Before buying your very own car, there are many things to consider, expenses being a big one. If you’re looking to buy, a common question is “when is the right time to buy a car?”
We have a straightforward suggestion: buy when the car you want is on a significant discount or promotion.
But there’s more to the answer than that. Let’s dig in a bit more.
When Is The Best Time To Buy a Car?
When You Have the Money
One piece of advice is to buy a car when you have enough extra money to get one. Your chances of getting a good car at a great price will significantly improve if you have a good credit score, too.
When New Models Come Out
Another thing to do is research when new models come out. That will make older models less valuable but more affordable. New model year vehicles usually come out late in the calendar year, starting from October to December. Though sometimes they can come out much earlier than that.
When that happens, the dealers need to clear out old and current models to make space for new ones. And to do that, they will discount older and current models.
According to experts, December can give you the highest discounts off of MSRP. This is around 6.1 percent on average. Dealerships also want to close the year with solid sales.
You can also find suitable and affordable deals if you purchase a car that is about to be discontinued. Buying a car model that is about to be redesigned is also a good option. It can give you the best savings you need.
However, this may not be the best option for you, especially when you prefer to purchase newer vehicle models.
Summer Tends To Be Better Than Winter
Even though the start of winter (December) is one of the best ways to find an affordable car in a dealership, the following winter months until April are the least discounted months when buying a car. You will get better-discounted deals from May up to September, but the best months to buy a vehicle are from October to December.
What Is The Best Day of the Week To Buy a Car?
But if we are talking about days instead of months or years, then we highly suggest that you purchase a car on Sundays. Or early in the week. Sundays are the best day when buying a car as buyers tend to save 10 percent off MSRP on average. However, not all dealerships are open on Sundays.
Purchasing cars on a Monday or Tuesday or even Wednesday if your dealership is closed on Sundays is also a good option too. There will be less foot traffic, and transactions will not take too long. Thursdays are the worst days when buying a car, as they offer the lowest percent off MSRP (again, on average).
If you are not too keen on the idea of getting a brand new car, then we suggest going with a used option. Choose a model that’s not too old, but has been restored to its former glory. This will give you significant savings. And the car will still be able to get you through your daily commutes and trips.
Another thing to remember when purchasing a car is your location. For instance, there are some states where it is more ideal to go with public transportation, or even walking. On the other hand, for more rural states, it may be more ideal to get your own vehicle.
2021 Is Not a Great Year For Car Buyers
Due largely to the microprocessor shortage, 2021 is NOT a great year to get a good deal on a car. Many dealerships have a hard time getting inventory so buyers are competing with one another for cars.
So, while not impossible, don’t expect to land a great deal on a car until more new cars are hitting the dealership lots.