When Is the Best Time to Buy a Car?

With record-high prices for new and used vehicle transactions, you might be like most drivers wondering when a good time to buy a car is.

With lots of planning and patience, you can find an opening that can help you save thousands on your new used vehicle purchase. Part of that planning is knowing the best time to buy a car, and how you can leverage certain factors to get a competitive auto rate and overall purchase price.

At Newport Motors, we are proud to be a leader in the auto industry as we help drivers get behind the wheel of a vehicle they’ll love for years to come. 

Worst times to purchase a vehicle

It can be difficult to pinpoint the best time of the year to purchase a new or used vehicle. It can help to start by knowing when not to purchase. Most experts will tell you to avoid these times throughout the year:

Tax refund time 

Recent data shows that 45% of Americans have a new car purchase on their wish list for their tax refund. With that, a general rule of thumb is to avoid purchasing a vehicle around tax time, as shoppers are more likely to purchase a new car with a tax refund. 

Car dealerships know this and will be less likely to negotiate lower prices with you because they know the demand is there. Plus, they’ll be less likely to offer you better financing terms and an overall better rate. Instead, wait until the end of the year when demand dies down a bit. 

The start of the year

Car dealerships have high hopes for their annual sales, and at the start of the year, there’s plenty of time to hit those sales. This means less negotiating power on your side and overall higher price points as you compete with drivers who are trying to get into the latest models. 

What time of the year is best to buy a car? 

There is a bit of a science to picking the right time to buy a car. If you time things just right, you can scope out several periods throughout the year that increase your chances of getting a better car deal.

Typically, waiting until the end of the year increases your chances of getting behind the wheel of a great ride at a competitive price point. 

As car sales drop off at the end of the year, car dealerships will push harder to meet their sales goals. This means more negotiating power on your side to get that great vehicle. Additionally, some dealers are more committed to making room for the new vehicles that will hit their lots in the new year and are more inclined to let go of used inventory at a discounted rate. 

Shop holidays 

Take advantage of annual sales and holidays that encourage dealerships to mark down their inventory. Some popular holiday sales to keep an eye out for include:

• Summer sales
• Labor Day sales
• Memorial Day sales 
• President’s Day sales
• Black Friday sales
• Christmas and New Year sales

How to get the best car deals 

To ensure you’re getting the best car deals possible, you need to do your research. For example, if you have a vehicle in mind that you want to purchase, it’s important to know the value of that vehicle and the value of its many different trim levels. Knowing the value of a car keeps you from being taken advantage of and getting suckered into paying a higher price. Knowing the value of your trade-in will also help you score a higher trade-in quote that can help lower the costs of your new ride. 

Additionally, shopping around and getting quotes from other dealers allows you to price match the lowest rate available. At the end of the day, dealerships are looking to make sales, and if a rival is charging $1,000 less on the same vehicle, a dealer is more likely to match it.

Avoid these common car buying mistakes 

Knowing the best time to buy a car to save big is only helpful if you go into the car-buying process with a plan. Not doing so can cause you to spend more money than necessary and can result in you getting a vehicle that might not be the best fit for you. 

Some common mistakes to avoid include the following:

• Don’t buy the wrong car – Know what type of vehicle you’re looking for, why you need it, and determine which available packages you’ll actually use. Don’t buy the shiny car you want, but the practical one you need.
• Don’t go in alone – Always bring along an expert, like a trusted friend or a mechanic, who can help you.
• Always do your research – Don’t undervalue your trade-in, and don’t overpay more than a vehicle is worth.
• Don’t let emotions drive your purchasing decision
• Don’t be afraid to walk away
• Always shop around for a competitive price
• Buying online is not always the best

Shop the best cars for sale in Las Vegas

At Newport Motors, our team is committed to helping all drivers find their perfect vehicle at a price that works for them. Whether you’re looking to buy a car, snag the best car deals right now, or are simply wondering, ‘Where are quality car dealerships near me that I can trust?’ Our talented team is ready to answer all your concerns. We will put you behind the wheel of a vehicle you’ll love for years to come. Visit us online or shop our showroom to learn more.