The best time to buy a car might simply be when you need it most. But if your purchase is not urgent and maximizing savings is your goal, there are some dates on the calendar that it helps to know about.
Take a look at these opportunities before you search for a deal.
End of the month
Dealership staff who are trying to meet their month’s sales goal in the closing stages of the month may be more willing to negotiate on the price of a vehicle as a result.
To avoid rushing the buying process in this period, consider doing your research and preparation, such as taking a test drive, finding out the value of your trade-in, if you have one, and getting pre-qualified for financing in advance. You’ll then be able to focus on making your purchase at month’s end.
End of the model year
As new model-year vehicles arrive at dealerships there’s generally a need for dealers to make way for them by clearing previous model-year stock from their lots, which can lead to deals.
While automakers are now introducing new model-year vehicles more consistently throughout the year, August and September are still the months when these arrivals are most noticeable, says Edmunds.
End of the calendar year
The end of the year is one of the best times to buy a vehicle for several reasons. In a similar scenario to end-of-the-month sales, dealerships are looking to hit annual sales goals which can be accompanied by a readiness to offer a better deal as the year ends.
Good deals at this time may also be affected by dealers wanting to sell and move out any remaining previous model-year vehicles. Plus, holiday sales events get underway. Black Friday kicks off a season of sales events that last through the new year in which many automakers and dealerships offer discounts and incentives to boost sales.
Best month to buy a car
December has generally been the best month to buy a car based on the highest discount on a manufacturer’s suggested retail price (MSRP), according to Edmunds, but that trend disappeared for a number of years due to disruption caused by the COVID-19 pandemic. Data for 2023, however, shows that December once again provided the highest level of discounts on vehicle MSRPs.
