The 3 Smart Ways to Save Thousands on Your New Car Purchase
When it comes to buying a new car, timing can make a world of difference in your wallet. In fact, savvy buyers who know when to make their move can save thousands of dollars on their new ride. At TheSmartAsset, we believe that every dollar counts, and that’s why we’re here to guide you through the art of perfect timing when it comes to car shopping.
So, what’s the secret to scoring a fantastic deal on a new car? It all boils down to the right time of year and a little strategic planning. In this article, we’ll unveil the key weeks to mark on your calendar if you’re looking to drive away with a substantial discount on your new vehicle.
- August: The Early Bird Gets the Savings
If you’re not fixated on having the latest model, August is the perfect time to kick-start your car shopping journey. Much like the release of new iPhones, car dealerships start discounting older models in the summer to clear out inventory before the new ones arrive. Automakers typically retool their factories for the new models during this season, making August, September, and October prime months to shop for the previous year’s model.
Look out for cash-back programs and enticing incentives as manufacturers aim to clear their inventory. In 2023, we’ve seen strong interest rates and deep discounts on 2023 inventory, making it a promising year for the frugal car buyer.
- Fall: New Models, New Opportunities
As fall approaches, from September to December, dealerships prepare to welcome the new models. The 2024 models are announced in the fall of 2023 and start arriving in October. For those who prefer same-day delivery, this is the ideal time to explore the latest offerings.
- Year-End Bonanza: December Deals
The end of the year brings not only the holiday spirit but also incredible opportunities to save on both new and used cars. Dealerships, eager to meet their sales quotas for bonuses, are more likely to offer discounts at the end of the month, end of the quarter, or, in particular, the end of the calendar year.
Our personal favorite? Buying a car on the last day of the year, especially in the evening. This strategic timing has resulted in substantial discounts for many buyers, as dealerships strive to achieve their annual sales targets. You might just drive away with the deal of a lifetime.
Timing is everything when it comes to securing a fantastic deal on your new car purchase. Whether you’re looking to save big on the previous year’s model or explore the latest arrivals, knowing when to buy can make a significant difference in your savings. At TheSmartAsset, we’re committed to helping you make informed financial decisions, and that includes getting the best value for your hard-earned money. So, mark those dates on your calendar and drive away with confidence, knowing you’ve scored a smart deal on your new wheels.
