When is The Best Time to Buy A Car?

Buying a car can be a big decision and requires a lot of time, research, and deliberations. Outside factors such as the economy, season, demand, production, and resources can cause prices and availability to fluctuate. Economic trends, values, and cycles make it possible to identify periods of time that typically offer greater savings and discounts.

Performance Kings Honda in Cincinnati, OH aims to serve our customers with the best deals possible. Some conditions and times create a better opportunity for you to get the greatest value for the car you want. Here are some of the best times to buy a car.

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End of the Month

Most sales representatives at dealerships operate on monthly sales quotas. At the end of the month, many dealers look to close sales quickly to add to their numbers for the month and increase their chances of meeting a quota or earning a bonus. Sales representatives often offer additional savings, discounts, and incentive programs to encourage contract signings by the end of the month. This strategy isn’t always effective, as dealerships have different quota policies, but it can often give you more potential savings during the financing process.

End of the Year

Similarly to the end of the month, dealers aim to achieve a yearly sales number and may offer discounts to add to their quotas. As the end of the calendar year approaches, sales representatives and dealers may include incentives, discounts, and extra amenities to expedite the purchasing process and secure higher sales figures. The data shows December is one of the best and cheapest months to purchase a car as sellers rush to close deals before New Year’s Day.

New Model Releases

When manufacturers release new models, many dealerships and sellers work to reduce their stock of past models and trims. The addition of newer versions reduces older makes’ value, price, and demand, helping drive down prices. As a result, customers looking for a newer vehicle with a lower price and additional discounts may benefit from waiting until the manufacturer unveils and distributes the most recent model. Common vehicle release dates occur during the months of September and October, making the end of summer a great time to find discounts on out-going or previous-year makes and models.

Holidays

Dealerships run promotions, discounts, and incentive programs during holidays to gain traffic and increase sales commissions during different seasons. Some of the best holidays and sales events for car buyers looking for lower-cost options include:

• President’s Day: Manufacturers and dealers commonly run large promotional events during President’s day to increase sales numbers; lower numbers often occur because consumers typically spend less money after the holiday season in December.
• Memorial Day: Memorial Day marks the beginning of summer and also coincides with the release of some new models, which makes it a great time to find cars and dealers with large discounts and promotional offers.
• Labor Day: Labor Day marks the end of summer, so dealers often run promotions to boost sales and attract customers before the winter months slow down sales again.
• Fourth of July: The Fourth of July creates an opportunity for dealers to promote American values regarding vehicles, so many dealerships use the holiday to increase sales with large discounts or rebate incentives.
• Black Friday: Black Friday has become one of the biggest consumer holidays for all industries, and car dealers often take advantage of the day to provide large discounts on major models so they can increase sales and promote their services.
• New Year’s Eve: The end of the year often means the end of a dealer’s yearly sales quota, so sales representatives may help you get a low-cost deal you can’t refuse.

Shopping for a car on a holiday can often mean dealing with large crowds or busy sales representatives. If you can wait for other promotions or pay slightly more for your vehicle, you may find it more peaceful to shop during non-peak hours or avoid holiday sales.

Weekdays

If you’re more interested in a pleasant car-buying experience rather than finding a large discount, weekday afternoons often provide a calmer, quieter, and more enjoyable showroom environment. Most adult consumers work during the day, so the dealerships often see fewer crowds and can focus greater attention on your concerns. Lenders and credit unions also operate during weekday business hours and can increase the efficiency of your loan application approval process. Visiting a dealership during the weekdays can help ensure you receive personal care and attention during your purchasing process by minimizing the potential for distractions.

Supply Chain Cycles

Unexpected events and factors can influence the availability, demand, and prices of vehicles, parts, and services. When shopping for a car, remember to stay aware of relevant supply chain trends and cycles. When resources appear scarce or result in a shortage, prices increase because of delayed or decreased production rates. If a current supply chain issue occurs, you might evaluate whether you can wait until the issue resolves or lessens before signing off on a vehicle. If experts or manufacturers predict supply chain decreases, you may also look to purchase a vehicle before conditions worsen and prices increase.

Ultimately, the best time to buy a car depends on when you understand your financial circumstances and can identify the best options for your needs. Waiting for a particular day, month, or holiday when possible may help you find better rates and discounts, but it’s best to buy a car at the time that you truly need one.

At Performance Kings Honda, our team of experts and friendly customer service staff is pleased to serve you and help you find a great deal during any time of the year. Consider getting pre-approved for a new car today by filling in our simple online form with your personal details and chosen vehicle. You can contact us online for more information about our hours, inventories, promotions, and financing so we can get you in the vehicle of your dreams, no matter the season. Give us a call at (513) 829-7300.