Best holidays to buy a car
It’s hard to miss the inflatable eagles, gorillas and wacky waving tube men that dot car lots, to say nothing of the ads that promise “rock-bottom” prices. Does a “Star-Spangled Sale-a-Bration” mean savings for you? It can, but be prepared for a busier-than-normal showroom. Ideally, you want to do your research and test drive before the holiday and close the deal on the weekend. Or, better yet, sew up the deal on the first weekday after the weekend. Here’s a deeper dive into shopping on a holiday weekend. And the following is a list of the three-day holiday weekends, along with a brief rating of each:
Presidents Day: February is the month with the smallest discounts off MSRP, so this is unlikely to be the best month to buy.
Memorial Day: This holiday kicks off the summer buying season and is a solid time to get a deal. It’s also when you will have the largest selection of outgoing models to choose from. Shop around this time if you’re particular about a certain color or option package.
Fourth of July: There should be a greater mix of incoming and current-year vehicles around the Fourth. It’s worth taking a look at what’s on the lot if you’re elemental whether you want the car from the outgoing or the incoming year.
Labor Day: This holiday is the sweet spot in terms of selection and competitive pricing. It’s not the very best of the year in terms of savings, but you’ll have more vehicles to choose from than if you waited for the year-end deals.
It’s the biggest retail shopping day in the US And people have been known to camp out for hours for deals on big-screen TVs and other electronics. The same shopping fervor happens on car lots after Thanksgiving. In recent years, automakers and dealers have been offering more incentives, discounts and “doorbusters” as a means of capturing some of that retail excitement. Black Friday also signals the end of the model year, so you’ll see greater discounts on outgoing models.
If you want to shop on Black Friday, you’ll need to do some pre-Thanksgiving planning, such as obtaining a value on your trade-in, getting preapproved for an auto loan from your bank or credit union, and taking some test drives . Also, make sure you read the fine print on any Black Friday deal ads that seem too good to be true. If you’re willing to brave the crowds, here are more tips for car shopping on Black Friday.
What time of year do new car models come out?
New car models used to debut in the fall. But these days, there is no single time of year. Vehicles for the next model year can debut as early as the spring of the current year. And some cars don’t debut until the spring or summer of their model year. In other words, you’ll see some 2022 vehicles for sale as early as the spring of 2021. Some 2022 models, meanwhile, won’t show up in dealerships until halfway through 2021.
Best time to buy a used car
October through December is a good time to buy a used car. These months coincide with the peak new-car buying season at the dealership, which means more trade-ins are entering the used car inventory. More trade-ins translate to a better selection of used cars — and better prices, especially if the dealership is trying to hit its end-of-year quota. And if you’re truly looking to get the best price on a used car, you’ll want to shop in December.
Final thoughts on when to buy a car
As we’ve noted, you’ll find many opportunities throughout the year to get a great deal on a new car. Ultimately, the best time to get a new car is when you need one and only after you have completed your research.
Figure out the market value of the car using Edmund’s tools, and factor in any incentives and rebates. Take a look at our new car pricing or used cars for sale where we rate a number of the vehicle prices to assist with negotiations and provide a perspective on whether you have a fair offer. Watch for unexpected add-ons. Then make your deal. In the long run, this approach makes more sense than trying to predict the effects of weather, holidays and the seasonality of your car purchases.