Is There A Best Time Of Year To Buy A New Car?

Knowing when to buy or lease a new car is a surefire way to realize some much-needed savings while driving off with the vehicle of your dreams. It also helps you avoid haggling with sky-high markups that are alarmingly predominant to brand-new cars and popular vehicle models.

Of course, nothing beats a good amount of research to unlock the best deals at any dealership. Browsing for new car deals online or on social media is more straightforward than visiting multiple dealer lots, and the best part is you can do it at home or in the office. In addition, you could schedule a test drive online, helping save more time and money.

The Inflation Reduction Act of 2022 also enables potential EV buyers to qualify for up to $7,500 in federal tax credits, which means that any time before the tax credit expires is the best time to buy an EV. Knowing which specific times will get you the best deal can save you even more, especially because the U.S. EV market is currently dealing with excess inventory and making significant price cuts.

After choosing which car to buy, the next step is to focus on your timing. The best day to purchase or apply for a new car lease is the end of every month, on Mondays, and during three-day weekends, like the Fourth of July, Memorial Day, or Labor Day. Sales agents have quotas to fulfill monthly, and you'll most likely find the best deals at the end of every month.

Meanwhile, Mondays are the "quietest" times of the week for most dealerships and have lesser foot traffic in most cases, which means the salespeople are more eager to sell you the car. It's best to avoid visiting any dealer on Fridays or ordinary weekends since it's typically their busiest day at the office. On the other hand, the three-day weekend holidays commemorating Labor Day or the Fourth of July are the best times to take advantage of rebates, incentives, and one-off financing deals.

The Labor Day weekend marks the beginning of fall, and it's a time when automakers introduce next year's new car variants, making it ideal to snatch a good deal on the outgoing model. In addition, Memorial Day kickstarts the summer season and is when dealers begin offering new car deals.

There are four months of the year you should watch out for. The Black Friday sale occurs in November and is an excellent time to buy or lease a new vehicle, with many cash-back offers and financing incentives on hand. Moreover, the merry month of December is about gift-giving, year-end tax write-offs, and year-end sales goals, the perfect recipe for smashing deals on any new or used vehicle.

However, you don't need to wait for November or Christmas. The months of May and October could give you reasonable deals. Memorial Day happens in May, while automakers debut their new, revised, or redesigned vehicles on dealer lots in October.

With enough research combined with proper timing, any buyer could stand saving money on any new car, truck, or SUV. Nevertheless, there are exceptions to any rule. Getting deals on bestselling vehicles like the Ford F-150, Ram 1500, Honda CR-V, Toyota RAV4, and Chevy Silverado could be next to impossible. In contrast, those cars could sell above the sticker price. If you still want an F-150 or Ram truck, holding your horses and waiting until the smoke settles is prudent.