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You’re ready to buy a car: You’ve done the research; you’ve considered your budget; and you have the money for a down payment. Now, you just need the best deal possible.
That’s when timing can make a huge difference. Making your purchase at the right time of year could save you hundreds or even thousands of dollars. Here are three great times to buy a car.
Memorial Day weekend typically is a good time to buy a new vehicle. Why? Because the holiday marks the convergence of a few factors that mean bargains for buyers.
Not sure if you should buy a new or used car? Here are 4 factors to consider.
Read moreIn recent years, carmakers have begun releasing new models ahead of the traditional fall schedule—sometimes as early as June—to beat their competitors to market. To make room for those incoming models, manufacturers offer enticing rebates and dealers cut prices on the outgoing models.
The holiday comes on the last weekend in May. Many dealerships set monthly sales goals for their employees, so the last week of the month is when salespeople are most willing to make deals to meet their goals.
Many automakers offer military discounts year-round. But some boost those discounts in May to give service members an extra thank you, in honor of Memorial Day. These discounts aren’t always publicized, so eligible shoppers should inquire.
If you’re planning to buy a new vehicle, but don’t want to wait until the end of the year, the traditional end of the model year can bring great savings.
According TrueCar, August is one of the best months in which to buy a new car. That’s because automakers are introducing next year’s models. Accordingly, local car dealers are eager to get rid of the “old” ones to make room on their lots for the “new” ones, and they can offer price flexibility and incentives.
As a result, TrueCar says the average transaction price in August historically is about 2.4 percent lower than during the rest of the year. So when should you go during the month? While the last few days are a great time to buy, the first couple of days prove to be even better, according to TrueCar’s research. There’s an average of $390 in savings over the remainder of the month.
As the calendar year comes to a close, sales goals are closing and savings are in abundance. Many shoppers are also focused on other matters—holiday shopping and traveling—so showrooms aren’t as busy. There’s plenty of incentive for dealerships to move cars off the lot.
The last week of December also holds a unique double advantage. Dealers are required to hit a quota or sell a certain number by the end of the month—and by the end of the year. That can mean even bigger savings for customers.
New or old
If now is the right time for you to get a new car, AAA Auto Buying offers expert insights, price comparison and more.
This information is being provided for general informational purposes only. The Auto Club Group does not assume any liability in connection with providing this information.
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1Cash back can be redeemed in the form of a statement credit or ACH deposit ($25 cash back minimum redemption). Cash back is not earned on business related transactions or activities. You may not redeem cash back, and you will immediately lose all of your cash back, if your account is closed to future transactions (including, but not limited to, due to Program misuse, failure to pay, bankruptcy, or death). Cash back will expire at 11:00 p.m. Central Time on the last day of the calendar quarter that is five (5) years from the date on which they are earned. Account must be open and in good standing to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement for additional information. Cash back is earned on eligible net purchases. Net purchases are purchases minus credits and returns. Not all transactions are eligible to earn cash back, such as Advances, Balance Transfers, and Convenience Checks and other advance transactions as defined in the Cardmember Agreement, as well as interest charges and fees do not qualify. U.S. Bank cannot control how merchants classify their business or transactions and reserves the right to determine which Purchases will qualify in which category. Earn 2% per dollar for qualifying net purchases made with the card through any participating AAA Club when AAA is the merchant of record, on qualifying net insurance purchases (MCC = 6300) and at eligible retail travel merchants. AAA Clubs located in Northern California, Nevada and Utah are not participating AAA Clubs and purchases made at those clubs will not qualify for 2%. Earn 4% per dollar for qualifying net purchases on AAA purchases, travel and insurance for your first 6 months up to $6,000. After that, earn cash back in the standard 2% category. Foreign Transaction Fee: None.
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*Annual Percentage Yield (APY) is valid as of 11/26/2024. Personal accounts only. Rates are variable and may change without prior notice. $100 minimum balance to open and avoid fees. Fees may reduce earnings. $250,000 maximum opening deposit when account is opened online. After online opening deposit is verified, you may deposit additional funds to your account. $500,000 maximum balance. Auto Club Trust, FSB.
**Annual Percentage Yield (APY) is accurate as of 11/26/2024. Rates are variable and may change without prior notice. Interest rates are fixed until initial maturity after the account is opened. A $1,500 minimum deposit to open the account and obtain the APY is required. A penalty may be imposed for early withdrawal. Fees may reduce earnings. Personal accounts only.
†Annual Percentage Rate (APR). Rates and terms effective as of 10/11/2024. APR is accurate as of 10/11/2024. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Offer valid on personal vehicle loans only. Criteria to receive the stated APR: Loan term 48 months or less new or used, model year 2018 – 2024 with a credit score of 720 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. Auto Club Trust, FSB uses a managed credit program and final APR is dependent on your credit score. An auto loan with an APR of 5.49% for a $20,000 loan at a term of 48 months, your estimated monthly payment would be $465. An auto loan with an APR of 5.74% for a $20,000 loan at a term of 48 months, your estimated payment would be $467. Private party sales will not be financed.
††Terms and Conditions apply. Offer valid for loans on vehicles purchased through the AAA Auto Buying Program from a TrueCar, Inc. (TrueCar) Certified Dealer; and approved and funded by Auto Club Trust, FSB. Applicant must submit the Member Price Summary provided by TrueCar during the application process. Must be an active AAA member to receive the additional TrueCar discounted rate. Loans offered by Auto Club Trust, FSB. Equal Opportunity Lender.
Member Savings currently not available in all states. In these states a "Target Price" is presented, which reflects a market-based example of what you can reasonably expect to pay for a vehicle configured with your desired options. Your configured vehicle may not be available or in-stock at the Certified Dealer.
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