I’m a Car Expert: These Are the Best Times of Year To Buy a New Car
Written by
Kathryn Jackson
Edited by
Zuri Anderson
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Purchasing a new car can be exciting. But it also can leave some buyers anxious as they try to figure out the optimal time to buy.
To find out more about when you can get the best price on a new vehicle, GOBankingRates interviewed Zoriy Birenboym, CEO of eAutoLease.com and founder of eAutoCollision.com, and Jason Feuerberg, a Texas-based, 28-year automotive industry sales leader who has worked for brands including Jaguar, Land Rover, Lexus, Acura and Toyota.
Here are the best times of year to buy a new car, according to experts.
During Months With Incentives
According to Feuerberg, March, August and December are the months to look out for incentives, with December being the best. He explained that March typically kicks off incentives for the year in the form of a spring sales event coming out of a winter slumber.
“That leads you into late spring [and] into the summer months,” he said. “August will be another sales event, typically, for most manufacturers, to signify the end of summer sales and opportunities to get great deals with dealers and manufacturers wanting to move the model year prior off dealers’ lots.
“By far, December is the very best month of the year to buy a car.”
When New Models Are Released
Birenboym pointed out that, each year, new vehicles usually first become available in September.
He explained that when a new model or redesigned model is ready to be released, the manufacturer releases incentives to the public to move the prior year’s models. He added that factors that can contribute to the manufacturer’s decision include how much old stock is left.
Feuerberg further explained the relationship between new models being released and lower pricing.
“It definitely does have an impact on pricing,” he said. “It comes down to what the manufacturer provides in incentives and the sense of urgency for dealers to get that model off their lot.”
During Holiday Sales Events in the Last Quarter
Feuerberg said publicly-traded dealers (e.g. Asbury Automotive Group, AutoNation) and private dealers (such as local car dealers) run holiday sales events in November and December because they want to have a strong finish to the year.
“The publicly-traded companies want their fourth quarter to look very strong,” he said. “Privately held dealers… are trying to be competitive with other dealers, so they are pushing as hard as they can to sell as many cars as possible, knowing that in December you typically have the best foot traffic.”
Feuerberg further explained that, during the last part of the year, vehicle manufacturers put forth the marketing dollars that dealers can use to help generate foot and internet traffic and get people in the door to buy.
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