Just like any other purchase, timing is everything, especially when it comes to the best time to buy a car. A major part of your search will likely revolve around make, model and style, but when you make your new purchase can have a big impact on your pocketbook. If your need for new wheels isn’t urgent, waiting a few months for the best time of the year to buy can potentially pay off. So, when is the best time to buy a car? Here are five times to buy a car that could mean significant savings for you.
1. End of the Month
The end of the month is one of the best times to buy a car since salespeople are often eager to close deals and meet their monthly quota. As salespeople get more anxious to make that number, you’ll likely see larger discounts applied. Brush up on your negotiating tactics and head into the dealership at month’s end to make a deal!
2. When New Models Arrive
Out with the old and in with the new! When a new vehicle model comes out, dealers are eager to move the old model off of their lots. The incoming model likely has new bells and whistles — it might feature better car technology, for example — giving salespeople more selling points to move more merchandise. The shiny new car may get all the attention, but the outgoing model is still a perfectly capable car. Typically, you’ll see new car models start arriving in dealerships in the late summer or early fall. According to TrueCar, which analyzes car prices nationwide, August is the best month to purchase your new vehicle.
3. End of the Day
The end of day is another good time to buy a car. An eager salesperson won’t let an interested buyer walk away just because it’s close to quitting time. And, because closing time is near, they might be more apt to give you a better deal to move another car off the lot. Take a cruise around and pinpoint which vehicle you want, then swing by the dealership just before they close for the day. Doing so makes you a kind of “found customer” they weren’t expecting, and they’re more likely to want to close this deal.
4. Black Friday
Most shoppers are focused on holiday gifts on Black Friday. But big box retailers aren’t the only ones offering sales. If you’re in the market for a new car, Black Friday might be the best time to purchase a new vehicle. With the end of the year drawing near, dealers are likely working to clear out old inventory. Black Friday also falls toward the end of the month — it’s always the day after Thanksgiving — so they’re likely working overtime to meet their sales quotas for November. So skip the crowded mall and make a trip to the showroom on Black Friday.
5. Late December
This is when dealers are still working to add to their annual sales total and hit that month-end quota. With weather generally being less than favorable this time of year, buyers aren’t out test-driving or buying cars as they normally would be and inventory likely is high, making the end of the year a great time to find a deal on your dream car.
Protect What Matters
There are a lot of options available to you when you buy a new car. But you can rest assured that, when you choose auto insurance with Farm Bureau Financial Services, you are choosing a company that offers a range of options to help keep you safe — both on the road and off. Contact your Farm Bureau agent to learn more.