First-Time Buyers: When to buy; Planning the Timing of Your Purchase

• When you purchase a new car at the end of the month, a dealership may offer you an attractive deal.
• At the end of each calendar year, dealerships often sell outgoing models at discounted rates.
• Because of vehicle shortages and the current state of the used market, you may find better deals on older used cars.
• Since used car prices have reached record highs, shopping for a new car may offer more value than buying used.

If you’re ready to purchase a car, that’s often the best time to get one! Whether you’re browsing the new or used market, shopping for the perfect model takes time. You don’t need to put it off waiting for the perfect sale. That said, we do have a few tips to help you try and nab the best possible price.

Dealers have quotas to meet. At the end of the month, if they’re short on their quota, they might be willing to let a few cars go at a better price. (Though if a dealership isn’t willing to offer you a screaming deal, that might be a sign that they are well within their quota for the month!)

Remember that you can start shopping at any time. If you’ve got your eye on a car, give it a test drive ASAP, before you feel the pressure of any end-of-the-month buying incentives. Make sure it’s right for you.

At the end of each calendar year, you can find great deals on outgoing models. That is to say, your dealership will want to sell off the 2023 models by the end of this year to make way for the new 2024 models. Compared to the rest of the year, October, November, and December usually offer the best deals. And December year-end sales events can offer you the best possible deals overall!

As of this writing, new and used car prices continue to be higher than usual, due to semiconductor chip and new vehicle shortages. Although many expect prices to fall somewhat over the course of 2023, the shortage continues to be an issue. So how do you time your purchase in these trying times? We have a few tips.

When you place an order online and have your vehicle delivered to your local dealership, you get to select all of the features you want, down to the exterior color and wheel design. You do need to plan accordingly, though, since it can take automakers six to eight weeks to assemble and ship your model.

There are potential savings to be had here, since the dealership won’t pass on any add-on fees or insurance costs. You simply pay the MSRP and drive off in your perfectly optioned new car. Some dealerships may even deliver your new car right to your home!

If you decide to go this route, make sure you swing by your local dealership and give the model in question a test-drive first. You want to make sure it’s everything you want in a daily driver, and the best way to find out is firsthand! A sales associate can even assist you in ordering your new model.

Usually, shoppers turn to the used market when they want a lower price. But, right now, used car prices are at record highs. Although it’s still possible to find a deal on the perfect used model, the current odds are stacked against you.

If you’re on a very tight budget, you can shop for an older used vehicle. Just make sure to have it checked out for any wear and tear that might be an issue down the road!

As of this writing, it might be a better idea to consider a new car. New models can be priced very similarly to their used counterparts, but you get the added benefits of warranty coverage and a potentially lower interest rate on your car loan. Since trade-in values are high, you can trade in your current car and take a bite out of the price of a new vehicle!