand.