Put Those New Vehicle Plans Into Overdrive and Think Ahead—Here's the Best Time To Buy a Car
Plus, the questions you should ask before making a car purchase.
Buying a car can be stressful and confusing, but it helps to be prepared and informed before starting the process. After all, knowing the best time to buy a car can lead to significant savings. And when it comes to purchasing a car, timing is everything.
From certain holidays to the time of the month to even the day of the week(!), there are tips on timing that you'll want to know about. And once you're officially ready to begin the process—putting the pedal to the metal, so to speak—we've also provided some questions you'll want to ask yourself and/or the buyer before putting in an offer.
Data shows that there are certain time frames that work in favor of the buyer, so let’s take a look at the key factors to consider when it comes to buying a car.
Signs you need to buy a car
You might find yourself in need of a new car if you’re putting more money into fixing your current car than it’s worth. This can include repetitive leaks or technological issues, safety concerns, spending too much money on gas, or unfixable internal issues, like engine problems. At this point, it’s better to let go of the old and welcome in the new. Don’t worry—we’re here to give you tips that will lead to the best possible savings.
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When is the best time of year to buy a car?
The best time of year to buy a car varies, but overall you’ll want to shop toward the end of the calendar year. According to Kelley Blue Book, the best time of year to buy a car is the end of December, specifically the 30th or 31st. This is because car dealerships would prefer not to move old inventory into the new year when new makes and models are released.
If you can’t wait until the end of the year to buy a car, Kelley Blue Book suggests shopping around holiday sales events or the 16th-20th of the month, which will give you a few days to negotiate in your favor before signing at the end of the month.
Holiday sales events (like July 4th, Labor Day and Memorial Day) often offer specials and discounts, like low-interest financing. And remember, prices drop when new inventory arrives. If you’re not picky about your car’s year, you might find yourself saving thousands on a model that’s not completely brand new.
Related: Want to Be More Financially Savvy This Year? Here are 100 Budget Tips
When is the best day of the week to buy a car?
The best day of the week to buy a car also varies. “The true best time to purchase your new vehicle or lease it is always going to be the last day of the month,” TikTok car dealer @Gravacars says. “The truth is most manufacturers are going to set a quota for dealerships, and that quota ends on the last day of the month.” This means car dealers are more open to working out a good deal in your favor in order to move out old inventory and meet quotas.
However, according to TrueCar, Sunday is the best day to buy a car, reporting an average savings of 10% MSRP. The next best day is Tuesday. CarFax has reported that Monday or Tuesday is the best day to buy a car since it’s typically less busy and there’s more time to negotiate a deal. You’ll also feel less rushed with the process if your car salesperson is focused on your needs versus trying to get you in and out when it’s busy.
Questions to ask yourself when buying a car
There are a few things you need to know about yourself before you buy a car.
Will you pay in full, or will you require a loan?
How much money per month can you put toward a car payment?
Will the make and model of your new car cause your car insurance to go up?
Is the car you want to purchase under warranty, and what does that warranty entail?
Has this type of vehicle had any reported issues from consumers in the past?
If it’s a used car, how old is it, what’s the mileage and are there any current problems?
Why are the owners selling it?
What type of maintenance will it require?
Can you afford it?
The more questions you have prepared, the more informed you’ll be when it comes time to car shop.
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Car buying tips
The most important car buying tip is to not rush the process. The last thing you want is buyer’s remorse for a very expensive purchase. Another great tip from content creator Ghanee Ludin (@ghanee.money on TikTok) is to never pay the suggested retail price—or the sticker price. Always negotiate.
Ludin also recommends asking for a printed price breakdown so you can see an itemized list of charges that you’re expected to pay. Don’t hesitate to ask questions about any of those charges, taxes, and fees.
Finally, Kelly Stumpe—known as The Car Mom online—says that you’ll want to car shop “on a clear, sunny day when [it comes to] pre-owned vehicle shopping. Rain can hide minor dents and dings.” You should also research prices online before visiting a car dealership so you have an idea of how much it will cost and how much you’d like to try and save.
