There was a time when the average American bought a new car every four to five years. These days, they are waiting until their car is six to eight years old. No matter how long you are in your car, you need to be strategic about buying your next one.
Knowing when to buy your car can help you score a better total price, lower interest rate, or free upgraded features. So, when is the best time to buy a car?
This guide will show you when you should buy a new car.
Holidays
Car dealers and manufacturers offer great promotions around major holidays. The best holiday is on New Year’s Eve. It’s the very last day of the year, quarter, and month.
It’s the dealership’s final chance to score one more sale and clear one more car off their inventory books. They will be more likely to negotiate with you to score the sale.
Other popular holidays for car deals are the Fourth of July, Memorial Day, Labor Day, and Black Friday.
Mondays
Heading to the dealership on a Monday gives you better odds for scoring a better deal on a new vehicle. This could be because it’s the start of the week, and salesmen are looking to start their week off on a strong note. It could also be because the dealership is less busy, giving the sales team more time to negotiate with you.
New Model Announcements
When a dealership like Westside Auto announces that they will get a new model in, it’s time to consider buying a car that’s the previous model. The dealership is keen on getting rid of the old model because they are focused on promoting the new models. You can purchase a car at a better price when you’re willing to take the older model.
Additionally, you can purchase a new model far in advance of it actually hitting the showroom floor. You can get a better deal on a brand new model right when it’s announced because it gives the dealership stronger buying power with the manufacturer.
Strong Credit Score
This time isn’t about a particular calendar date. It’s focused on your financial situation and current credit score. You have buying power when you have money saved for a down payment and a strong credit score.
This means it’s a great time to buy a new car. You have the buying power to secure a low-interest rate and favorable loan terms. You can also negotiate with the lender because you are a desirable borrower.
When Is the Best Time to Buy a Car?
Do you know when is the best time to buy a car? Yes, you do! The best time to buy a car is when you’re financially stable and either on a holiday or at the end of the year, preferably on a Monday.
Check out our other articles for more helpful advice on managing your money and making big purchases.
