When is the Best Time of Year to Buy a Car?

If you’re contemplating buying a new or used car, Classic Toyota from Tyler can help you prepare ahead of time. Understanding when is the best time of year to buy a car can save you money or afford you the ability to upgrade your vehicle choice. Learn about why car rates vary and when is the best time of year to buy a car.

Varying Car Rates

In a stable economy, you often pay less than the manufacturer’s suggested retail price (MSRP). The coronavirus pandemic brought about unplanned interruptions to the supply chain of car manufacturers and a shortage of computer semiconductor chips. This decrease in supply capacity and increase in demand resulted in higher vehicle purchase prices.

However, Toyota’s vehicle assembly plant in the state of Texas helps reduce transportation costs to Tyler, presenting you with an added price advantage of shopping in your hometown. Other expenses such as sales tax, registration fees, and car insurance vary in each state and also impact your affordability. Recognizing when is the best time of year to buy a car can save you a great deal of money and also reduce financing costs.

Let’s explore the best times to save on your new or used vehicle purchase below.

Best Days of the Week

Visit a car dealership early in the week for a less rushed shopping experience than on weekends. This allows you the time to negotiate a better car trade-in value, make informed inquiries in a relaxed environment, and provide access to loan solutions from financial institutions that aren’t open during the weekend. Mondays are busy if a car dealership is closed on a Sunday, so Tuesday is then the best option.

Three-Day Weekends

On three-day weekends, where Friday or Monday is a holiday, car dealerships offer matchless promotional deals and worthwhile incentives. Visit the Classic Toyota from Tyler car showroom earlier in the week to narrow down your vehicle selection, get all your questions answered, and test drive your favorite vehicles. On busy trading weekends, being prepared ensures you get the very best deal in the least amount of time.

The four most popular three-day weekends are Labor Day, President’s Day, Memorial Day, and the 4th of July. Labor Day and Memorial Day offer the best combination of promotional prices and vehicle selection of the four, but President’s Day and the 4th of July offer reasonable price reductions too.

Black Friday

Car dealerships now join traditional retailers with excellent discounts and incentives on Black Friday. Meeting year-end sales targets and clearing excess stock before model refreshes can motivate sales associates to offer even better deals. Investing in a new vehicle is a big decision, so do your research, test drive vehicles in the prior week, and arrange pre-approved financing beforehand to ensure a less hasty decision.

We recommend planning way ahead of Thanksgiving, as Black Friday deals often start the week before and sometimes continue throughout the weekend.

End of a Period

If you would like to drive away from a dealership with a great deal, consider the following five end-of periods.

End of the Month or Quarter

Sales associates are more inclined to offer you discounts towards the end of a month or quarter to meet their sales goals. Car dealerships often receive substantial quarterly incentives from car manufacturers, which also need to be met. This benefits you greatly if these sales goals and targets have yet to be achieved.

End of the Calendar Year

The end of the year sees huge price reductions, sweet cash-back deals, and often great financing options. Sales associates want to outperform yearly sales budgets, and car dealerships want to reduce their stock of older model vehicles. Secure the perfect vehicle at awesome prices with the added advantage of Christmas and New Year’s Eve promotional offers.

End of the Model Year

Car manufacturers refresh models each year toward the end of summer and introduce new models at the beginning of fall. Although dealerships offer discounts on outgoing models, compare the new features versus the features of the outgoing model before closing the deal. The more updated the look and features of the refreshed model, the greater the discount offered.

End of a Design Cycle

Manufacturers redesign models almost every three to five years. Whether you’re considering a family car, sports car, or off-road vehicle, the end of a design cycle offers the perfect solution. Savings on a redesign far outweigh driving a model with the latest technology, especially if you are on a budget. This also affords you extra cash to select from a wider choice of wheel and tire options.

End of a Life Cycle

From time to time, a car manufacturer discontinues a vehicle which signifies the end of its life cycle. These deals are often advertised way ahead of time. If you intend to keep your new car for an extended time, then you can secure substantial discounts, incentives, and even financing deals over this period.

Dealer Incentives and Rebates

Sometimes car dealers offer considerable promotions through cash-back incentives and affordable finance deals. Car manufacturers use these promotions to increase brand loyalty and improve sales of particular models. Dealer incentives and rebates offer the opportunity to buy within your budget, expand your vehicle choices, or secure shorter and more affordable finance options.

Prepare in Advance

The best time of year to buy a car is after you’ve thoroughly researched all your options. Prepare in advance to avoid unnecessary disappointment. Choosing the right model, knowing how much you can afford, and exploring different finance options will help you make the right choice.

Classic Toyota of Tyler takes pleasure in providing a relaxed and informed shopping experience. Contact us and allow our friendly auto experts to assist you in planning your next vehicle purchase. In the meantime, check out the specials on our website. We are here to serve you with new, used, and certified pre-owned vehicles to cruise around Tyler, Texas, in style.