The Best Time Of Year To Buy A New Vehicle
Throughout the year, there are both bad and good times to buy or lease a new car. Although the car-selling season is from March to October, it isn’t necessarily the best time to buy or lease a car.
For instance, if you’re looking to lease a vehicle, the best time to do that is March thru May. That’s because late in the first quarter and early in the second you’ll get good residual values, good rebates from the manufacturers, and good lease rates. In fact, you may even be able to get a good lease deal as early as January. However, once the second quarter ends in June, good lease opportunities tend to go away, and leasing becomes a lot more expensive as the manufacturers shift their focus away from leasing to purchasing.
The best time of year to purchase a new car (with either cash or financing) is August or September. Our advice here is to buy the current model (not next year’s), the reason being that manufacturers and dealers offer their best incentives at the end of the model year. The only problem with waiting until the end of the model year is that you may not get what you want: inventory levels are usually depleted by the end of September. If you’re trying to get the right car at the right price, it may make more sense to start shopping at the end of July (especially if the car you want is kind of rare or special).
October or November is the time to get really great deals. It may be difficult to find exactly what you want since inventories have been depleted. Don’t get a car you dislike just because you will get a great deal. You will be more likely to trade-in a car you dislike before you should. Don’t wait until October or November if you want a specific feature or color. If getting a specific car or features isn’t important to you, the end of the year is the best time to get amazing deals on a new car.
One thing we come across all the time that we think is really bad advice (and is among the reasons we started this website), is that many people will tell you that buying a new car at the end of the model year is a bad idea. They’ll tell you that you’re basically getting last year’s model, and even though you’re getting a discount, the resale value is going to be lower.
You shouldn’t buy a new vehicle in the first place if you’re worried about resale value, especially over the next two or three years. If you intend to keep it for five or more years, then you should buy a new vehicle. If you are only planning to keep the vehicle you purchase for a couple of years, you should lease buy a used one or lease instead. You will save yourself a lot of money this way.
If you want a really great deal on a new vehicle, consider buying on a holiday weekend. Manufacturers spend a lot money and time on marketing, dealers are aggressive, and incentives are good. Major holiday weekends such as the Memorial Day, Fourth of July, and Labor Day are excellent times to buy a new vehicle.
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