It turns out that some times are better than others to buy a car. Even though there often are sales on vehicles throughout the year, such as around Memorial Day and Labor Day, the final few months of the year — think October to December — is the real sweet spot for buying. According to The Wall Street Journal, this is because "new models are typically released in the fall of the preceding year, with 2024 models announced in the fall 2023 and start arriving in October."
But you can get the timing even more dialed. There are certain times within the month and even days of the week that can help you score a more competitive deal.
When can you get the best deal on a car?
As mentioned, October through December is generally the best time to purchase a car. According to Edmunds, "if you need a car in October and want to get the best deal, you might want to wait until December, even though you'll run the risk of having fewer cars to choose from."
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If you don't want to hold out until December, you might at least try to wait until the month's end. Per MarketWatch, "you're likely to find competitive car-buying deals toward the last week of any month or quarter" because "this is when car salespeople are more motivated to slash sticker prices even if it means they’ll get lower commissions."
As for which day of the week you should go in, "Monday is usually the best day of the week to buy a car" since "showrooms will be the least busy," according to MarketWatch. In Edmunds' opinion, however, Tuesday or Wednesday can be a good bet, especially in areas where dealerships aren't open on Sundays.
Does the same timing apply for buying a used car?
In short, yes. The months of October through December are also the months that "coincide with the peak new-car buying season at the dealership, which means more trade-ins are entering the used car inventory," said Edmunds, which in turn means "a better selection of used cars — and better prices, especially if the dealership is trying to hit its end-of-year quota." Just like with a new car, if you're really focused on trying to get the best deal possible, then "you'll want to shop in December."
Another "sweet spot" for used car buyers is from early April to early May, reported the Journal, because "when people get their tax refund back in the spring, a lot of them go car shopping." This can lead dealerships to "compete for customers by offering deals," per the Journal.
How else can you score car-buying savings?
Of course, timing isn't everything when it comes to buying a car. Other tips to keep in mind as you set out to purchase vehicle include:
Get preapproved before you start shopping. Before you enter a car dealership, get preapproved for a car loan. This can help you understand how much you can afford to spend on a car and whether your credit needs improvement, explained NPR. Further, by getting preapproved, you'll have more leverage to negotiate a better rate on your loan.
Do your research. It's also critical to gather lots of information, both on vehicles and their features as well as the fair market value and average selling price, which you can find in sources like Kelley Blue Book. Per GoBankingRates, "when car dealers know you’ve done your homework, they are more likely to offer their best deal first."
Comparison shop at different dealerships. On a similar note, it's helpful to shop around and compare what different dealerships can offer. One approach here is to "call, text, or email the internet sales department of three dealerships that have the car you want" and "ask each for the total selling price, including any additional accessories that may have already been installed on the car," suggested Edmunds. From there, you can take the best offer or bring it to the other dealerships to see if they'll do even better.
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FAQs
The cheapest time to buy a car is in December, but you can also get good deals in September. This is around the time the next model year's cars usually start to arrive. Take advantage of Labor Day weekend sales for discounts, rebates and other incentives.
What is the cheapest month to buy a new car? ›
December has the highest discounts from the manufacturer's suggested retail price (MSRP) for both new and used cars, according to Edmunds transaction data. However, if you need a car in March, we don't recommend waiting for the entire year. There are great deals out there regardless of the time of year.
What time of year do new car prices drop? ›
According to iSeeCars.com, January and February are typically months with the most discounts available, while data from Edmunds.com ranks January and February among the months with the smallest discounts.
Should I wait until 2024 to buy a car? ›
As new models are introduced, dealerships often offer discounts on previous year models to make room for the new inventory. If you're looking to save money, waiting until 2024 might be a more financially savvy decision. Exploring the benefits of a used car buying can reveal substantial savings and value for money.
What is the slowest month for new car sales? ›
January Comes After December
This is the top reason why January is the slowest month for car sales. It's not about the cold weather, but it all has something to do with the month before that – December. The last month of the year is the busiest, with the holiday season and many people go shopping.
How much can you negotiate on a new car? ›
However, you can use the guideline of 2 or 3% on less expensive brands, and 5 to 10% on luxury brands as a rule of thumb. Regardless of if you're buying a Kia or a Mercedes, the reality is there isn't too much room to work with when just looking at the mark up. This is where factory incentives come into play.
What is the best day to go to a car dealership? ›
As for which day of the week you should go in, "Monday is usually the best day of the week to buy a car" since "showrooms will be the least busy," according to MarketWatch. In Edmunds' opinion, however, Tuesday or Wednesday can be a good bet, especially in areas where dealerships aren't open on Sundays.
What not to say to a car salesman? ›
Eliminating the following statements when you buy a car can help you negotiate a better deal.
- 'I love this car! ' ...
- 'I've got to have a monthly payment of $350. ' ...
- 'My lease is up next week. ' ...
- 'I want $10,000 for my trade-in, and I won't take a penny less. ' ...
- 'I've been looking all over for this color. '
“The end of the month, the end of the quarter, the end of any period is usually a good time to go,” Moody says. “That's when there might be bonus opportunities for the salesperson or the dealer that give them extra incentive to want you to leave in a new car.”
Is it financially better to buy a new or used car? ›
In general, when interest rates are high, buying a new car costs more if you finance part of the cost because you pay more interest. When interest rates are lower, a car costs less. In general, new cars have lower interest rates on loans while used cars have higher rates; however, used cars also cost less.
Credit the federal government's vehicle import laws, which allow the importation of vehicles that are at least 25 years old "without regard to whether it complies with all applicable Federal Motor Vehicle Safety Standards." This age is based on the date of manufacturing, meaning that a given car can only be imported ...
Will auto loan rates go down in 2024? ›
Auto loan rates for new and used vehicle purchases fell in the first quarter of 2024 to 6.73% and 11.91%, respectively, down slightly from the 15-year highs we saw at the end of 2023, according to Experian.
How many years should you keep a new car? ›
A car lacking equity has no value or even negative value in a replacement car transaction. The average length for keeping a new car is about 8 years. When valuing a used car, 12,000 annual miles is considered average.
Is it better to buy a car in the morning or afternoon? ›
Later in the day.
You may be more likely to get a better deal if you wait until the end of a long day to head to the car lot. The salesperson may be less likely to draw out the haggling process and let you quickly walk out with a good deal so they can wrap up for the day.
What month do car prices drop? ›
December is the cheapest month to buy a car because that's when car dealerships are clearing their inventory to make room for next year. It's also when car salespeople are competing to meet their yearly, quarterly and monthly quotas.
What day of the week are cars cheapest? ›
Best Day of the Week to Buy a Car
And Tuesday is a good day to shop too. While weekends are often packed with car shoppers, you'll find better deals on Monday and Tuesdays when showrooms are quiet and sales people have more time to negotiate and dedicate to getting your business.
What is the most expensive month to buy a car? ›
Memorial Day: Summer is typically among the most expensive times of year to buy a car, but dealers tend to cut prices back around Memorial Day. Next year's models often trickle out around midyear, reducing the price of cars already on the lot. Beware of big crowds, though.
What time of year are best new car deals? ›
Dealers generally do their best wheeling and dealing at the end of the calendar year. Automakers usually have big incentives to move the metal during the Christmas season because some dads and moms make the new car purchase their family's holiday gift. For some dealers, December is one of their biggest sales months.
What is the best time of the month to buy a car? ›
Overall, the best time to buy a car is the last few days of any month. Try to time your trip to the showroom to avoid busy Saturdays and Sunday, though. And if possible, skip January and February, when discounts typically aren't as steep as in other months.
