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.
Should I wait until 2024 to buy a car? ›
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. Another advantage of waiting is the potential for improved features and upgrades.
What months do car prices drop? ›
If you're shopping for a used car, the early months of the year — January and February — are a good time to ship. You may see more vehicles on the market then as people sell their old vehicles after buying new ones over the holidays. That increased supply can lower prices, making it a good time to buy.
What month is worst to buy a car? ›
In the fall. Not only are old models being moved out, but fall is also a time when most people start thinking about holiday bills – and that means they're less likely to consider taking on a car loan. Fewer sales and lower demand means more opportunities for savings for you.
How much can I talk down 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.
Is 2024 a good year to buy a car? ›
Experts say that 2024 will be the best year to purchase a new car since 2019. As interest rates slowly drop throughout the remainder of the year, payments will become more manageable. Don't overlook manufacturer rate promotions, as they can save you thousands of dollars.
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. '
Prices on new cars are expected to drop in 2024 as the industry moves beyond the supply-chain issues that pushed up auto prices during the pandemic, which will gradually ease the prices on used vehicles as well. That's welcome news for car shoppers who have faced record-high prices over the past couple of years.
Will car 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.
Since January is the slowest month for sales, it is much slower for luxury cars to sell. Because of this, it may be more challenging for the most expensive ones to be taken out of your parking lot. To sell out the most expensive ones in your inventory, January is the best time to offer promotional deals to the buyers.
How to avoid dealer markup? ›
How To Avoid Paying High Dealer Markups And Get The Best Deal On Your New Car
- Do your research.
- Know the invoice price.
- Get quotes from multiple dealerships.
- Avoid dealer-added accessories.
- Look for manufacturer incentives.
- Negotiate a discount.
- Pay attention to dealer fees.
- Get the price in writing.
A new car may cost you less in terms of repairs, at least for the first few years. By the time the vehicle starts to need major repairs and upkeep, you may be ready to trade it in. If you pay cash, a used car may cost you more for maintenance but less in interest charges on a loan.
What is the best day to go to a car dealership? ›
Mondays. Weekends are usually the busiest times on dealer lots, while days early in the week are typically much quieter. You'll have more time to get your questions answered and take test drives, as well as more time to negotiate the sale.
When should you not buy a car? ›
Poor Credit Score. If your credit score is low, you may face higher interest rates and less favorable financing terms, said Stanley Hawkin, automotive expert with Vehicle Chef. “[Poor credit] is a sign that it might be wiser to improve your credit before making a purchase.”
What months have the best 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 month is best to buy a car cheap? ›
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.
Which month is best to buy new car? ›
October to December
This is considered the best time to buy a car in India because of many reasons. In addition to being the year-end, Diwali usually falls in October or November. This leads to unbelievable discounts on every merchandise, including cars.
What month is the lowest for 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.
What month is the best time to buy 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."
