When Is the Best Time to Buy a Car?

You’ve probably heard the phrase, “Timing is everything.” If you’re in the market to purchase a new or used car, timing could be your key to getting the best deal. But sometimes it takes more than a month to go from deciding what to buy to making a down payment, so planning is key.¹ We’re here to help you figure out when to buy a car, so you get the best price on your purchase.

Best months to buy a car

• October. October is the month when most dealers and manufacturers are preparing to transition to next year’s models, so they evaluate how many new vehicles will be coming in and how much room they need to clear on their lot. This works in your favor in two ways. First, if salespeople are motivated to empty their space, they may be willing to give you deals and extras on outgoing models. Also, dealerships might run special promotions to entice buyers to drive away with a good vehicle at a great price. Either way, you’ll probably save a good amount of money on a purchase.

• November. Two words: Black Friday. The unofficial kickoff to the holiday sales season is also the beginning of most “end of year” promotions for car dealerships. Some dealers might start events at the beginning the month and run them through the rest of the year. This is also when people are most likely to trade in their cars, making it easier to find a bargain on a great used car.

• December. The last month of the year means one thing to car salespeople — meet your annual sales goals and earn a bonus. And as they cross days off the calendar, car prices might continue to drop if they haven’t reached their sales target. Look for some especially great deals between Christmas Eve and New Year's Eve.

Best days to buy a car

• Early in the week. If you’re looking for more personal attention and more time to negotiate a deal, avoid the weekend shoppers and come in on a slower day like Monday or Tuesday. Also, salespeople may be more motivated to find ways to make a sale if business is slower.

• Last week of the month. As monthly sales quotas come to an end, salespeople can be eager to make a deal. Not all quotas sync up with the end of the calendar month, but you might get some extras or cash incentives to sweeten the deal if you know the salesperson is up against a deadline.

Best holidays to buy a car

• Memorial Day. Summer is usually one the most expensive times of year to go car shopping.² However, the unofficial start of the summer season is one exception. Since next year’s models aren’t out yet, car dealerships usually run promotions on Memorial Day weekend based on their current inventory. Search your area dealerships to see if the make and model you want is on sale.

• Black Friday. We’re mentioning this one again, since it’s such a huge sales event for all retailers. And not only are there usually big discounts on outgoing models, but you’re more likely to get a good deal on your trade in. Need to save time on one of the busiest shopping days of the year? Get preapproved for an auto loan before you head out to the dealership.

• New Year’s Eve. If you’re thinking “new year, new car” you might be in for a great deal. Not only is it the last day on the calendar, it’s also the last days for monthly, quarterly or annual quotas for many salespeople. They’re probably feeling the pressure, so they might be more likely to negotiate the numbers to reel you in. Use it to your advantage and save some money off that hefty sticker price.

Other favorable times to buy a car

• New model releases. One of the best car buying tips is to watch for the word “clearance.” Model years traditionally end around Labor Day, so look out for sales on outgoing models. Great deals on brand-new arrivals occur typically in late summer and early fall. No time to check out car lots (or clearance sales) in person? Most new and used car dealers have an internet sales department, making it easy to check out their inventory and current deals. You’ll be able to see photos of the cars you’re interested in, look up reviews from past owners, check Vehicle Identification Numbers (VIN) and accident reports. After you have all the info you need, you can head into your dealership of choice, ready to negotiate on the vehicle you want.

• Limited time offers. If you start to notice advertising for amazing financing and cash-back incentives, that’s a clue it might be a good time to negotiate prices. You may feel uncomfortable haggling, but many dealers will happily work with you to get a deal. Remember, they need to make a sale. Make sure the price includes all taxes and fees (called the “out-the-door price”). Stay polite and reasonable and consider comparing prices with a few different dealers. And if you’re price shopping with several dealers, let them know. They’ll probably want to compete for your business.

You’re in the driver’s seat

Waiting for the best time to buy a car can take a lot of patience, especially if you’ve picked out a favorite make and model already. But if you make a car buying plan and wait until the right time, you could save hundreds (or even thousands) of dollars off the sticker price. At the end of the day, the best time to finance a car is when you’re ready to fit a new monthly payment into your budget.

This article has been updated from its original posting on May 3, 2019. Matt Diehl contributed.

1. https://www.edmunds.com/car-buying/when-to-buy-your-next-car.html
2. https://www.bankrate.com/loans/auto-loans/when-is-the-best-time-to-buy-a-car/