Last week, I gave you the exact systems to help you negotiate lower auto insurance rates. Now, I want to talk about another aspect of buying a car that many don’t consider: very good time of year to buy a auto.
The best time of year to buy a automobile( aka the thing salespeople don’t want to tell you ) What if I can’t wait that long ? Are Labor Day/ Memorial Day/ 4th of July/ Hanukkah blowout sales a scam ? The best day of the week to buy a auto More ways to save money on buying a car How to buy the car of your dreams with conscious spending
So what is the best time of year to buy a vehicle? The answer is surprisingly simple as long as you understand car salespeople.
The best time of year to buy a automobile( aka the number one thing salespeople don’t want to tell you)
For starters, the absolute best month is December.
To understand why December is the absolute best time to buy a automobile, you need to first understand the process and mentality of the humble car salesmen.
Like any other salespeople, they have quotums. A Lot of quotas. They often come in the shape of monthly, quarterly, and yearly goals for the number of cars they have to hit.
This means that your car purchase could determine the difference between their dealership reaching their marketings objective and the salesperson receiving a nice annual bonus or…well , not doing those things.
That’s why December( more specifically, the last week of the month) is the best time of year to buy a auto. To take it a step further, you should see if you can negotiate a vehicle deal on December 31 st, New Year’s Eve.
According to TrueCar, you can actually end up saving up to 8.3% off the price of a new auto if you visit the dealership on New Year’s Eve instead of any other day. This is because this is the last day a merchant has in order to build both their quarterly AND yearly aims. As such, they have a fat bonus on the line so they want to get the cars out the door as soon as possible.
Let’s say you were looking at a nice used auto going for about $20,000. If you ran in on New Year’s Eve, you stand to slash $1,660 simply because you ran in on that day alone. Imagine what you could earn if you compounded it with great negotiation tactics.
What if I can’t wait for December to buy a automobile?
Sometimes, you merely need the car sooner rather than later. If this is the case, you can still get a great deal by buying on the last day of another quota.
The next best thing to the end of the year is the end of the quarter. For those of you who don’t think in financial one-quarters, this basically entails 😛 TAGEND
March 31 st( last day of Q1) June 30 th( last day of Q2) September 30 th( last day of Q3) And of course, December 31 st( last day of the year, and Q4)
You’ll get a good deal anytime during the last week of a quarter, but it’s best if you can go on the exact last day.
If that’s still too long to wait, then the next best thing is to go on the last day of the month.
“When a vehicle needs assistance selling, the end of the month is a good time to buy if negotiating the vehicle yourself, ” he says. “Because marketings managers at dealerships have a monthly quota to make and get compensated on whether they hit it or not.”
If you can’t wait until the end of the month … then you need to take a hard look at your life! Going on the last day of any devoted week isn’t going to be much more beneficial than normal, if at all. In fact, Sunday is one of the worst days for savings( more on the best day of the week below ).
My local dealership “re gonna have a” Labor Day/ Memorial Day/ 4th of July/ Hanukkah blowout sale. Is this a scam?
While those huge blowout sale days might seem more like slick advertising than anything else, they actually offer solid savings if you choose to buy then.
According to Autotrader.com, many car companies offer cash-back bargains and good financing for holiday weekends — which allowed by dealers to take advantage and try to lure you in to buy a car with marketings.
So instead of heading to your buddy’s BBQ for Labor Day weekend, you might want to make a trip down to the car dealer to see what sweet deals you can snag. Then, of course, go to the BBQ after in your new ride.
The best day of the week to buy a vehicle
If you want to further optimize your savings on a car buy, buy your car on a Monday.
Most people do their car shopping on the weekend. Not many think about going to a auto dealership in the middle of a Monday ready to negotiate.
On average, people save up to. 61% more when buying a car on a Monday than Sunday( the worst day of the week to buy a automobile ). This is likely to be chalked up to the fact that EVERYONE goes to buy a auto on Sunday.
