Buying a used car can be a stressful endeavor. And shelling out thousands of dollars for a brand new one doesn’t make it any easier. From the downpayment, the loan agreement, haggling with the salesperson, and finding a car that makes you happy, there are many potential pitfalls you may encounter.
Luckily, it’s not as hard as it sounds and we’re here to help guide you so you can get the best bang for your buck. So if you’re wondering when is the best time to buy a used car, read on to learn a few strategies!
Weekends are the busiest time of the week at car dealerships. This is when dealers hold sales and capitalize on their advertising efforts. They’ll tend to keep profits because if you don’t buy the car, there is another buyer right behind you.
The middle of the week, Tuesdays and Wednesdays, are the best time to buy a car. Traffic is slower because most people work during the week and are not out car shopping. You are more likely to negotiate a better deal on these days as the sales staff will do whatever it takes to make a sale on slow days.
End of the Month
Shoot for the last day or two of the month. This is when salespersons are trying to hit their sales quota.
Why are salespeople so eager to hit their quota? It’s usually tied to their payment. If they qualify for their sales bonus only after selling, say 50 cars that month, and only need one more to hit the quota, they’ll be more likely to cut you a deal in order to make the sale.
In the Offseason
When buying a used car from a dealer, consider what is currently in demand. SUVs and truck sales typically go up in early winter months and in the fall during the back to school season.
If you’ve had your eyes on a convertible, buy it in the winter when no one else is thinking about them. The demand for the car will be less and you’ll be able to buy it for a lower price.
Keep your eye on the new car market trends as well. If a bunch of great new cars are flooding the market then there will also be lots of trade-ins to choose from.
End of the Year
Dealers offer the highest incentives to buy a car towards the end of the year. This is the time when dealers try to get rid of old inventory and make room for the new. Combining the last day of the month in October, November or December, will increase your chances of getting a great deal on a used car.
While the deals are greater, the inventory also starts to thin out, so you may not get exactly what you’re looking for.
The Best Time to Buy a Used Car Is Before You Need One
Give yourself time to do research and plan your shopping day for one of these ideal times. Contact us if you have any questions about how to buy a new car. The best time to buy a used car is when you’re ready! We are happy to help and happy to show you our current inventory.