Timing is everything, especially when it comes to buying a new car. Buying a new car is a big financial decision and December may be the best time to do it. With new models arriving at dealerships and sales goals to meet at the end of the fiscal year, dealerships are more likely to offer special discounts, finance deals and free add-ons to encourage potential car buyers to commit to buying a car.
There is extra inventory available at car dealerships
New car models start to arrive at dealerships in the fall. December is a great time to buy a previous year model car because dealers are pressured to sell them in order to make room for new inventory. For potential buyers, this can mean additional savings off the MSRP. Dealers make the biggest profits on newer car. The longer a car stays at a dealership, the less money dealers make off of it.
It is bonus time for car salespeople
Spring is the busiest time for car dealerships. Traffic slows down considerably in winter months when the roads are dangerous and people would rather stay home. This will work out to a potential car buyer’s advantage. In states with harsh winters like Illinois, any customer is better than no customer at all. Car dealerships are full of salespeople with sales goals to meet.
December is the end of the fiscal year for dealerships and you may be lucky to find a couple of salespeople struggling to meet their quotas. Dealers are more likely to offer better deals to meet sales goals or end their fiscal year even stronger.The best days to shop are between December 25th and December 31st. TrueCar.com says the best day to buy a car is December 31st. Buyers had an average savings of 8.3 percent New Years Eve.
Convinced on buying a car this month but still do not know what you are looking for? You will find special deals on convertibles during winter months when people are out looking for cars to battle the winter with.
If you are in the market for a new car, also take into consideration the increased cost for auto insurance coverage. Most lien holders will require you to have full coverage insurance while a car is being financed to protect their investment in case of an accident. Do your research and shop around for free auto insurance quotes from multiple providers to get the best auto insurance coverage at the best rates.