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Buying a car is a big decision. Timing it right can help you get the best deal!
If you’re shopping for a new or used car, choosing the right time to buy can help you save money and enjoy a better experience. And to meet your needs and budget, it’s important to keep some factors in mind.
Key Considerations for the Best Time to Buy a Car:
First, make sure you can afford a car by checking your budget, credit score and savings. And don’t forget about insurance and maintenance costs down the road.
Additionally, talk to a local lender. Getting pre-approved for a loan shows dealers you’re serious and helps you focus on cars that fit your budget and needs.
Need help with estimating your car budget? Try our easy calculator!
Check local prices. Look for dealerships with more cars in stock, as they may have better deals.
Keep an eye on nearby competitors, too, because they might be willing to negotiate. And anticipate when dealerships are likely to have sales, like on Memorial Day, Labor Day or Black Friday.
Interest rates affect how much you pay for a car loan, so it’s important to be mindful of them. Lower rates mean lower monthly payments.
If you set up automatic car payments with a Gate City Bank checking account, you could get a 1% discount! Contact one of our helpful lenders to learn more.
Sometimes the time of year can affect car prices, so be smart about when you swing by a dealership. New models usually come out in late summer or early fall, so you might find discounts on last year’s vehicles. In winter, dealers often offer good deals to clear out inventory and meet sales goals, since fewer people tend to buy cars in cold weather.
It’s also important to know which cars are more popular at certain times of the year because they might be more expensive. For example, convertibles are popular in summer, while more people buy SUVs in winter.
Salespeople often try harder to make deals at the end of the month to meet their goals. Stop by dealerships on the 29th, 30th and 31st to potentially score the best prices!
Try to visit dealerships on Tuesday or Wednesday, when they are usually less busy. This gives you more time with salespeople and better chances to negotiate.
Going in the morning, right when they open, is also a good idea because it’s quieter. Scheduling test drives or inspections during slower times can also help you receive more attention from the staff.
Think about shopping for a car before you actually need one. This gives you time to research, set a budget and secure financing. Planning ahead also gives you more confidence when it comes time to visit the dealership, so you don’t feel rushed into paying a higher price.
If you plan to trade in your old car, try to fix it up to get the best value. And always negotiate the price of the new car first to make sure you receive a good deal on both the new car and your trade-in.
Finding the best time to buy a car is all about planning. By keeping these factors in mind, you’ll be on the road to saving money and feeling good about your purchase.
We’re with you for the journey! Contact us today to get pre-approved for an auto loan and see what you can afford.
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