When you want the best deal on a car, what do you do? Look for a sales event? Practice your haggling skills? Both can help you land a good deal, but to maximize your savings, you should also consider your timing. Here are a few factors to consider when you’re determining the best time to buy a car.
Weekday vs. Weekend
Setting aside the weekend for car shopping is practical for most people, but that’s exactly why it’s the worst time of the week to visit a dealership. With so many people trying to buy a car on the weekend, there’s less incentive for a salesperson to cut you a deal—he or she could always move on to the next willing buyer. For a better deal and better service, visit on a weekday—preferably in the middle of the week. Fridays tend to be busy with those first weekend shoppers, while Mondays may have spillover shoppers who didn’t manage to close a deal during the weekend.
Time of the Day, Month and Year
Early bird gets the worm? Not in this case. Car shoppers who wait until the last minute may be more likely to get a better deal. When you show up at the end of a long day, the salesperson may be less likely to draw out the haggling process and be willing to let you quickly walk out with a good deal so he or she can wrap up for the day. Additionally, visiting the car lot at the end of the month or year can also net you some discounts. It’s the last chance for salespeople to meet their monthly and yearly sales quotas, so they won’t let buyers easily walk away without making a sale.
New Model Availability
When next year’s car models become available, the current year’s models suddenly become less desirable. Car dealerships become eager to sell off the old models so they have room for the hot new models in their lots. It’s a perfect time for you to swoop in and get a deal on a car that’s still new, although it might be missing some nonessential newer features. Your discount may be even bigger if the car you want has a major redesign from this year to the next.
Since new car models are usually brought to market months before the actual calendar year begins, be sure to do some research on when they will become available so you can make your purchase at the perfect time. Most years, this sweet spot lands sometime around September and October.
Great Timing, Great Car, Great Rate
When you’ve timed everything perfectly and feel it’s the best time to buy your new car, Navy Federal Credit Union can help fund your purchase with 100 percent financing options and a low rate. View our auto loan rates and apply online.