Buying A Car In The Summer: What To Know
Did you know that it makes a difference when you buy your car? Many people already realize that at most dealerships the best deals can be had at the end of the month. This is a general idea that has made its way into car buying lore. But is it true? And does it matter what month? Are there other things to consider that make the summer a special time for buying a car?
Some of this depends on the type of car you are buying and some of it depends on your location. How to make sure that you are buying at the right time to get a good deal is part art and part science. The same applies for buying at the right time to get a good car. We at Moon Township Automotive are committed to making sure that you get both.
New Summer Car Deals
At the time of writing this, it is July. This mid-summer month is one in which a lot of people think about buying a new car. Some of this is because the car industry, itself, pushes out a lot of paid advertisement in July. This is related, obviously, to moving inventory, which is the industry’s primary concern. The advertising creates traffic and entices those buyers, in turn, the companies get aggressive about their specials and deals. This summer, even US News and World Report (USN) is reporting on the “12 Best July Car Deals.” The media company reminds us of a few things about these deals:
The generous car deals reach every segment of the market, including zero-percent financing offers on exciting sedans…and opulent luxury SUVs… and in the full-size pickup segment, the battle for sales continues with zero-percent financing deals. If you’re looking for cash back deals, there are plenty to be found, on vehicles [including] the 2019 Hyundai Elantra… Though not as common as they were a year ago, there are still some deals out there that offer a combination of cash back and low-interest financing. Depending on the model you choose and where you live, you can score a zero-percent financing deal with as much as $4,000 cash back… Most deals are limited to specific regions, trim levels, or portion of dealer stock and are only available to consumers with credit scores that meet certain thresholds. Save yourself some time before you head to the dealership by checking with an online sales consultant…to ensure that you’re considering the best deal that is available to you.
In another article, USN points out that the best time to get a great deal on new cars is August, rather than July, unless you are shopping for a luxury vehicle. In that case, December is the best. If this is the case, then what is the frenzy about moving cars in July? Well, as an insider in the market, our opinion is that it has to do with seeing how aggressive August deals need to be. This means a risk for those of you looking to buy this summer. July deals are great, but August might be better if not enough people buy in July. However, if enough people shop in July then there are not better August sales predicted. This makes July a pretty good time to buy your new car or truck.
Frequently, analysts outside of the auto-industry are able to provide the best advice on when to buy a vehicle. Those analysts tend to rest in the financial industry and are providing input and insights into the way that consumers spend and invest their money. It is rare, unless you are buying a collectible, that anyone is going to consider your used car purchase as investment. That said, the financial industry looks out for your hard earned money, and some expenditures on vehicles are better than others. This is where BankRate.com comes in – as a lender of funds for autos, they straddle the two industries; and they have some advice on how to get good summer time deals on used cars.
The cost of a car can fluctuate according to the month or even the day. If you have the luxury of waiting for the ideal time to buy a car, you may be able to save thousands of dollars… Shop early in the week, not on the weekends. Monday, Tuesday and Wednesday are usually the best days of the week to shop for a car, because less customer traffic means a better chance of getting a deal. Dealerships tend to be crowded throughout the weekends. Stopping in on a Saturday or a Sunday could result in less personal attention from salespeople — which could make negotiating a deal more difficult. Mondays especially tend to be the slowest days of the week for dealerships. A salesperson’s need to make the most of limited opportunities on a Monday could put you in a position to negotiate more favorable terms…Shop late in the month…try shopping for a car on the 26th, 27th, or 28th day of the month…
Use holiday sales to your advantage… If you can wait a bit longer for the best time to buy a car, consider holding out until your dream car is [even older]. Dealerships have limited space, and when they get in their newer models, they need to sell off older stock. If you can hold out, you can find a new(er) model car at a very favorable discount… Manufacturers begin to release new models in the summer. If you wait until winter to make your move, you may be out of luck. Time is your best negotiating technique. Waiting for the best time to buy a car requires patience. But if you have the ability to wait, time can be your ally. Cars almost always depreciate. Waiting for the right time of year to buy a car, or the right month, or the right day, can help you save thousands.
Finding The Best Summer Deal
While you might not find a great deal on a convertible in the middle of the summer, for many other new and used car options the summer is absolutely the best time of year to buy. As Consumer Reports reminds us, while those of us in the business hustle to move out inventory this time of year to make room for new models, it means you, the consumer, can get some great deals!