There are few things in life more exciting than buying a car. In terms of transactions, it’s one of the largest most people will ever engage in.
For buyers, there are plenty of factors to consider.
What kind of car to buy is usually near the top of the list, along with the best place to buy it. And of course, the cost is important – but many people don’t stop to think how time factors into this question. Specifically, knowing the best time to buy a used car is important. The same thing is true for anyone who wants something brand new.
Knowing the best time to buy a new car or a used car can help a person capitalize on the best deals out there. Here’s some advice on the best times of the year for buyers to find those can’t-miss deals, as well as tips on how to apply for a vehicle loan and get the best payment arrangement possible.
When’s the Best Time to Buy a Used Car?
Logic would dictate that since car salespeople are paid whenever they make a sale, they’re just as likely to sell a car at any time of the year. But trends and patterns do emerge – unsurprisingly, these are based around the typical sales calendar.
Calendars are usually broken down into quarters for salespeople. This makes it easier for dealerships and auto manufacturers to keep track of their inventory and their income.
So when the end of a quarter is nearing, it’s crunch time. Salespeople are more likely to cave and offer those juicy discounts if it means reaching their quota or getting that last bit of commission to reach a goal and earn a quarterly bonus.
Particularly around June or December, dealerships will be more likely to offer good deals. It’s also possible to find bargains in February and August. Why? Because these are typically slower months. During the former, people are still recovering from the holiday buying craze. The latter is around back-to-school season, where there are other expenses to worry about.
Holidays are another time to find great sales – but buyers must act fast. Sales on holidays like Labor Day or Memorial Day may carry over for a week or longer, but they won’t last forever.
Targeting times of sales lulls or when sales are crucial to making quotas is a great strategy. But what about the best time to buy a new car?
Buying a New Car: Times to Target for Great Deals
When it comes to buying a new car, many people want to run out and get a model as soon as it hits the showroom. Salespeople are anticipating this – likely because they know they can command a higher price for it.
The better strategy is to wait a few months until some of the buzz has died down a bit. It may mean going a little longer without the latest and presumably greatest car out there, but it can help a buyer drive a better bargain before they drive the new car off the lot.
There’s also end-of-year sales. December is one of the biggest sales months for many dealerships, and it is a good time to find bargains on even the newest cars.
Some people may think it’s because of the holiday season, and that is part of it. But there’s also the fact that dealers want to start the year with as little inventory as possible. It helps them for accounting purposes, and this means they’ll be more likely to offer a big discount.
If a person can’t wait until the end of the year, shoot for the end of the month.
Though not the case with all auto dealerships, many have monthly goals they need to hit even if that means slashing prices.
Applying for Vehicle Loans to Make Buying Easier
Whether a person is looking to buy a new or used car, they want a good deal. This means finding a loan with the right rates.
Eastex Credit Union can offer assistance in this area, using their expertise to help car buyers find the right loan agreement for their desired purchase and budget. Getting a great car is always ideal, but getting it with the right financing agreement is even better.
Time is money, and the time when buyers go to make a purchase is intertwined with how much they’ll pay. Shop smart, and save big on a new or used car.