While knowing when is the best time buy a new car may be one of the details that you never consider, the reality is that it is very important. After all, it can save you some money.
When you decide to buy a new car, you know that you are committing. According to the Financial Post, back in 2016, the average Canadian used to spend around 21% of their monthly salary on housing and an additional 20% when they buy a new car. And this doesn’t even include the auto loan.
As you can see, buying a new car can drastically affect your monthly budget so it pays to look for the best deals. And these tend to happen at very specific times as you are about to discover.
When Is The Best Time To Buy A New Car
#1: At The End Of The Month:
The truth is that if you are considering buying a new car, you should wait for the end of the month. In case you don’t know, dealerships have sales quotas. This means that the employees of a dealership will get a cash bonus in case they can hit the monthly targets. So, by reaching the dealership near the end of the month, there are some strong possibilities that you find a salesperson who is trying to hit his target and that he may be willing to offer you some special advantages and discounts.
One of the things that you need to keep in mind is that while this strategy can work well during all the moths of the yar, it can be even better at the end of a financial quarter. This means that if you want to follow this strategy, the best months to buy a new car are the end of March, June, September, and December.
#2: At The End Of The Day:
Buying a new car is always exciting. From picking the right model for you to looking at it, testing it out, and finally get into the dealership to buy it. However, and before you decide that you want to buy your new car first thing in the morning, you should think twice.
While in most cases, last-minute car shopping may turn into a disaster very easily, this won’t happen to you since you already know exactly what you want. Besides, you will also be able to take advantage of the fact that the salesperson just wants to go home after a long day at work. So, what tends to happen is that you may be able to enjoy a bigger price drop which is always great.
#3: During Shopping Holidays:
In case you haven’t noticed, there are a lot of items selling at great prices and with huge discounts on Black Friday. After all, it is no longer limited to electronics or the mall.
One of the trends that we have been seeing in the last couple of years is that dealerships are also taking advantage of the Black Friday to make more sales. So, you should expect to find free add-ons, discounts, and even some financing incentives. So, it truly pays to pay attention to dealerships during this time of the year as well.
But Black Friday isn’t the only special holiday that comes around with a lot of discounts. Boxing Week is another period where you can also get some pretty good deals when you are thinking about buying a new car. If you think about it, Boxing Week is a very slow time of the year for most dealerships. Besides, since it occurs not only at the end of the month but at the end of the financial year as well, this gives you an even better opportunity to get some kind of discount.
#4: When You Are Being Offered Dealer Incentives:
Some dealers tend to keep offering incentives for specific cars and models.
One of the things that you may not know is that there are some incentives that are passed down from the manufacturer to the dealership directly. These include trade-in deals, loyalty programs, money-off discounts, cash-back rebates, and even low-interest financing.
The reality is that no one can know for sure when the dealership is going to use them to attract customers. So, when you are considering buying a new car, you should keep an eye on your local dealership. You can either check out the website or look for flyers.
#5: Before New Models Hit The Floor:
As you probably already know, most manufacturers tend to wait until fall to roll out their new models. So, as you can imagine, there are many dealerships that still have many cars from the previous year. Since there is always a lot of search for the new model, dealerships tend to offer some incentives to sell the previous model cars. And if this is the new car that you are looking for, then this is also another great time to buy it.
#6: Don't Forget To Buy Off-Season:
Knowing when is the best time buy a new car can save you a lot of money. So, another great opportunity that you have is to simply buy your new car off-season. But what do we mean with this?
While this can’t be applied to all cars, the truth is that in case you are looking to buy a convertible, one of the best months to do so is in December. Yes, we know that you won’t be able to drive it as you wanted and that you will need to wait for the summer. However, it is also important to keep in mind that this can save you some money since, as you can imagine, there’s almost no demand for this type of car during this time of the year.
On the other hand, in case you are considering to buy a new 4-wheel-drive SUV, then you may want to wait and only buy it during the warmer months.
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