In order to buy a car at a good price, you must time your purchase. Buying the vehicle at the right time can mean a lot of savings—not to mention less stress—for you. Thus, you need to time your purchase if you are in search of a great deal. Listed below are the most ideal times to buy a vehicle as recommended by auto experts:
Start of the week
Here is an interesting insider tidbit: weekends are known by car salesmen as ‘tuna run.’ According to Philip Reed of Edmunds.com, the weekend is given such name because the customers on the lot resemble tuna—there are so many of them, you can pull them into a boat.
During the weekends, dealerships are at their busiest. If you shop on a weekend, expect that you will not have the salesman’s undivided attention. You are also less likely to get a good deal: the dealer can easily refuse your offer if it is deemed low because there are many other customers around. Even if you don’t buy, there is somebody else who will.
Hence, the best days to purchase a car is Monday or Tuesday. When business is slow, the dealer will be more willing to cut you a deal.
End of the month
Dealers have a monthly sales quota. Because there will be a bonus given when the quota is reached, the dealer will do whatever is needed to reach or exceed it. This means that they will sell a car at a discounted price if they have to. This is why the end of the month is a good time for an auto purchase: with dealers anxious to get cars off their lot, customers are bound to end up with a good deal.
End of the year
If dealers have a monthly sales quota, they also have year-end sales quota. They are expected to reach the quota set by the manufacturer for the year. In an article at Forbes.com, Jim Gorzelany wrote that the best time for car shoppers is between Christmas and New Year’s Day because this is when the best new-car deals are given out. Manufacturers are known to offer great incentives and generous rebates in the last month of the year in order to rid their inventory of slow-selling vehicles.
End of a vehicle’s model year or design cycle
If you intend to buy a specific model for less, watch out for the arrival of its latest version. When the new year’s models come, the prices of last year’s models drop. Moreover, the older models could come with huge discounts or incentives.
Serious discounts can also be had if you buy a car at the end of its design cycle. This time is when a particular model car will be reintroduced with a new design but maintain its name. Those in the dealer’s inventory with the old design are bound to be sold for less to give way for the new redesigned vehicles.
The Best Time for a Vehicle Purchase
As great as the aforementioned recommendations are, the very best time to buy a car is really when you need it. When your current car is old and no longer holds up as well as it used to, and you absolutely need a ride of your own to get around, then it is time for your next auto purchase. When you will actually make the purchase is up to you, but make sure you do enough research before you do it. You have more than enough options on Oklahoma City auto lenders alone—make sure to do your homework so you can make the right decisions.