The Best Days of the Year for Big Sales at Car Dealerships
Written by
David Nadelle
Edited by
Cory Dudak
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
There are few purchases bigger than a new vehicle, and with sticker prices and car loan rates still sky-high, any cost advantage you get out on the lots is one worth taking.
It’s no secret that October is the best time of the year to start looking for that car you’ve been putting off purchasing. As the year winds down, manufacturers are preparing to unleash new models and dealerships are eager to offload the current year’s models posthaste.
You’re certain to find special promotions and discounts to purchase a vehicle from October through December, but there are plenty of other dates throughout the year — and even specific days of the week — that are better for sales and incentives at car dealerships.
The Best Time of Year To Buy a Car
It’s easy to get caught up in car dealerships’ constant barrage of advertising and sales lures throughout the year, but unless you need a vehicle immediately, it’s you who decides when the best time is to buy.
The months of January through April are generally less active at dealerships and when you’ll see the smallest discounts off manufacturer’s suggested retail price (MSRP). February, in particular, is the month with the smallest amount off MSRP, with an average discount of about 5.7%, according to Edmunds. If you can wait until May at the earliest, or even better, August or September, when companies start to switch over models, you’ll find better savings. But ideally, you should be target the final quarter of the calendar year to get the deepest price cuts.
The Best Days of the Year (and the Week) To Buy a Car
Just as there are better days to apply for a job or book a flight during any given week, there are certain days that favor the buyer.
Earlier in the week is the best time to buy a car. As U.S. News & World Report pointed out, Mondays are quieter on the lots in the showroom and at the financing office, so you’ll get the attention you deserve. However, according to Edmunds, if a dealership is closed on Sundays, Mondays will be busier than expected. If that’s the case, it might be better to try you luck on a Tuesday.
Regardless, try to steer clear of hectic weekend shopping, but exploit sales happening on three-day weekends and holidays. The end of December and January 1 often have end-of-year events that can save you thousands of dollars.
Dealers also try to cash in on holidays with deals. The Memorial Day, Labor Day and Fourth of July weekends are surprisingly good time to close a deal on a car. Inventory is normally strong and pricing competitive. However, feel free to avoid February’s Presidents Day weekend, when discounts on MSRPs are at their lowest.
Even Black Friday, known primarily for retail sales, is a good time to get a deal on a vehicle. Not only does the holiday put consumers in a spending frenzy, Black Friday is smack dab in the middle of self-off season, when auto dealers put stock on discount.
When it comes to buying a car, always compare prices and be on the lookout for the best deals and incentives before making any major decisions. When in doubt, a good thing to remember is “end of.” End of a brand’s model year, end of the car’s design cycle (before a redesign) and end of the vehicle’s life cycle (discontinued model) have the potential to bring buyers better savings. You might miss out on features and technology including to new designs and models, but, according to Edmunds, “if you’re more bargain hunter than trendsetter, this might not matter to you.”
Remember that research is a gift, not a nuisance. Bigger purchases should take longer because there’s more money at stake, so take your time and learn as you shop. The more prepared you are, the better-positioned you will be to negotiate and save.
More From GOBankingRates
