When’s the Best Time to Buy a Car?

They say timing is everything, but does it matter when you visit the dealership to purchase a new car? The answer is yes. If you pay attention to times of year when dealerships and automakers run promotions and offer incentives, you can save yourself a nice chunk of change.

That money you save can go toward the car’s first service, upgrades or even that vacation you put off because you wanted to save up for a new car. Here are some tips for when to find good deals on vehicles.

Buy Your Car on a Monday

It’s not easy to make it to the dealership on a Monday. When was the last time you squeezed in a trip to check out a new car on a weekday, let alone the busiest day of the week at work? Maybe never, but you might consider it after you read this.

If you can get a few hours away from the office, you might just pay yourself back with a steal on your next ride. TrueCar.com found that discounts on Mondays can reach upwards of 8 percent. During the weekend, that number drops by half a point. It might not sound like much, but these are just averages. Salespeople want to work with you on a Monday because it’s slow.

If you can time your visit toward the end of the month, you could make an even better deal. Sales managers often have a quota to hit, and if they’ve only got to move a few more units to reach that magic number, they’re more likely to knock a few bucks off, so you’ll pull the trigger.

Watch for Good Months to Purchase a Car

The month of May has been shown to offer a great selection of promotions and lower pricing in general. Memorial Day sparks sales for many American and import automakers eager to cash in on people with time off.

Similarly, the weekend closest to Independence Day sees dealers roll out the red carpet and slash prices in hopes of enticing people on their long weekend. Just about any holiday weekend will result in better prices. Thanksgiving is another good period, and Christmas is typically chock full of deals, although it can be tricky because dealers know people want to buy cars as gifts.

Get to the Dealership When Models Are Replaced

photo: consumerguide.com

Have you had your eye on a great car for the last year but been unwilling to spend the money? If there’s a new model coming to replace it, you might get the deal of a lifetime. To keep manufacturers happy, dealerships need to offload older cars and free up inventory.

Keep an Eye Out for a Deal

This one’s pretty simple. Sometimes, automakers just decide to give everyone a break. It doesn’t have to come in response to a holiday weekend or new model. Events like Happy Honda Days take place every year and afford you a better price than you would get on an average day. Keep an eye out for them.

When you buy a new car, you’re giving up at least 9% as soon as you drive it off the lot. Do yourself a favor and make sure you get the best deal possible. No one likes to have buyer’s remorse about their new ride.