When Is the Best Time of Year to Buy A Car?

When Is the Best Time of Year to Buy A Car?

The most important decision to make when buying your new car is which one you select for you and your family's needs. The second most important decision is how much you pay for the vehicle you've chosen. There are many ways to negotiate a good deal on your new car, and one of the easiest is to take advantage of special auto sales that are put out several times every year.

Here are a few times of the year when you can expect one or more great deals at your local auto dealer.

End of Year Sales

In general, the end of the year is one of the best times to buy a car. There are several reasons why this is so. First, the end of the year means that one whole year has passed and the dealership must show that it has achieved its annual goals. If not, the dealership and the individual salesmen will be losing out on big incentives and year-end bonuses. Second, automakers prepare to roll out the next year's models at the end of each year. For example, if 2018 models were still on the floor on Jan. 1, 2019, then customers and automakers alike would not be happy. Hence the added incentive to move old models out as quickly as possible by offering significant discounts, cash-back offers, special financing, etc., on these cars.

Meeting Sales Goals

Dealerships have not only annual goals to meet, but also quarterly and monthly targets to keep up. So, the auto industry has made it a point to allow specific deals to be run at the end of every quarter and month and also on public holidays so that these goals can be met and hopefully exceeded. Some models even have special offers for new college graduates and military personnel.

Model Upgrades or Replacements

Sometimes, car models get an upgrade — such as adding a safety feature such as lane assist or a whole new software. And sometimes, the automaker may decide to give a car model a complete makeover. At these times, the outgoing models will be heavily discounted (up to a few thousand dollars) to make room for the newer models to come in. In general, the end of summer and the beginning of fall is usually the time when new models are introduced into the market. It is not a hard and fast rule though, so you should keep an eye out for news on when new models are expected to be released, and time your purchase at that time.

Buying a car is a lengthy process and cannot be done in one visit alone. So it does help to talk to your salesperson and find out about upcoming deals and then decide on when you want to make your purchase.