Yes, There Is a Best Time of Year to Buy a New Car
Kanebridge News
Share Button

Yes, There Is a Best Time of Year to Buy a New Car

Here are the weeks to mark on your calendar if you’re car shopping with a discount in mind

By PERRI ORMONT BLUMBERG
Mon, Oct 23, 2023 10:08amGrey Clock 3 min

You can save thousands of dollars on a new car by buying at the right time of year.

Typically, the best time to shop for a new car is when the new version of that same vehicle is about to go on sale, so dealerships will want to clear space for the new models. The closer you get to the new model’s arrival date, the more you can save on older models, said Lori Wittman, president of retail solutions for Cox Automotive.

“Savvy buyers who time their purchases around redesign releases, year-end clearances, tax season or other demand shifts can secure substantial savings,” said Zach Klempf, chief executive of Selly Automotive, a San Francisco-based software company.

This guide explains which weeks to mark on your calendar if you’re shopping for discounts on a car, and why these strategies hold true year after year.

  • What are the best months to start car shopping?
  • When are the best times of year to get a deal on a car?
  • What are the best months for buying electric vehicles (EV)?
  • If there is one best day of the year to buy a car…

What are the best months to start car shopping?

If buying the latest model or a specific color or trim isn’t a top concern, start car shopping in August.

Car buying is not unlike buying an iPhone: When new iPhones are released, old models will drop in price. Cars take up a lot more space than an iPhone, though, so dealerships tend to start discounting in the summer—a few months before new models arrive—to clear out inventory.

“Traditionally, automakers retool their factories for the new models in the summer, so that makes August, September and October a good time to shop for an earlier model,” said Wittman.

Look for cash-back programs and other incentives as manufacturers start clearing out their inventory, said Klempf.

“We’re currently seeing incentives return with strong interest rates and deep discounts on 2023 inventory,” said Wittman.

Start paying attention in the fall, from September to December. New models are typically released in the fall of the preceding year, with 2024 models announced in the fall 2023 and start arriving in October. For new car models released in the fall, dealerships will typically have units on-hand for same-day delivery.

When are the best times of year to get a deal on a car?

Big holiday “sales” at dealerships—think Memorial Day and Labor Day—are more of a marketing gimmick than an actual chance for deep discounts, according to Nathan MacAlpine, the founder of CarMate, a Los Angeles-based car brokership.

For used cars, MacAlpine said tax season, from early April to early May, is a sweet spot for buyers. When people get their tax refund back in the spring, a lot of them go car shopping. Dealerships compete for customers by offering deals.

“Just after tax time, I always find it’s busy on my end of selling cars, which means there are more discounts,” said MacAlpine.

What are the best months for buying electric vehicles (EV)?

EV sales are seasonal, too. The months leading up to the end of the year tend to be a popular time for EV buyers who want to take advantage of tax benefits before they expire, said Klempf.

Next year, this will be less of a problem: EV buyers will get up to $7,500 off the purchase right at the dealership, rather than wait months until filing their tax return to get the credit.

If there is one best day of the year to buy a car…

To time your car purchase for maximum savings, Cox Automotive’s Wittman recommends marking some dates on your calendar.

“The end of the month, the end of a quarter or the end of the year are also good times to find deals on both new and used cars,” said Wittman. Salespeople are under pressure to hit sales quotas at those times to earn bonuses for high sales volume, and they’re more likely to offer discounts to get deals done.

“My personal favorite time to buy a car is on the last day of a calendar year, in the evening,” said Klempf of Selly Automotive.

He personally helped family members secure end-of-year deals on Toyota vehicles, such as a gold-colored Camry, a hue that wasn’t in high demand. “We managed to negotiate a discount of nearly 20% on the car,” he said of the purchase, which was made near close of business in December. The dealership explicitly told them that they were striving to hit their sales quota.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
‘Are There Any Parisians Left?’ The Olympics Have Residents Fleeing the City.
By KATE TALERICO 26/07/2024
Lifestyle
Alexa Is in Millions of Households—and Amazon Is Losing Billions
By DANA MATTIOLI 24/07/2024
Lifestyle
Is ‘Rizz’ the Secret to Getting Ahead at Work?
By Rachel Feintzeig 22/07/2024
‘Are There Any Parisians Left?’ The Olympics Have Residents Fleeing the City.
By KATE TALERICO
Fri, Jul 26, 2024 4 min

As Paris makes its final preparations for the Olympic games, its residents are busy with their own—packing their suitcases, confirming their reservations, and getting out of town.

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country. Hotels and holiday rentals in some of France’s most popular vacation destinations—from the French Riviera in the south to the beaches of Normandy in the north—say they are expecting massive crowds this year in advance of the Olympics. The games will run from July 26-Aug. 1.

