When is the best time to buy a car?
Sunday, 8 December 2019
They get you from Point A to Point B. They're stylish and are getting increasingly sleek in design.
They're becoming electric and green - and some environmentally-friendly car companies may put a customer on a waiting list.
Buying a car is complex enough, whatever the reason for purchasing may be. There are financing options to consider, models to take into account, gas mileage, safety, budget, among other aspects.
However, what could help you in your quest for a quality automobile is figuring out exactly when the best time of year is to purchase a car.
There could be many answers, but there seems to be a consensus.
See below on what some sources say is the best time to get a new ride:
“It turns out Monday is the best day of the week to buy a car. Why? If you visit a car dealership, the salesperson likely has fewer customers and more time to negotiate."
In addition, Friedman also stated that May and October could be ideal months.
May: “...if you can wait until late May, you can take advantage of Memorial Day sales.During Memorial Day weekend, you are likely to see discounts from auto dealers and auto manufacturers are likely to provide other incentives."
October: “October is when many dealerships transition to next year's model. So, dealerships have an incentive to move last year's inventory off the car lot. Expect discounts and room for bargaining."
Jon Lal, founder and CEO of BeFrugal, stated, in a piece for U.S. News, that December is the best way to go:
“September, October, November and December are the months that manufacturers are typically trying to make room for new models on dealer lots, according to Auto Cheat Sheet, a car-buying guide and expert source on the retail car business. Especially in September, many automakers launch the upcoming year's new models, which drop the value of the current year's models substantially. Come December, prices will hit a low for the year."
According to Investor's Business Daily:
“TrueCar found in a 2016 study that New Year's Day offers an average 8.5% savings off the sticker price. That was better than any other day of the year and topped an 8.3% average discount on New Year's Eve."
For more information on financing options, click here to view BBVA USA's suite of products and services for auto loans.
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