Which Is The Best Month To Buy A New Car
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In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.
The J.D. Power predicts average transaction prices to reach $45,971 in the third quarter of 2022, which will be a 10.3 percent increase from the same time last year. A higher demand and a lower supply are contributing to this price increase.
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The last week of the year is usually the best time to buy a car. Incentives and negotiation leverage improve as dealers hurry to move the last of the previous model year off of their lots.
The average transaction price (ATP) of new cars has hovered around $48,000 for months. The latest data shows it continues to remain at that level. How could we possibly advocate for negotiating lower prices The data shows that luxury car shoppers continue to buy, and that has been driving up the overall market average. Deals are out there, if you know where to look.
Our recommendations are based on a combination of peer-reviewed research and opinions from experts in the field. We spoke with experts at car-shopping sites Autotrader, Edmunds and Cox Automotive about the best time to buy a car, how to negotiate the purchase price and other car-buying tips. We also scoured online articles and reviews to find out how to time your car purchase to score the best deal.
Most dealerships base bonuses on sales quotas, which are typically broken down into monthly, quarterly, and/or yearly targets. Car shoppers can take advantage of this schedule by timing their entry into the showroom to coincide with these push times. At the end of a month, salespeople looking to meet their goals may be eager to cut the price or provide alternative incentives such as low-interest financing to finalize a sale. In the current situation, with the most desirable vehicles essentially selling themselves, salespeople will only be looking to make a deal on the vehicles that have been sitting on a lot for at least a month, if not longer.
The seller will want to move quickly, so those wary about buying a car on the same day they go to the dealership should scope out and test-drive vehicles earlier in the month. Then again, if the sales team has already met its quotas for that term, then there may be no juicy deals on the table.
Some months are better than others for saving money, particularly the last three of the calendar year. Shopping for a car in October, November, or December is your best bet to get a deal, as sales teams feel the pressure to meet looming end-of-year quotas often affecting their bonuses.
If you are ready to purchase, prequalified for financing and have spotted a used car that suits your needs, do not wait. Used cars stay on the lot for 34 days, on average, according to Cars.com, which is shorter than previous years. This is especially true for recent models in good condition with no wear and tear.
If owning a car is critical to your daily life, being patient is not a luxury you can afford. If anything, do your planning ahead of time so when the time comes, you have already done the legwork in terms of research and other preparatory steps. This will put you in a position to identify bargains faster and act quickly, which may save you thousands of dollars.
Though heading to the dealership during the best time of year to buy a car is a great way to save money, you can make sure you have even more money to get the car of your dreams by implementing a Conscious Spending Plan.
January, February, and December are the three best