Let’s be honest, there’s never a bad time to go shopping for a new car. But, are there better times to do it?
Like so many things in life, timing is everything. Buying or leasing a car is a big decision, and if you have the luxury of picking when and where you buy, you have an opportunity to shop around and wait for some seriously great deals. Which can save you tons of money.
But, is the whole “Wait for X time of year to buy a car” thing just a myth? Let’s check out a couple of tips from the pros.
Offers and Specials
One of the best ways to save money at a car dealership is to pay attention to their special finance deals and lease incentives.
Basically, these deals happen when the dealership and the manufacturer team up to offer a better price to consumers. It’s one of those win-win-win scenarios—the dealer and automaker benefit by moving inventory, and the shopper gets to walk away with more cash in their pocket.
These deals can take a couple different forms. Often, they come as lowered APR for a certain term, or reduced monthly payments on a lease. It may also be a cash rebate that can be applied to a down payment. Whether it’s a dealer incentive or rebate offer, these present one of the best opportunities to buy a new car for the best price.
So, how does this relate to the “best time to buy a car” question? Well, the thing is, nobody except the manufacturer really knows when incentives are on the horizon; not even the dealers. This makes it hard to plan months ahead, as they can (and do) pop up at any time of the year. So, as a savvy shopper, it’s important to pay attention to your local dealerships to keep a keen eye out.
Holidays
We’re sure you’ve all seen the banners, billboards, ads, and commercials for the big annual car sales. Some dealerships even rent out other venues like mall parking lots just to have huge tent sales for the occasion.
Certain holidays can be an awesome chance to score deep discounts. Often, these discounts are manufacturer initiatives like the ones we mentioned above. Sometimes, the dealership itself just decides to slash prices in special circumstances.
So, which holidays are best to buy a car? Historically, it’s good to think your typical “three-day weekend” types—President’s Day, Memorial Day, Labor Day, and Independence Day are generally considered the big four in the business.
As good as the mid-year holidays are though, the end-of-year ones can be even better.
When you think Black Friday, most people picture running out to the electronics store to grab a flat screen and sound bar, or store hopping through the local mall, but it can also be one of your greatest chances for a sweet deal on a new ride. Lots of manufacturers save their best finance deals for the timeframe between Thanksgiving and New Year’s Day. So, November and December can often be two of the cheapest months to buy a car.
New Model Releases
We’re all familiar with the concept that every car has a corresponding model year that it was made in. Every several years or so, any given model will undergo a refresh, or even a complete redesign, and buyers can capitalize on it to snag a solid deal.
For instance, the Genesis G80 introduced an all-new generation for the 2021 model year, with tons of new features and a slick new look. Some smart buyers saw it as a great opportunity to negotiate a good deal on a certified pre-owned G80 from the previous gen. Get the picture?
There’s also always a chance that a model may be discontinued. Some shoppers are put off by this, because they assume that if it’s discontinued, it must be defective, but that’s not actually the case. More often than not, the manufacturer simply decides to pivot to another nameplate because they have another model that’s been deemed too similar. In the past few years, we’ve also seen some fan-favorite models be discontinued because of the recent push for more electric vehicles. There are many harmless reasons for discontinuation. If a certain vehicle isn’t in production anymore, don’t write it off right away, because you could be looking at a stellar car at a fantastic price.
Tax Time
This one has less to do with the dealer and more to do with the shopper’s finances.
For many Americans, tax season is a magical time of the year when Uncle Sam rewards them with a few extra grand in their bank account. If you find yourself flush with some spare pocket jingle, it’s a great time to capitalize by putting it toward a down payment.
In the world of car buying, the down payment is an absolutely indispensable asset. It lowers the amount of money you need to borrow, reduces your monthly payments, cuts down on loan interest, and gives you some decent negotiation power if you find a car you really love.
It doesn’t have to be a tax refund either; you can apply this same principle to a holiday work bonus, or any other significant financial windfall.
Remember: There’s Never a Bad Time to Shop
While there may be certain months, weeks, or even days that give you the best chance for buying a new car at a low price, the truth is, there aren’t any hard and fast rules. The most important thing shoppers can do is to conduct plenty of research, pay attention to the market over time, and be ready to jump on a great deal if they see it.
Oh, there’s one more thing shoppers can do: make sure they’re doing business with the best. At Braman Genesis, we offer the best lease and finance specials in Southern Florida, no matter what time of year it is. If you’re looking to buy a new Genesis GV70 in Miami, give us a call at (786) 574-3093 to learn more.
