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This Is the Perfect Time To Buy a Car, According to Experts

December 8, 2024

6 min Read

Written by Angela Mae

Edited by Zuri Anderson

Happy smiling woman showing key from her new car.

elenaleonova / Getty Images

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If you’re in the market for a new (or new-to-you) car, certain times of the year might be better than others to buy.

Be aware that even if cars cost less during specific times; other factors — like local market conditions, interest rates, and inventory levels — can influence what you actually pay.

Keeping that in mind, this is the best time to buy a car and get the best deals, according to car-buying experts.

Perfect Time To Buy: End of the Year

As far as timing goes, the best time to purchase a car is generally around the end of the year.

“Q4 has always traditionally been a great time to purchase a vehicle because any excess units that either the dealer or the manufacturer has, they’re always trying to get rid of those before the end of the calendar year because as January approaches, you’re now gonna be into 2025 models,” said Justin Byrd, an automotive industry professional and current president of Team Velocity.

Unless you absolutely must have the latest model, you could score some deals on models from earlier years — say, 2023 or even 2024.

“[Dealerships] get really aggressive on incentives because, with only 90 days left in the year, the manufacturers can predict their sales volume,” said Byrd. “So, those that are behind are looking to catch up.

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“So, Q4 is always a great time to buy a car to take advantage of available incentives… Incentives at the end of the year are on the rebound, and they normally impact either the interest rate or the vehicle’s purchase price.”

Byrd mentioned that the most common incentives right now revolve around either getting an interest rate reduction or a few thousand dollars off the car’s listing price.

Buy When You Don’t Absolutely Have to

It might sound counterintuitive, but the best time to purchase a car is generally when you’re not in a rush or dealing with an automotive-related emergency.

“In terms of time, the best time is when you don’t have to buy a car,” said Zander Cook, co-founder at Lease End. “It’s better if you’re not in a hurry, then you can find the exact one you want.

“If you have to get one today, you will most likely not get the best deal. If you don’t have to do anything today, then you will be able to better negotiate.”

Late Summer or Early Fall Are Good, Too

“You’ll often hear that the end of the year, or sometimes also the beginning of the year, is the best time of year to buy a car, and there’s a lot of truth in that,” said Erika Kullberg, attorney, personal finance expert and founder of Erika.com.

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“Year-end sales events, usually in December, are great opportunities because dealerships aim to clear out inventory to meet their annual quotas.”

But you might also score a good deal if you go car shopping during the off-seasons — like late summer.

“Late summer to early fall can also be good times to snag a deal on outgoing models, as new-year models begin to hit the showroom,” said Kullberg.

Saving Money on Car Shopping

If you want to get the most value for your money, timing is only part of the equation. Here are a few other expert tips for saving money, navigating negotiations and more:

Come Prepared for Negotiations

“When negotiating, the more you can research beforehand the better set you’ll be. So, come prepared with price comparisons, and try to get pre-approved for a loan to understand your financing options before stepping foot in the dealership,” said Kullberg.

“Don’t be afraid to ask about hidden fees, and be prepared to walk away if the deal isn’t right for you — you can always come back if you don’t find a better deal elsewhere.”

If you’re not as comfortable negotiating on your own, bring someone with you.

“There’s also no shame at all in bringing along a friend or family member who is more knowledgeable and therefore better positioned to negotiate the finer points on your behalf,” said Kullberg.

Budget for More Than the Car

Making sure you have enough money for the down payment is one thing, but you should also be budgeting for other things that go into the car.

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“Ensure your budget addresses not only the purchase price but also the ongoing ownership costs like insurance, maintenance and fuel,” said Renée Horne, chief marketing and customer experience officer (Chase Auto) at JPMorgan Chase & Co.

“Knowing how much you can afford, especially if you plan to pay for it over time, is key to avoiding a car bill that stretches your finances.”

Shop Around

If at all possible, take the time to shop around and compare different dealerships and their offerings. Even if you only shave off a few hundred — or thousand — dollars, it’ll be worth it.

“Make sure you are considering multiple vehicles and shopping around at several dealerships to get the best price,” said Horne. “Getting your offers and all their small details in writing can help you stay organized as you work with multiple dealers. At the same time, having these notes handy as you negotiate can go a long way for securing the right vehicle for you.”

Consider Your Financing Options

“Generally speaking, most folks buy a car in one of two ways — either financing or cash,” said Horne. “With financing, you’ll take out an auto loan that you’ll need to repay over time, with interest. In the latter scenario, you’ll need to save up enough cash to cover the full purchase price of the vehicle, including any associated fees.”

While you can choose either option, weigh your options to see which works best for you.

“The biggest advantage to financing is how quick and efficient it can potentially be. You won’t have to worry about pinching pennies for months or years to save up the kind of cash needed to buy a car,” said Horne.

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“Instead, you’ll apply for a loan and then gradually pay it back (usually monthly), plus interest. The biggest advantage of paying in cash is saving money. By not having to make monthly interest payments on a loan, you’ll likely end up paying less for your car in the end.”