Believe it or not, the time of year (and even the time of day!) can make a big difference in how much you pay for a new vehicle.
While there is technically never a bad time to buy a car in Canada, there are some specific times when you may see reductions in vehicle prices. Below, we’ll tell you all about the best times to buy a car to make sure you’re getting the best deal for your money.
WHAT IS THE BEST TIME OF YEAR TO BUY A VEHICLE?
In general. the best time of year to buy a car is at the end of the calendar year as it often brings year-end sales events and clearouts. If you’re looking for the best deal, you should plan to shop in December. Since dealerships are trying to clear out the previous year’s cars and hold lots of sales before year-end, you may be in luck if you shop during this time.
WHAT IS THE BEST MONTH TO BUY A VEHICLE?
If you’re looking for the months with the best deals, we recommend October, November or December. These are the most discounted months of the year since dealerships are trying to clear out the past year’s stock before bringing in new inventory. Chances are, they’re trying to make sales quotas and may be willing to offer you a better deal to get the car off the lot.
WHAT IS THE BEST DAY TO BUY A VEHICLE?
The best time to buy is usually at the end of the month since dealerships are trying to clear out older models or the previous month’s showroom. The best day of the week to buy a car depends on how busy the dealership is. Since dealerships are usually busiest on the weekend, we recommend buying a car on Monday or Tuesday – at the beginning of the week. This is typically when dealerships are the least busy, meaning salespeople can give you more attention and time. You won’t feel rushed as you browse your options, ask questions and negotiate your deal.
3 MORE IDEAL TIMES TO BUY A CAR
Near closing time. Last-minute car shopping might seem like a bad idea, but if you call ahead and book an appointment, you might just land yourself a great deal. Like the rest of us, salespeople look forward to heading home after a busy day. So, if you’re serious about purchasing a vehicle, they may be willing to drop the price if it means they can wrap a sale before the day’s end.
However, be mindful that this only works to your advantage if you call ahead to let them know you are coming. If you show up right before close to browse and ask a lot of questions, you likely won’t be offered a better deal.
End of the car’s design cycle. When manufacturers think it’s time to upgrade their latest model, they’ll put it through a redesign. This means the current model is nearing the end of its design life cycle. Dealerships will want to clear out last year’s model and will drop the price to do so. This means you might not get as many updated features as the redesigned model, but you’ll still end up with a great vehicle at a great price.
End of the car’s life cycle. Another great time to buy is when car models are being discontinued. If you’re planning on keeping your car for a while before selling, then any vehicle depreciation shouldn’t affect you in the short term. This is a great time for you to buy if you’re looking for a deal and don’t mind getting a discontinued model.
CONSIDERING A USED CAR? HERE ARE THE 3 BEST TIMES TO BUY ONE
Beginning & end of the year. The best time of year to buy a used car is at the beginning and end of the year. This is because dealerships want to make room for the new arrivals and later models, meaning that used cars will be older when the year turns. The dealership might be looking to hit the target on selling vehicles and in turn, be more open for negotiation. The beginning of the year in Canada (especially March) is good timing because dealerships are looking to sell their winter inventory and make room for the vehicles they’ll be receiving for the new season.
Holidays & long weekends. Black Friday isn’t just for retail! Dealerships also use these holidays to create sales events with discounts, free add-ons and finance incentives. Long weekends are also a popular time for similar incentives and deals. If you’re planning on stopping in during these busy times, make sure you’ve done a decent amount of research and preparation beforehand as the dealerships will likely be packed, especially on holidays like Boxing Day. This holiday takes place at the end of the month and at the end of a financial quarter, which means it’ll be especially busy! In these cases, you’ll have to evaluate if it’s worth it for you to take the time at the dealership or wait to buy during a less busy time.
During dealership incentives. Of course, it makes sense that if you shop during a special incentive, you’ll get a good deal. However, it can be hard to predict when these incentives will run, making it harder to budget for your next vehicle purchase. That being said, it can be worth it to make the jump during an incentive as you may get special cash-back rebates, money-off discounts, loyalty programs, trade-in deals and even low-interest financing.
GET A CAR LOAN IN WINNIPEG
At Birchwood Credit, we want to help everyone find reliable transportation at any time of the year, regardless of their credit situation. We recognize there may be obstacles that make it challenging for you to get approved for auto financing with other banks and lenders. The good news is we specialize in helping car buyers with less-than-perfect credit (and even no credit history) get an auto loan with terms they can actually afford. We’re here to help you drive away in an affordable vehicle. Get started today!
