Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
When’s the best time to buy a car?
Time your next car purchase strategically to get the most savings.
We all know that buying a car takes time to find the right vehicle and money to seal the deal. But it’s not just your time and money that matters. Keeping a shrewd eye on times of the business year and your dealer’s financial goals too can put a lot of money back in your pocket, right where it belongs.
You might be ready to buy your new car right now, but when is the best time to buy? To save the most money, you might want to time your purchase to take advantage of the best discounts. Interestingly, even waiting for the beginning of the week can potentially give you a better deal.
Best times to buy a new car
Compare car loans from top providers
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 specific 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. Are you a student or a recent college grad? A member of the Canadian military or RCMP? Is this your first time buying a car? Have you recently bought or leased another vehicle from the same manufacturer? 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 with the latest perks and safety features 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.
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 of depreciating less over time.
- Consider a Certified Pre-owned Vehicle. Want a new car? Certified Pre-Owned programs allow you to buy a used car that has been thoroughly checked over and polished by manufacturer-trained mechanics to make sure the vehicle is both high quality and reliable. Certain manufacturers also have warranty options specifically for Certified Pre-Owned Vehicles that come into effect as soon as the new car warranty has expired.
- 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. Be sure to take care of your vehicle and clean it up before taking it into the dealership for a valuation so that you can get the best possible price.
- Consider a mid-level or basic model. While high-end models might come with more features, consider whether you’re willing to pay for upgrades that aren’t essential for your driving experience or won’t affect it that much.
- Shop around. Comparing cars from different types of sellers and financing options from different types of lenders can help you save on the total cost of your car. If you choose to get pre-approved for a car loan, you’ll know what kinds of rates and terms you’re eligible for and can potentially used a good offer from one dealer or lender to negotiate a better offer from another.
Buying a car can seem overwhelming, from researching brands and models, to finding a trustworthy dealership, to securing competitive financing. Now, however, you know when you can most likely get the best deals. Be sure to compare all of your options and read the terms and conditions of your finance deal before pulling off your new ride.
Want to know more about buying a car including where to go, what to look for and how to pay for your vehicle? Read our guide to buying a car, which is jam-packed full of tips and information to make you a confident, knowledgeable buyer.
Frequently asked questions
More guides on Finder
Best credit cards
We’ve taken a look at some of the best credit cards in Canada and explained who they’re best suited to.
PartsEngine promo codes and coupons July 2021: 5% off your first wheels order
Explore a catalogue of essential car fixtures and accessories for all types of vehicles and score a discount with a PartsEngine promo code.
Top 10 tech stocks to buy
From Apple and Google to Tesla and Twitter, here are the biggest tech companies to keep an eye on.
These high-profile funds offer sizable returns, but are riskier than most other types of investments. Here’s what you should know before investing in a hedge fund.
Biden plans another boost for electric car stocks
Biden’s plan to replace the federal fleet with American-made electric vehicles gives another boost to a red-hot sector led by Tesla.
Investing in car stocks
Top car stocks and ETFs that track the category.
Canadian Auto News car loan review
Canadian Auto News matches you with local lenders and dealerships to help you find the perfect car and car financing for your needs.
Compare Car Loans
Compare the best car loans in Canada to get on the road faster and keep more money in your pocket.
Compare Car Loans
Need a car loan to finance your new set of wheels? Compare the best car loans here to get on the road faster with more money in your pocket.
How to invest $10k
Grow your wealth the smart way with these top 6 picks.