USAA Bank can help make buying a car much easier. Let's get you started by exploring the right time to buy.
Article: 3 minutes
Updated: April 11, 2023 Published: January 29, 2018
If you're planning to buy a new car and have some flexibility on the timing, your choice of month, day or even hour may influence the deal you get.
Before we explore timing, it's important to stress that it's not as important as the work you do ahead of your trip to the dealer. Take your time and research car features, prices and lending options before you go for a test drive. For help getting started, follow our basic step-by-step guide.
Once you decide how much you can afford to spend, figure out car choices within your budget. Determine a value on your trade-in and consider getting a preapproval or prequalification for an auto loan.
Getting prequalified or preapproved is not required, though it may simplify car buying. Different lenders have varying definitions and processes for prequalifications and preapprovals. Be sure to check with your bank to see your options and use those as a comparison to lender options through the dealer.
With your homework done, it's time to visit your car dealer. Or is it?
Optimal timing comes down to one question: When is a dealer going to be most motivated to give up a little more to make a sale? You may get your biggest discount from sticker price in the fall and winter. This is possible for two reasons. First, that's a less busy time of year for most dealers. Second, they may be eager to unload inventory to make way for next year's models.
On the other hand, spring is less favorable. Dealership traffic picks up as shoppers who waited through winter for warmer car-shopping weather head out, many of them flush with extra spending cash from income tax refunds. It adds up to happy days for those dealers who see little need for extra discounts to reach their sales targets.
Of course, depending on your situation, it may not be practical to wait for months to buy your next car. Even so, you may still be able to use the calendar and the clock to your advantage.
If you really want to put timing on your side, you might try for a triple whammy: shopping late in the day on a Monday or Tuesday that coincides with the end of the month, quarter or year.
Remember, timing can help, but do your homework to determine your budget, car choices and financing options. Researching available incentives, rebates or warranty costs can also pay off whenever you do decide to visit the dealer.
Have a good understanding of a fair price for the vehicle you hope to buy. Don't be afraid if the dealer won't budge on price. It may be beneficial to wait instead for a better opportunity. Don't rush into a deal. Patience can be a great advantage when negotiating your car purchase.
Shop around. Even if you aren't seeing your dream car within your first trip to a dealer, there's a good chance you can find a vehicle to fit your needs if you're willing to be patient and shop around.