This holiday season, many drivers are likely to buy themselves a present as December is quite possibly the best month to find a great deal on a new car. Beginning in late summer and early fall, many dealerships offer incentives and discounts for the current model year so they can clear out their inventories to make room for the newer models coming in. As the end of the year approaches, the offers tend to get better because dealers are running out of time to make room for the new inventory.
Drivers who wait until December to buy a car are likely to get an average discount of 6.5 percent, whereas the average discount for other months is around 4.5 percent, according to ABC News. If you just can’t wait until December to buy a car, or you won’t be ready until after the new year, you should wait until the end of a month to buy. The news source reports that car salespeople are often more lenient and willing to cut you a better deal at the end of the month because they often have goals that warrant bonuses when met.
“There’s something called an Objective Bonus that few shoppers seem to know about,” Jesse Toprak, the vice president of trends and insights at TrueCar.com, told Yahoo! Autos. “If [dealerships] sell a certain number of units by the end of the month, they get a bonus from the automaker.”
Another thing shoppers can do to get a better deal is to buy on a Saturday. Since many people do not work on weekends, they often use the days off to shop around at multiple dealerships. The news source reports that dealers tend to offer the biggest discounts on Saturdays because they are aware that people have the time to go elsewhere to make a purchase.
Drivers who are shopping on a budget can make sure that they will stick to it by securing a car loan ahead of time. This can also be a useful negotiation tool, as dealers may be more likely to cut a deal if the car financing is already taken care of and the sale is more of a guarantee.