Buying a car can be a big decision, especially if the purchase involves setting up a car loan. In many respects, timing is everything. Drivers who are considering a new vehicle may be interested to know that the summer months are a perfect time to buy a new vehicle.
According to Bloomberg, analysts believe that July will be the best month of the year so far, with an estimated 11.9 million deliveries for the month expected to be reported tomorrow. Should this mark be hit, it would represent a 5.3 percent increase over 2009 and be the best month for overall auto sales since August of 2009, when Cash For Clunkers helped spike sales nationwide.
The reason? Many automakers are offering “closeout sales,” which is when they sell off the previous year’s models at reduced rates in order to make way for the new redesigns. According to TrueCar.com, the industry’s discounts this summer are 3.8 percent higher than the previous year, making it a great time to get into a new vehicle.
Some popular models due for a redesign include the Ford Explorer and Volkswagen Jetta. Drivers with bad credit should consider applying for car loans now in order to be sure they can take advantage of these discounts.