When Is The Best Time To Buy A Car?

Rockaa / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Deciding to buy a car on a random day might cost you than if you time your purchase. The reason? Car dealers adjust their prices at different times throughout the year, depending on sales goals, sales events, increased inventory or the arrival of new models.

Here’s when dealers offer better prices and why. 

Why Timing Matters When Buying a Car

Car prices fluctuate based on various factors, including demand, inventory and incentives. Knowing when to buy can mean getting a better price, a lower APR or other dealership perks. To put it simply — it can pay off.

Best Times of the Year To Buy a Car

Here are the times of the year that are best to make a car purchase. 

End of the Month, Quarter and Year

The end of the month, quarter and year are good times to buy a car because car dealers have sales quotas to meet before the end of each period. If they happen to be short of their sales quota for the month, quarter or year, you could score an amazing deal by taking advantage of the timing. 

Holiday Sales Events

During holiday sales events, car dealers offer discounts and financing deals. Check out Memorial Day, Labor Day, Fourth of July and Presidents’ Day for the best savings. 

End of the Model Year

During the last part of the third quarter and the first part of the fourth quarter of the year, automakers generally tend to debut new models. That means cars from the outgoing model year are likely to have incentives and lower APRs to encourage buyers to purchase leading up to those months.

When New Models Arrive

New models can arrive during September, October and November, which is a good time to get a deal on a previous model that’s still sitting on the dealer’s lot. 

Best Time To Buy a Used Car

Besides the end of a month, quarter or year when dealers may be looking to meet sales quotas, the last quarter of the year, which is between October through December, is a good time to buy a used car. This is when new models are arriving and interest in buying a new car is peaking, which means more trade-ins. Trade-ins add to a dealer’s used car inventory, and they may want to move them, which can lead to better deals.

Holiday weekends, such as those around Veterans Day or Thanksgiving, also might be a good time to save on a used car. Another time to buy a used car is in the first month or two of the year. Many people trade in their vehicles for new ones through December, meaning the used car inventory should be plentiful going into the new year. 

Best Days of the Week To Buy a Car

Although you may be off work during the weekend, it usually isn’t a good time to buy a car. Car dealers have a lot more customers on the weekends, leading to competition for a salesperson’s attention. Instead, consider taking a Monday off to purchase a car when there are fewer customers and more time to spend with the salesperson and negotiate.

Best Time To Buy Based on Car Type

When You Might Want To Wait To Buy a Car

Even though it might be one of the best times of the year to buy a car, it also needs to be the right time for you as a buyer. Here are some reasons you might want to wait to make a car deal.

• High interest rates: If interest rates are high or might decrease due to upcoming rate cuts, waiting can save money. 
• Low inventory: When inventory is lower, prices may be higher. It’s better to wait until inventory increases, which often happens during the last part of the year for both new and used models.
• Credit score needs improvement: Lower credit scores lead to less favorable loan terms, which are more expensive in the long run. 
• You‘re pressed for time: Wait to purchase a car if you don’t have enough time to find the car you want and make the deal you want. Otherwise, you may regret it.

Pros and Cons of Buying at Different Times

Here’s a quick look at the advantages and disadvantages of buying at different times.

When Should You Buy a Car?

If you need a car and can afford it, then that’s the right time to buy. However, if you can wait on a purchase, it’s better to do it when interest rates have dropped and deals are plentiful. 

Besides holiday events, the end of year, end of the quarter and end of the month are good times to buy. 

However, be prepared for lower inventory, which means you might not find the exact color or model you want. 

Share This Article: