Should You Buy A Car Now Or Should You Wait?
There are many considerations before buying a car and one of the most important ones is when you are more likely to get a big discount or a money-saving deal. Sometimes, the timing of purchasing a car can be very critical and save you thousands of dollars on the financing and price of the new vehicle. By knowing when to buy a car, you can also streamline your buying process and make the entire buying process smoother and easier as you will be better prepared.
During the past two years of Covid, supply chains worldwide have been disrupted and the microchip shortage has resulted in auto manufacturers scaling back on their production of new vehicle models. There is also reduced vehicle inventory. However, if you shop at the right time, you may stand to benefit by gaining leverage in negotiations during important times when auto dealerships are very likely to move their inventories or resupply. Here is a guide on the best time of the year to buy a car.
End of the Month
The end of the month is a good time to buy a car as most retailers and car dealerships have monthly sales targets that they need to meet. If they haven’t yet met their monthly sales goals, they are likely to offer discounts and better deals to attract purchases.
These deals and discounts will not only help them meet their quota but also allow them to receive financial incentives from auto manufacturers for reaching sales goals. These financial incentives can also include auto manufacturers allotting more popular vehicle models or the latest vehicle models to these dealerships and retailers.
Before You Need One
While it may sound weird, the best time to buy a car is actually before you need one. Most people only buy a car when they need a replacement for their current car or if it has malfunctioned. Car owners may thus make poor decisions and rush for a quick car purchase without ample research and planning.
This results in poor financial decision-making and not being able to capitalize on the best deals and discounts. They may also not have the time necessary to make a smart car loan or lease. This also places the advantage on the salesperson, who may charge a higher asking price for the car knowing full well that you need it as soon as possible.
By starting the buying process early, you will make better decisions in car financing, confidently select the most optimum car model, and decide how much you should pay. You will also have greater peace of mind and more time to research every aspect of the purchase.
Holidays can also offer steep discounts and most car dealerships may be packed with sales events to entice customers. Some holidays which are especially great for purchasing cars are Black Friday, President’s Day, Fourth of July, and New Year’s Eve. As with any purchase, you should spend some time researching and planning well when these holidays are approaching so that you are best prepared for the purchase.