Why The End of 2017 Might Be the Best Time to Buy a Car
If you asked someone the best time to purchase a new car, they would likely say spring or summer; after all, what beats the feeling of cool breezes flowing through a new car with the windows down on a sunny June day?
While there are many good times throughout the year to finance a new ride, you may get more bang for your buck if you buy in November or December. Here’s why:
Out with the old, in with the new. Since new models typically arrive at dealerships in late summer/early fall, older and current year vehicles are sitting on car lots at steep discounts.
Supply and demand. You know what you’re not doing when you’re out checking items off your shopping list in November and December? Car shopping. Neither are many other people. That lack of consistent foot traffic means dealers are eager to see you when you walk through the door and may be extra likely to negotiate in order to meet their sales goals.
Tis the season. Think Black Friday and Cyber Monday specials only apply to your favorite retail stores? Dealerships get in on the action, too! Some of the most enticing car deals come out the week or so after Thanksgiving.
2017 trends. When you compare 2017 used auto sales to 2016, volume is below the year prior for every single month. Coming off years of record auto sales, this has been a shock for many dealerships, meaning the pressure is on to make each and every sale.
Pressure to meet year-end goals. For New Year’s Eve in particular, every sale done on December 31 counts towards that fiscal year’s sales goals. Your New Year’s Eve party may be extra celebratory if you snag a great car discount before the ball drops.
Your local credit union offers special promotions to save you money on your car loan; many of those specials are even available if you already have an auto loan financed elsewhere.