Check out the chart below to see the average savings on the market price of a car by day.
( Source: TrueCar.com)
If the stars align for the last day of the month to fall on a Monday, you can get even more leverage. In 2019, September 30 th( the end of Q3) is a Monday!
The dos and don’ts for purchasing a auto
If you want to maximize your savings even more, there are a number of things that you should do( and a whole lot you should avoid) when it comes to purchasing a car.
Do buy a good vehicle that’ll last you at least 10 years
Many people — especially you younger folks reading this — are going to want to prioritize the style a vehicle seems over anything else. Instead, you should be focusing on getting a good vehicle that you will be able to drive for a while( preferably around 10 years ).
Cars are long-term investments, people !! This isn’t like a pair of shoes where you’re just going to wear them for a year or two before get a new pair. And like a pair of shoes, a automobile merely gets worse and less valuable over time. Here’s a complicated graph explaining this.
So look for a good dependable car and definitely don’t do what this reader tried doing.
DO analyse recent graduate incentives
A lot of automobile dealerships and automakers have fantastic programs for first-time car buyers fresh out of college. These incentives often come in the form of great rebates or special financing for new grads with good credit.
Two ways to find these bargains 😛 TAGEND
Google it. This should really be the first step to anything. Do a simple Google search for recent-graduate car incentive program. Actually, I’ll simply do it for you.
Ask the merchant. When you’re negotiating with your dealership, be sure to ask them what they offer in the way of new alumnu car incentives.
DON’T assume you have to buy a used vehicle
Buying used isn’t the only way to save money on a automobile. Over the long term, a new auto might actually end up saving you money if you 😛 TAGEND
Pick the right new car Negotiate a low price Drive it for a very long time
I’d rather you get a new automobile that’s reliable than buying a used auto that’ll break down sooner.
DON’T stretch your budget for a automobile
Set a realistic goal budget for your automobile and don’t go over it. Other expenses will come up — perhaps vehicle associated, maybe not. You don’t want to end up struggling because you can’t afford your monthly auto pay.
You don’t have to worry about stretching, though, if you have one thing in place: A Conscious Spending Plan.
Buy the car of your dreamings with conscious spending
Though heading to the dealership during the best time of year to buy a car is a great way to save money, you can make sure you have even more money to get the car of your dreamings in the process of implementing a Conscious Spending Plan.
The typical style people look at saving fund for a big purchase like a car typically goes like this 😛 TAGEND
Step 1: Cut out things like lattes and buying lunch every day in the hopes of saving enough money.
Step 2: Occasionally set a few dollars into your savings account.
Step 3: Cave and go back to buying lunch and lattes every day.
Step 4: Stop saving money for a vehicle at all, feel bad for yourself, and should be going to step 1.
What if I told you there was a system that allows you to know EXACTLY how much you can spend each month, helps automate your savings so you don’t have to do it, and allows you to keep buying your favorite latte every day?
That’s what the Conscious Spending Plan is. This is the exact same system my friend has used to spend five grand a year on shoes.
I can feel your eye-rolling judgment through the computer screen now. How can anyone in their right mind spend so much on shoes per year?
Well consider this:
She makes a healthy salary. She doesn’t spend much on other things. She has a system in place that allows her to know exactly how much she can spend each month.
But most importantly: She simply freaking loves shoes.
And her system allows her to buy 10- 15 pairs of shoes each month — with each of them costing around $300- $500 a pair.
After investing in her 401 k and paying off her fixed monthly pays like rent and utilities, why wouldn’t she use her fund to buy the things she loves?
You can use the same system to buy a automobile. Imagine being able to walk into the dealer and driving off the lot in the car of your dreams, resting easy in the fact that you were able to pay for it.
That’s why I want to offer you a free chapter of my New York Times best-selling book I Will Teach You To Be Rich.
In it, you’ll find the exact system you can use that’ll help you both earn more money and start saving for an awesome car.
Enter your information below and get the chapter for free today.
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