I’m an Auto Expert: 3 Times You Should Buy a New Car

Laura Bogart
3 min read
6

You’ve made preparing to get your new car practically a part-time job. Researched makes and models, set your budget, created spreadsheets with the pros and cons of different dealerships, and talked to friends who are true car aficionados. You know you want a new car more than anything, can practically imagine that new car smell.

For You: The 20 Cars Seeing the Biggest Price Drops in 2024

Find Out: 9 Easy Ways To Grow Your Wealth in 2024

There’s only one thing you haven’t done yet, and that’s check the calendar. You might be surprised to find out that there are certain times in a year or a quarter when you’re more likely to get a better deal on a new car. GOBankingRates talked to Joyce Ann Gutierrez, automotive expert at 4WheelOnline, to learn more about the right time to get the right deal on a new car.

Earning passive income doesn't need to be difficult. You can start this week.

End of Year Sales

The end of the year can be the most wonderful time of the year for new car buyers. Gutierrez said that the cold of December can offer some truly hot deals, because car dealerships are eager to wheel out this year’s models and bring the new beauties into the lot. The desire to sell the last of their stock for the current year can rev up some year-end sales complete with major holiday discounts.

She added that December also brings a potent combination of dealership quotas and manufacturer incentives. As dealerships work to hit year-end sales targets, they’re more likely to offer more competitive pricing and better financial options. Likewise, manufacturers are also prone to provide extra incentives and rebates during this period, which only brightens existing deals.

Shopping for a new car in December also comes with one hidden perk: notably, how busy everyone is that time of year.

“With many people focusing on holiday preparations and travel plans, fewer buyers are in the market for a new vehicle,” she said. “This reduced competition means those who venture into showrooms can negotiate more effectively and secure better deals.”

Be Aware: I’m a Mechanic: These 4 Cars Have Engines That Could Die on You

Major Holiday Sales

The holly-jolly holidays aren’t the only holidays that come with high octane deals for car buyers. Gutierrez said that there are a variety of holiday sales events throughout the year where car dealerships will offer significant discounts and incentives. She described Memorial Day as the first major sales event of the year, since dealerships typically offer substantial discounts on new and used vehicles.

As summer continues, car buyers can find formidable savings at Independence Day celebrations, which often include major markdowns and special offers on various makes and models.

“These promotions can provide additional incentives, such as cash-back offers or 0% financing, which can significantly reduce the overall cost of purchasing a vehicle,” she said.

Though Labor Day marks the unofficial end of summer, it still has its share of sales, with dealers looking to clear out their older inventory to accommodate new models rolling into the lot in the fall.

New Model Releases

Keeping up to date with new model releases for car brands that catch your eye is a great way to potentially snag a great deal. Gutierrez said that when a new model is released, you might find significant discounts on the prices of previous models.

“As manufacturers unveil their latest innovations, retailers and dealerships are keen to clear out older inventory to accommodate the new arrivals. This results in substantial price drops before new releases, making last year’s models more affordable,” she added.

For Gutierrez, buying last year’s model can help save money without sacrificing quality, since these cars will come with many of the same features as the latest-and-greatest models but at a much lower cost.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: I’m an Auto Expert: 3 Times You Should Buy a New Car

Advertisement