Buying a new car is a big decision. Whether it’s your first set of wheels, or you just need something that fits your lifestyle better, there are many things to consider. It is a good idea to spend a little time doing some research before you walk into a dealership. Knowing what you want to pay is just as important as knowing what kind of car you want to drive. Consider making a spending plan instead of a budget. This will give you a clear vision of your goals, and how purchasing a new car fits into those goals. It will also help you plan for the best price on cheap car insurance for your new vehicle. For more on making a spending plan, read this article. Believe it or not, there are some good tips for helping you decide on when is the best time to buy a new car. These tips can really save you some money if you’re willing to be patient and put some time into studying up.
When Is The Best Time To Buy A New Car?
Timing can have a big impact on how much you end up spending on a new car. Here are the top five to consider before you purchase.
End of The Month
- The end of the month, any month is a good time to buy, especially if you are willing to negotiate. Dealership managers get compensated if they hit a monthly quota. If your purchase helps the manager meet their quota, you might get a better deal.
When Models Are On The Way Out
- Buying at the end of the year can also help get you a better price. This does not always mean the end of our calendar year, as different manufactures have different times of the year when they bring out their new models. Dealerships are interested in moving their old inventory to make room for newer cars. If you know when the new model of the vehicle you want comes out, you can time your purchase accordingly.
Buy At The End of The Day
- The end of the day, and even the day of the week can also give you an advantage. According to TrueCar.com, Sunday is the best day of the week to buy. Friday is the worst, and can end up costing you an extra $2000!
- Since most people are focusing on holiday gift buying at this time of year, many dealerships offer special deals to get you in. Since it is also at the end of the calendar year, there is a good chance of saving money because of that as well. It is also much less crowded, as all the crazy people are at the mall.
When Rebates Are Offered
- Temporary rebates can happen at any time during the year. These come in two forms. One is a flat rebate per vehicle, the other is a dealer is required to hit a pre-set sales target set by the manufacturer. Edmunds.com is where you can find search tools for finding rebates and incentives by zip code and make of the car you are looking for.
On The Flip Side
There are also specific times when you will have a serious disadvantage when trying to buy a new car. Being aware of these can help save you a lot of time and effort.
- When a vehicle is in high demand.
- In the spring
- At the beginning of a new model year
- Before a new model has been reviewed
After you have done your research, make sure you contact your auto insurance company and find out how much your new car will cost you to insure. There are definitely makes and models that are less expensive to insure than others. Save yourself from a big surprise by knowing ahead of time what your insurance premium will be.
One last tip involves credit inquiries. Each time you go to a dealership they will check your credit score. If you don’t like the offer at the first dealership, then go to the next within a 14 day window. This will make all of the credit inquiries show up as one count, protecting your credit from a negative impact. Finally, don’t agree to a dealer’s credit check until you are absolutely ready to finance your purchase.