Best Tips When Purchasing a New Car

Thinking about buying a new vehicle? Well, there is a science behind the best time to purchase a car, which could save you thousands if you pick the right time to do it.  

Couple buying a car

Did you know that transaction prices can fluctuate with supply and demand? Auto financing, cash back, and leasing incentives change based on the time of the year. Most people do not know that the discount you can get from a dealer can fluctuate based on the day of the week, month or season. Basically, if you plan everything right, you should walk away with a car you want and the price that fits (or is under) your budget.

Do Your Homework Early

It’s probably no surprise to you, but the best time to purchase a new car is before your current vehicle breaks down or expires. If you wait until your current vehicle expires, not only will you lose trade value, but the pressure (and desperation) to get a new set-of-wheels may force you to accept a bad deal. Start looking early! Take a few minutes and look at auto buying sites to pinpoint the type of vehicle and price-range you are looking for. Also, you should try to have a pre-approved auto loan in-place before you head to the car dealer is a major plus!

Don’t Go On a Weekend

Some think that car shopping on busy weekends or right before a dealership closes is the best time to get a deal. Research shows that isn't true. You may not have the energy at the beginning of the week but actually Mondays are great days. On Mondays (or other weekdays, to a lesser extent), the salesperson and customers have more time because they are not as busy. Plus, most financial institutions are open and lenders can arrange and finalize your auto loan before you leave the car dealer.

Get a Deal Between Christmas and News Years

In December, dealers and manufacturers have their annual sales goals on top of their minds. This is a great time to look for a new car. In fact, the best negotiation leverage for you is between Christmas and the end of the year. You will likely get a great deal if your dealer is on the verge of an annual bonus. Keep in mind that salespeople have their own goals, quotas, and incentives also, so speak up and let them know that you are serious about purchasing a car. Plus, remind them that you have your finances in order and ready to buy from them or another dealer; they will most likely try their best to get you a deal! However, also keep in mind that because it is at the end of the year, your selection may be slightly limited. So, if a new car is on your wish list, be sure to do your car-buying homework. Timing as well as research, negotiating tactics and getting your financing ready are key components when visiting a car dealer. A little bit of planning could ultimately save you thousands!

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