When Is The Best Time To Buy A New Car?
Jason Lancaster
Just like fruits and vegetables, there are good times of year to buy a new car, and there are bad times. The car-selling season officially begins in March, and it runs through mid to late October - but that doesn't necessarily mean that those are the best times to buy.
March through May, for instance, is the best time to lease a new car. Late in the first quarter and early in the second, you will be able to get rebates from the manufacturers, good residual values, and excellent leasing rates. It may even be possible to get this good of a deal as early as January. In June, when the second quarter ends, manufacturers begin to focus on purchasing rather than leasing. As a result, good leasing deals can no longer be found and leasing becomes much more expensive.
The best time of year to purchase a new car (with either cash or financing) is August or September. Our advice here is to buy the current model (not next year's), the reason being that manufacturers and dealers offer their best incentives at the end of the model year. The only problem with waiting until the end of the model year is that you may not get what you want: inventory levels are usually depleted by the end of September. If you're trying to get the right car at the right price, it may make more sense to start shopping at the end of July (especially if the car you want is kind of rare or special).
October or November is the time to get really great deals. It may be difficult to find exactly what you want since inventories have been depleted. Don't get a car you dislike just because you will get a great deal. You will be more likely to trade-in a car you dislike before you should. Don't wait until October or November if you want a specific feature or color. If getting a specific car or features isn't important to you, the end of the year is the best time to get amazing deals on a new car.
One of the reasons we started this website is that there is a lot of bad advice out there about buying a new vehicle. One example is that some people say that it is a bad idea to buy a new vehicle at the end of the model year even though you are getting a big discount. They reason that because you are basically getting last year's model, the resale value is lower.
You shouldn't buy a new vehicle in the first place if you're worried about resale value, especially over the next two or three years. If you intend to keep it for five or more years, then you should buy a new vehicle. If you are only planning to keep the vehicle you purchase for a couple of years, you should lease buy a used one or lease instead. You will save yourself a lot of money this way.
If you want a really great deal on a new vehicle, consider buying on a holiday weekend. Manufacturers spend a lot money and time on marketing, dealers are aggressive, and incentives are good. Major holiday weekends such as the Memorial Day, Fourth of July, and Labor Day are excellent times to buy a new vehicle.
Author Jason Lancaster, an auto industry veteran, developed AccurateAutoAdvice.com. You'll find accurate advice on http://accurateautoadvice.com/new/best-time-to-buy-a-new-car/) the best time to buy a new car and http://accurateautoadvice.com/new/best-time-to-buy-a-new-car/) when to buy a new auto.
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