“It’s already a major holiday season for us, and beyond that, we have the Olympics,” says Stéphane Personeni, general manager of the Lily of the Valley hotel in Saint Tropez. “People began booking early this year.”

Personeni’s hotel typically has no issues filling its rooms each summer—by May of each year, the luxury hotel typically finds itself completely booked out for the months of July and August. But this year, the 53-room hotel began filling up for summer reservations in February.

“We told our regular guests that everything—hotels, apartments, villas—are going to be hard to find this summer,” Personeni says. His neighbours around Saint Tropez say they’re similarly booked up.

As of March, the online marketplace Gens de Confiance (“Trusted People”), saw a 50% increase in reservations from Parisians seeking vacation rentals outside the capital during the Olympics.

Already, August is a popular vacation time for the French. With a minimum of five weeks of vacation mandated by law, many decide to take the entire month off, renting out villas in beachside destinations for longer periods.

But beyond the typical August travel, the Olympics are having a real impact, says Bertille Marchal, a spokesperson for Gens de Confiance.

“We’ve seen nearly three times more reservations for the dates of the Olympics than the following two weeks,” Marchal says. “The increase is definitely linked to the Olympic Games.”

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country.
Getty Images

According to the site, the most sought-out vacation destinations are Morbihan and Loire-Atlantique, a seaside region in the northwest; le Var, a coastal area within the southeast of France along the Côte d’Azur; and the island of Corsica in the Mediterranean.

Meanwhile, the Olympics haven’t necessarily been a boon to foreign tourism in the country. Many tourists who might have otherwise come to France are avoiding it this year in favour of other European capitals. In Paris, demand for stays at high-end hotels has collapsed, with bookings down 50% in July compared to last year, according to UMIH Prestige, which represents hotels charging at least €800 ($865) a night for rooms.

Earlier this year, high-end restaurants and concierges said the Olympics might even be an opportunity to score a hard-get-seat at the city’s fine dining.

In the Occitanie region in southwest France, the overall number of reservations this summer hasn’t changed much from last year, says Vincent Gare, president of the regional tourism committee there.

“But looking further at the numbers, we do see an increase in the clientele coming from the Paris region,” Gare told Le Figaro, noting that the increase in reservations has fallen directly on the dates of the Olympic games.

Michel Barré, a retiree living in Paris’s Le Marais neighbourhood, is one of those opting for the beach rather than the opening ceremony. In January, he booked a stay in Normandy for two weeks.

“Even though it’s a major European capital, Paris is still a small city—it’s a massive effort to host all of these events,” Barré says. “The Olympics are going to be a mess.”

More than anything, he just wants some calm after an event-filled summer in Paris, which just before the Olympics experienced the drama of a snap election called by Macron.

“It’s been a hectic summer here,” he says.

Hotels and holiday rentals in some of France’s most popular vacation destinations say they are expecting massive crowds this year in advance of the Olympics.
AFP via Getty Images

Parisians—Barré included—feel that the city, by over-catering to its tourists, is driving out many residents.

Parts of the Seine—usually one of the most popular summertime hangout spots —have been closed off for weeks as the city installs bleachers and Olympics signage. In certain neighbourhoods, residents will need to scan a QR code with police to access their own apartments. And from the Olympics to Sept. 8, Paris is nearly doubling the price of transit tickets from €2.15 to €4 per ride.

The city’s clear willingness to capitalise on its tourists has motivated some residents to do the same. In March, the number of active Airbnb listings in Paris reached an all-time high as hosts rushed to list their apartments. Listings grew 40% from the same time last year, according to the company.

With their regular clients taking off, Parisian restaurants and merchants are complaining that business is down.

“Are there any Parisians left in Paris?” Alaine Fontaine, president of the restaurant industry association, told the radio station Franceinfo on Sunday. “For the last three weeks, there haven’t been any here.”

Still, for all the talk of those leaving, there are plenty who have decided to stick around.

Jay Swanson, an American expat and YouTuber, can’t imagine leaving during the Olympics—he secured his tickets to see ping pong and volleyball last year. He’s also less concerned about the crowds and road closures than others, having just put together a series of videos explaining how to navigate Paris during the games.

“It’s been 100 years since the Games came to Paris; when else will we get a chance to host the world like this?” Swanson says. “So many Parisians are leaving and tourism is down, so not only will it be quiet but the only people left will be here for a party.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
China’s Housing Market Woes Deepen Despite Stimulus
By REBECCA FENG 18/06/2024
Lifestyle
A Travel Plan for Couples Who Don’t Agree on How to Travel
By Dawn Gilbertson 17/07/2024
Property
Knight Frank and Bayleys acquires third largest real estate firm in Australia
By Robyn Willis 28/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop