Not every part of the year is the ideal time to purchase a new car, so if you're thinking about buying a new one, you should have an understanding of when to go about doing so.
With auto financing rates being so low, it's certainly tempting to purchase or lease a vehicle right now, but the following tips will help to ensure that you receive the best deal possible.
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Know When to Show Up to the Dealership.
There are different times when showing up to a car dealership will increase your chances of getting a better deal. They are either:
- At the end of the business day.
- At the end of the month or the quarter.
First, showing up at the end of the business day is smart. At the end of the day before the dealership closes, the salespeople are admittedly a bit tired and ready to head home. This increases the likelihood that they will agree to some of your requests in order to complete the sale, rather than to draw it out. Plus, the salesperson may like to end the work day on a positive note by completing a sale.
Second, it's also a good idea to show up at the end of the month or the quarter. That's because the vast majority of car dealerships use a monthly or quarterly cycle to meet certain sales benchmarks. Salespeople have to meet individual sales goals, and at the end of the month, for example, they might be more eager to make concessions in order to sell the vehicle and ensure that they reach their sales goals, meaning that they'll receive their incentive bonus.
Pay Attention to the Season.
An additional tip is to consider the season in which you're buying the vehicle. In general, the best time of the year to buy a new car is towards the end of the summer or right at the start of the fall, which are the times in which the car dealerships are receiving their new yearly models and have to clear out their existing inventories. You will be able, for example, to get a discount on a 2016 model because the 2017 models have already arrived on their lot. At the very least, you certainly shouldn't head to a car dealership during this time expecting to get a good deal on the very latest model that's in, especially if it's one that is in high demand.
Another tip is to perhaps show up on a day in which there's bad weather, provided that the dealership is still open. The lack of customers could increase your chances of getting a deal.
You can also look up deals online, such as an AutoTrader.com. In 2016, buying a car online is an extremely viable option so you should seriously consider using the internet to your advantage. Happy car hunting!