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The best time to buy your new car
In so many life situations, timing is everything. This rule applies to car buying as well. Buying a car at the right time of the day, month and year can result in incredible savings.
So, when is that wonderful time? According to AutoTrader, it’s at the end: the end of the day, the month, the quarter and the year. Each of these closing times typically leads to lower prices for several reasons.
At the end of the day, salespeople are more likely to be tired and worn out. They want to leave work behind and relax at home, so they’re more willing to offer a better price for a shorter negotiation period.
Salespeople usually need to meet monthly and quarterly quotas to stay in good standing at the dealership or to earn a bonus. Selling a car for a slightly lower price is an easy way to boost their sales profile for the month, while trying to negotiate a higher price could risk losing the sale. Some salespeople would rather steer clear of the risk and take the lower selling price for a guaranteed customer.
The end of the year brings the same stressors as the final days of a month and quarter. But there are other circumstances at play that make it the ultimate end to buy a new car.
At the end of the year, many people are in the shopping mood, but not necessarily for themselves. It’s the gift-giving season and many consumers are searching for the best gifts to give their friends and family. A car isn’t necessarily a common holiday present, which means fewer customers are heading to their local dealership on their shopping trips, AutoTrader explained.
Additionally, the winter months keep many shoppers at bay. Cold temperatures discourage consumers from outdoor shopping and icy roads aren’t ideal for taking a car out for a test drive. With fewer people looking to make an auto purchase, car dealerships may be more willing to lower their prices for the shoppers who do venture in.
The latest models begin to come out in the fall. At this point, dealerships want to move as much older inventory out as possible to make room for the shiny, new cars that will bring in more high-end buyers.
Kelley Blue Book noted that many model year 2017 cars have already made their way to market. This means that if there are still some 2016 cars lingering around a dealership, the business owner is likely pushing for these to sell as soon as possible. Clearing the way for models that are on their way is a top priority.
By the time spring 2017 rolls around, many of the older models dealers are anxious to get rid of will be gone. The dwindling competition that can work in your favor now will return in force, and likely with tax returns in their bank accounts, as the United Services Automobile Association pointed out. If you’re in the market for a new car, there may not be a better time to seek out a good deal than now.