This is When You Should Consider Buying a New Vehicle
In any industry that you can think of where new models of the merchandise are released on a regular basis, you will also have sales by retailers trying to move the older merchandise in order to try to make room for the new products. This principle leads to what are sometimes killer sales and discounts on items that were, just a week earlier full-price and perhaps higher. This same principle holds especially true for buying an automobile, and if you, as an American, can hold back the typically American “instant gratification” and “gotta have it now” mentality, you stand to save a good amount of money by waiting before you go shopping for that new car.
Choosing the Best Time to Shop
The good news is that there isn’t a single best time of the year to shop for a new car, there are plenty of “best times,” but not all of them are equal. In order to understand the best time for buying a new car, you should put yourself into two sets of shoes: 1. The salesperson who has to meet a quota in order to keep their job or make those bonuses, and 2. The owner of the dealership, who works on a financial schedule and knows when his new inventories are coming in. Looking at the ways these two individuals are likely to think provides us with three likely groups of deadlines. Those that are monthly, quarterly, and yearly.
- Monthly Deadlines: These are the least profitable but profitable nonetheless. If you are working in a dealership, the contests for most sales or highest sales figures are likely to be monthly ones. Therefore, coming up on the end of the month is likely to yield a slightly more frantic behavior to get those sales done in order to meet your quota or win that contest or meet the benchmark in order to get that bonus. This makes the last week of any given month a decent time to shop if you have to have your new car now.
- Quarterly Deadlines: The end of March, June, September and December are important because of financial considerations and, frankly, because a quarter is a traditional and easy way to divvy up time and money. While the monthly and yearly deadlines may be more widely known and taken advantage of, these quarterly deadlines should not be ignored. If it is February 15th and you are thinking of buying a new car, if you can wait, it would probably be better to wait until the end of March rather than the end of February.
- Yearly Deadlines: It is no surprise to anyone that the end of the year yields the biggest and most fruitful rewards for buying a new car as dealerships are frantically running new sales to move old models and make room for the new ones, but that is not the only reason for their haste – it is time to close up the books for the year and try to break records in sales, salespersons are generally feeling more generous due to the holiday season, and a host of other factors will lend to your being able to get the most special deal available during the year. This deadline also incorporates the other two, with December both being the end of a quarter as well as choosing to shop in that last frenetic week before the New Year rings in.
While shopping for a new car on December 26th is not big on anyone’s mind, the salespersons lounging at the dealerships are thinking the same thing, already counting up their commissions for the year and not expecting to see you. If you walk onto the lot during that last week, you will get their surprise, their great appreciation and their full, undivided attention (since there won’t be many other customers there, if any).