With the inception of 2019, it is the time of the year when the automobile producers are rolling out their brand new vehicles in the market, highlighting their franchise on the showroom floors. This also means that the top vehicle brands are clearing out the floors first which means releasing the previous year models generally at discounted prices. When it comes to buying a new car, the beginning of a new year is not the only favorable time to purchase a new car, as there are other months, days and even particular hours of the day that are marked as good “buying moments”.
Buying a vehicle at the right time is necessary due to the ever-changing costs of the cars all the time. The reason for this price fluctuation varies heavily and it is your job as a smart buyer to figure out the best time to cash your money for buying the car of your dream that too at a substantial price hike. To help you out buying a car that exudes both class and confidence, here is a checklist of the “best times” for investing in a vehicle:
Plan for buying a new vehicle whenever a week starts – Monday is the best option, but Tuesdays and Wednesdays are decent options too. There is no rocket science behind this notion as put simply the crowd factor for auto dealerships, which is less at the beginning of the week, compared to weekends. Apart from that, the sales managers are much more compliant about making a deal, owing to the fact that there are fewer customers around during this phase of the week. Supply and demand play a great role here, which is relatively higher on Saturdays and Sundays. The lower the demand is for a certain product, the more aggressive the seller will turn to get it off the inventory. According to an online survey, aggregate car sales discounts are 7.36 percent and above on a Monday compared to 6.98 percent on Saturday and 7.01 percent on Sunday.[i]
The Final Week of the Month
Market experts recommend investing in a car as late as possible in order to grab the best discount on the ongoing price. The end of the month in the automobile business is highly critical, given the fact that the dealerships have to evaluate the monthly quota. This implicates that if the projected numbers of cars are not sold off the list by the end of the month; sales managers become more amenable to negotiate the price of a given vehicle to ensure that they are meeting the sales quota. Hence, the last few days of the month are a great time for cutting off a good deal on vehicles. Take a visit to your nearest car showroom earlier in the month and check if it has the car that you want. Make sure that you are carefully analyzing the sticker price along with the incentives listed on it. Take the mandatory test drive if possible and then circle back on the final week of the month to begin negotiating the price.
The End of the Annual Year
Auto dealers are highly incentivized to roll out the sales of a vehicle prior to the inception of the New Year. Generally speaking, the cost of a vehicle is low in the month of December anyway, owing to the ongoing holiday shopping season and being the time when the dealerships are making space for the new models to roll in. Moreover, the automobile dealerships try their level best to avoid carry forwarding unsold stock on their financial records past the end of the calendar year.
Needless to say, auto dealers love to open their doors wide open and fly their sales flag on federal holidays such as Memorial Day, Presidents Day and July 4. As per the mindset of the dealers, vehicle buyers are more composed and inclined to buy a truck or car on a long weekend.
This cyber phenomenon and popular grand annual shopping day can result in good deals on vehicles as well. Fifteen percent of auto sales took place on Black Friday and buyers have successfully snapped up discounts up to twenty percent on Black Friday. However, it is crucial to do research prior to investing in vehicles during the Black Friday sales so that you can get all the related benefits on your desired car or truck.
Finally, this list will help you in perfecting your time while buying a new car and get you a real bargain. Adhere to the aforementioned “best times” and ensure getting the best deals on your new vehicle.