When is the best time to buy a new car?
If you’re in the market to buy a new set of wheels you might rush out to the dealership and buy your dream car. Or, you may be waiting for the perfect time to buy a new car. But when is that exactly?
Some may say the right time to buy a car is when you need it, or when yours breaks down. However, others say that there is a preferable time of the year to buy a car – when they go on sale. If your ride is rolling on it’s last kilometers, try and keep it on the road (as long as it’s safe) for a little while longer, because believe it or not, there is a better time of the year to purchase a new car.
Early fall clearance
Although car companies advertise throughout the year, towards the beginning of fall (a.k.a. the last quarter of the year) you’ll start to notice sales, cash-back discounts and very low interest rates on financing options. Car manufacturers start to put their current year models on clearance during the last part of the year because they need to make room on the lot for the new models.
After the holidays
Visiting a car dealership may not come to mind when you think about Boxing Day shopping, but it should. This is the perfect time to buy a new car because dealerships are willing to offer deep discounts in order to move vehicles off the lot that weren’t sold in the fall.
The snowy winter months are not necessarily the peak time for car shoppers because test drives can be difficult in harsh winter weather – drivers should take advantage of this. Not only are last year’s models on clearance, but since sales may be low, dealers are willing to negotiate.
Regardless of when you need to buy a new car, here are two tips to help you get the best deal:
Talk to your car insurance provider
After test driving your short list of preferred cars, contact your insurance provider before making a commitment to the dealer. The cost of car insurance varies based on a variety of factors, including your driving record, age and the make and model of your car.
Newer cars are more expensive to insure and the premiums vary between different models. It’s always best to shop around for car insurance quotes before buying a car because the price can swing, and it may be a deciding factor in which new car you buy.
The purchase price is negotiable
Although spring time is not an ideal time to purchase a new car because new models have recently been released, it’s important to note that the price of a car is always negotiable. Always. Don’t be afraid to play hard to get when purchasing a car. Compare prices between dealers and pit them against each other to get the best deal.
If the purchase price isn’t perfect, negotiate other amenities, such as free upgrades, winter tires, extended warranties and courtesy maintenance packages. You may be surprised to know just how much wiggle room dealerships have when it comes to selling new cars.