Time your next car purchase to get the most savings.

Best times to buy a new car

• The end of the year

  Year-end sales can save you a bunch of money on extras, as well as the actual cost of the car — it’s common to see interest-free deals too. You can find some of the best sales between Christmas Day and New Year’s Eve as dealers are trying to meet their sales quota.

• The end of the month or quarter

  Depending on the dealership, salespeople need to reach a target goal at the end each month or quarter. Negotiating a better price can be easier as salespeople want you to sign on the dotted line to help them meet their sales targets.

• Model run out time

  When new cars are released, buyers often run out to get the latest and greatest. After this initial sales rush is over, upgraded models start arriving and can cost the same price as the original model. Because of this, you can negotiate a lower price for the original model.

• A Monday or a Tuesday

  Saturdays and Sundays are salespeople’s busiest days, not making it an ideal environment for negotiating. Mondays and Tuesdays tend to be slower, allowing you more time to play hardball and see how low you can get the price.

• New Year's Eve or Day

  It’s the end of the calendar year and on top of offering blowout sales, dealerships may be trying to meet an annual sales target. This means salespeople are more willing to negotiate with you to get the vehicle out the door.

• Memorial day weekend sales

  Many dealerships cut prices and offer low interest deals to kick-off summer. If you can wait until Memorial weekend, you’ll be sure to find a competitive deal on a number of different makes and models. It’s also a good time to purchase a mid-sized SUV because May falls in between the periods when these models are most popular — winter and the beginning of the school year.

• In October

  During October, most dealerships are getting ready for next year’s models and need to free up space on the lot. To do this, dealers will cut prices — making a smaller profit — in order to bulk up on brand new inventory.

• Black Friday sales

  It’s close enough to the end of the year for dealers to start making their big sales push and it’s the beginning of the holiday season — expect sales and incentives to buy. With many people looking for bigger vehicles to get them through winter, you’ll find the best deals on midsize and compact models.

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What kinds of discounts can I expect?

Once you know the right time to buy, it’s important to know what sort of discounts and deals you can expect.

• Cash back rebates. Cash back typically applies to the purchase price of the car you’re looking to buy, and not all models offer the same deal. You’ll have to research rebates separately, but it’s a good way to lower the overall cost of your next car.
• Financing incentives. If you have excellent credit, you may qualify for interest rates between 0% to 5%. These rates are often advertised to get people through the door, so unless you know you have the credit, don’t expect to receive this good of a deal.
• Special buyer discounts. Recent college grad? Military personnel? First-time car buyer? There’s a strong chance you’ll be able to get a discount from the dealer or manufacturer.
• Leasing programs. Many manufacturers encourage buyers to lease by advertising low monthly payments. These can be beneficial for people who want to have the newest car every few years, and if you catch a dealer at the right time, you may be able to negotiate the price down even lower.

Keep in mind that many of the special discounts listed here are for new car buyers. This shouldn’t stop you from shopping for a used car and negotiating a good deal, but most rebates and low financing will only be given to buyers looking to purchase new.

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How else can I save?

Timing your next purchase isn’t the only way you can save on your car loan. You might also want to:

• Consider a used car. Used cars are typically cheaper than new cars and come with the added benefit depreciating less over time.
• Consider a certified preowned car (CPO). Want a new car? CPO programs allow you to buy a used car that the manufacturer has updated with features that would come with a newer model.
• Trade in your car. If you already have a car, trading in your old vehicle can knock hundreds or thousands of dollars off your new car price.
• Consider a midlevel model. While high-end models might come with more features, consider whether you’re willing to pay that price difference for something that might not affect your driving experience.
• Shop around for financing. Comparing car loans can help you save on the total cost of your car. You’ll know what kinds of rates and terms you’re eligible for and might find something better than what your lender is offering.

Bottom line

There are a lot of considerations that come into play when you’re planning to buy a new car. Now you don’t have to worry about when to buy. Be sure to compare all of your options and read the terms and conditions of your finance deal before pulling off the lot in your shiny new car.

Frequently asked questions

• Can I get a better deal right before a dealership is closing up for the night?

  This depends on the person making the sale. At the end of the night, the salesperson may be looking to get home as soon as possible or they may be willing to negotiate with you for as long as it takes to make the sale.

• Is it better to negotiate on rainy days?

  It can be, but it’s not always guaranteed to get you a better deal. A situation where it may work is if the rain is really slowing down dealership traffic and the salesperson is desperate to sell a car.

• How can I tell if I'm getting a good deal on a car?

  The only way to know if the deal you’re getting is competitive is by doing market research and comparing the prices of similar vehicles at other dealerships to what you’ve been offered.

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