The best time to buy a new car and other cost-saving tips
Shopping for a new car can be an exciting and sometimes stressful process. A vehicle is one of the largest purchases a person will make in his or her lifetime, so choosing an automobile requires careful research and some comparison shopping.
According to IHS Automotive, there are more than 250 million registered passenger vehicles in the United States. In Canada, 33,168,805 vehicle registrations were reported by Statistics Canada in 2015. With so many cars and trucks on the road, it’s important for drivers to get a vehicle that meets their needs and fits their budgets. The following are some pointers for prospective buyers looking to save some money on their next vehicles.
Wait for model changeover
Pay attention to news regarding which vehicle models will be retired or redesigned, as this may indicate which vehicles might be offered at the best deals. The model year should also be considered when looking for a new car. Many buyers are naturally attracted to the newest model year, feeling that if they’re going to pay a lot for a car or truck, they want to do so for the newest available model. Buyers who don’t need the newest model available may find a better deal than those who do.
Choose a different body type
The National Automobile Dealers Association advises that pickup trucks and SUVS continue to command high prices. Shoppers who look at sedans, compact cars and even luxury vehicles may be able to get a better price than those looking for trucks or SUVS. Buyers should assess their needs and see if a different body style or category of car fits their needs and their budgets.
Shop the end of the month
No matter the month, waiting until the last week of the month may be a good time to buy. Sales managers and dealerships in general have a monthly quota to meet and are compensated accordingly. Negotiating at this time means shoppers can get a good deal, while salespeople can move vehicles.
Choose the right day of the week
According to a study by Truecar. com, an automotive pricing and information website, Sunday is the best day of the week to purchase a vehicle. Buyers can expect to pay as much as $2,000 more for the same vehicle on Friday than those who shop on a Sunday. Monday is also a good day, as there is less foot traffic and it may be possible to wrangle a better deal. Waiting until the end of the day can be advantageous, too. Salespeople may be anxious to close out sales so they can get home at quitting time.
Get financing ahead of time
Knowing your budget ahead of time and prearranging financing can put shoppers in a better position when it comes time to negotiate. Strong credit scores and decent down payments make certain buyers better prospects for dealerships. It also may mean their purchasing power can translate into better deals.
Shopping for a new car can be challenging and exciting all at once. Purchasing at the right time can save drivers money and get them in the car of their dreams.