Best Times of the Year to Buy a Vehicle
There's a lot that goes into purchasing a vehicle —” from researching the type of car you want, to determining the right budget, to making sure all of your ducks are in a row for the final purchase (i.e. knowing your credit score, obtaining credit approval for vehicle financing, etc.). But, one thing that can make a big difference in your car-buying experience —” particularly the cost —” is the time of year in which you actually purchase your vehicle.
Here are some recommended times of the year that you may be able to find a good deal on a car:
- End of the month When the end of the month is approaching, some car dealers may be a few sales short of reaching their quota. In an effort to meet their sales goal, they may offer to discount your car purchase in order to close the deal. So, if you're in the market for a good deal on a car—try shopping around towards the end of the month.
- End of the year / Holiday season According to Edmunds, the month of December offers the highest discount rates and incentives on car sales. This is because dealers and automakers want to close out the year with strong sales and move the older-model cars that are taking up lot space.
- Early in the week Since weekends are generally a busier time for dealerships, paying a trip to the dealership on slower days (like earlier in the week) may buy you some added attention from the salesperson and give you the opportunity to ask plenty of questions. Another bonus is if you actually plan on purchasing the vehicle the same day, the transaction may take far less time on a slower day.
- Three-day weekends Lots of people are off work during holiday weekends, making it the perfect time for dealerships to offer deals on cars to boost sales. So if you have plans to purchase a vehicle in the near future, some three-day weekends to keep in mind are Presidents' Day, Memorial Day, Fourth of July and Labor Day.
If you're getting ready to shop for a car and you have bad credit or no credit —“ you have vehicle financing options! Get connected with a dealer on the Credit Acceptance program to help you get started!