Let’s discuss a few days or yearly periods when you could hit a discount jackpot if you want to buy a car
Having a car in today’s world is not just a want but a need. It doesn’t matter if you want to go to work, for a meeting, family trip, to a party or whatsoever, you will need a car because it has its own set of advantages. A commercial day-to-day use car can carry four or more companions. It also lets you hold the prestige of owning a car, providing luxury and comfortable entertaining trips.
A car is a need and a want but, the process of buying one comes with a few confusing yet imperative aspects to look after. First, is the aspect of confusion, where one cannot choose from this vast pool of options of cars, and a plethora of questions pop up in one’s mind such as; Should I buy a new or a used car? Which model should I buy? Which car fits in my budget? How can I get a discount? What is the best time to buy a car? And another myriad of questions!
There are a lot of options of cars to choose from which are mainly divided into broad categories such as Hatchbacks, sedans, MPV, SUV, XUV, Coupe, Convertible, and a few more. But even though you select your type, company, and model the next confusion you would definitely face is when is the best time to buy a car?!
Every product which is sold throughout the year or seasonally will have a few periods of time where it is sold at cheap prices or with additional aid. Here we will discuss it in detail. Well, if we think strategically, there are periods of time when if you buy a car then you just might get a good deal or discount that you were craving. This article will definitely help you if you are on a low or fixed budget or want a better car for a limited budget. This will help you to understand a part of the system of car selling and their dealers and make your move to bid a price of your interest or purchase at discounted showroom price.
So let’s take a quick look, strategically, at the best time you should buy your new or used car.
Month End or the quarter
The logic goes like when the month’s end is near, car salesmen are mostly supposed to get a bonus if they achieve the month-end sales target. These salesmen will be willing to cut short their own profit in order to complete the target and grab that bonus because this bonus can cover the loss and make even more money. Dealers will come up with discounts and amazing deals with utmost motivation to sell these cars.
But the catch is that if the salesman has already met their target quota. Why’d they entertained you with low prices? So if you’ve been sold a car without a discount and you’re finding it tough to negotiate even at month-end then you should just probably ask them if they’ve met their monthly quota. Finally, if the sales price is lower than what you researched or expected then you should go with the deal.
If you think that a month-end is a short time period for you to make the buying decision then you can test drive the vehicle before the start of any month and finalize the deal at the end of the month. Thus you’ll get a month’s time to think about the investment.
The calendar year’s end
The calendar year’s end consists of Christmas and the new year. If you’re willing to buy a car at the end then it would save you a fortune because car companies and dealers both will come up with unrealistic discounts which would fascinate you and urge you to buy the car.
Evidently, the yearly year-end discounts given in between Christmas and new year are the best and highest discounts given on MSRP which are almost on an average of 6.1%.
Just like a month, there are targets set on a yearly basis and also apart from that a car company or a dealer would anyway want to close the year with more sales.
Another reason for the discount is that if they give you a discounted price, their sale will increase thus reducing the inventory they hold. They would want to sell off cars in mass and old inventories and bring in new stock or new models.
Which is the best month to buy a car?
Although December would still be the best month to buy a car. There are several other months we can point our fingers at which would give you a good deal. For example., in January a fresh new stock of cars comes in with new discounts ranging according to the variant. So If you feel like buying a new car in January there’s no need to wait 11 months.
The introduction of new models brings in new discounts. Evidently, you will save more, if more new cars are there coexisting with the older ones. We can segregate the months based on “Months giving least discounts”, “Months giving better discounts”, and “Months giving the best discounts” as given below.
|Months giving least discounts
|February, March, April
|Months giving better discounts
|January, May, June, July, August, September
|Months giving the best discounts
|October, November, December
The number of units sold in the month of January is a little less than May, June, July, August, and September but a little more than February, March, and April. The months of February, March, and April have the lease discounts off MSRP. The worst month to buy the car would be February because it provides the least discount of 5.7%. The discount gets better through summer and the best till the end of the Year.
If you want to buy a car in the month of October you should just probably wait till December comes because December will anyway provide the best discounts and the 2 month time window will allow you to research more on the best choice of car and you can even gather more price quotes.
Which is the best day to buy a car?
If you ask which day specifically in the week you should go to the showroom or contact a dealer to buy a car, the answer surprisingly would not be a weekend. On the weekends there is a lot of rush, and a dealer has to juggle a lot of customers. If you have plenty of questions or if you want the dealer to take out time for you in order to have a proper conversation or negotiation you should go on a Monday or Tuesday.
But there are a lot of showrooms which are closed on a Sunday, which is why there is a rush on Monday or Tuesday. In this case, you should go to the showroom on a Wednesday or a Thursday. You will get an opportunity to ask a lot of questions and the transaction will take less time.
Which Is the best holiday time to buy a car?
The Black Friday
Black Friday has been known as the largest retail shopping day in the US and people celebrate it as a festival. Mainly electronics are sold on this day at cheap prices but it is the same for automobiles including cars. They too are sold at discounted prices.
Lately, carmakers and dealers have been offering a lot more incentives, discounts, and doorbusters to capture the attention. This day is also seen as a sign of the end of many models for many companies and hence discounts are offered to sell out the remaining stock.
If you want to buy a car on this day, doing some pre-planning is suggested, such as obtaining an offering price for your deal, pre-approving an automobile loan from a bank. You might even want to go on a test drive and talk to your friends about it for more information.
Other holidays on which you would expect a reasonable deal on the car would be
- President’s Day
- Memorial Day
- Fourth of July
- Labor day
And a few more
When a brand new model comes in the market or when an old brand goes out
Usually, when an old model goes out a new model comes in. And for both the models there are discounts available. The car dealers have to make room for the new stock. In the case of domestic brands, a model year is estimated to end at or around the labor and a couple of months more for imports. We need to understand that there are better discounts given for the vehicles which sell slowly. You can figure out what kind of discount you would get by getting to know which category the car you want to buy comes in and phrase your negotiation statements and offerings beforehand. Cars that are about to a redesign or are about to be discontinued will also have good discounts.
When the car’s design cycle ends or just before a redesign
A car manufacturer will provide a discount on a car model that is meant to be continued but after a redesign. So if you’re a person who likes to save instead of going along with the trend, buying the old model won’t really matter to you. You should be aware of the scenario and should know if the model you want to buy will be redesigned and if yes, when.
There are a plethora of opportunities to buy a car throughout a year and if these opportunities match your ability and willingness to pay, congratulations you’ve got the car you wanted at a cheaper price. From the time you decide that you want to buy a car to the time you grab one of these opportunities, you can use the time to thoroughly research the model, its price, specifications and all other miscellaneous things.