When’s the best time to buy a car?

Time your next car purchase strategically to get the most savings.

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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.

Auto Arriba Car Loan

  • Min. Loan Amount: $3,500
  • Max. Loan Amount: $50,000
  • Interest Rate: 8.99% to 29.50%
  • Loan Term: 1-7 years
  • Quick funding
  • All provinces (excluding Quebec)

Auto Arriba Car Loan

Auto Arriba offers car loans starting at $3,500 up to $50,000, with as little as a 30 minute loan turnaround time.

  • Min. Loan Amount: $3,500
  • Max. Loan Amount: $50,000
  • Interest Rate: 8.99% to 29.50%
  • Loan Term: 1-7 years
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Best times to buy a new car

Compare car loans from top providers

Name Product Min. Loan Amount Interest Rate Fees Loan Term Min. Credit Score
Auto Arriba Car Loan
$3,500
8.99% to 29.50%
Contract fee of $499.00
1-7 years
N/A
Auto Arriba offers car loans starting at $3,500 up to $50,000, with as little as a 30 minute loan turnaround time.
Fairstone Personal Loan (Unsecured)
$500
26.99% - 39.99%. Varies by loan type and province
None
6 months - 5 years
N/A
Fairstone offers unsecured personal loans up to $20,000
LendingMate Personal Loan
$2,000
43% (British Columbia and Ontario) and 34.9% (Quebec)
None
1-5 years
N/A
LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Ferratum Personal Loan
$2,000
18.9% - 54.9%
None
1- 5 years
N/A
Ferratum provides Canadians in need of quick cash with loans for car purchases from $2,000 to $10,000 for 1 year to 5 years.
LoanConnect Car Loan
$500
4.6% to 46.96%
Varies by lender, loan type and province
1-5 years
420
Get access to 25+ lenders through Loan Connect's brokerage, and receive pre-approval in as fast as 5 minutes, and financing up to $50,000 in as little as 24 hours from the time of your application.

Compare up to 4 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.

Compare car loans

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.

Bottom line

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.

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