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
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.
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Prepare yourself for the year of the peach
2 min
Pantone has released its 2024 Colour of the Year — and it’s warm and fuzzy.
Peach Fuzz has been named as the colour to sum up the year ahead, chosen to imbue a sense of “kindness and tenderness, communicating a message of caring and sharing, community and collaboration” said vice president of the Pantone Color Institute, Laurie Pressman.
“A warm and cosy shade highlighting our desire for togetherness with others or for enjoying a moment of stillness and the feeling of sanctuary this creates, PANTONE 13-1023 Peach Fuzz presents a fresh approach to a new softness,” she said.
The choice of a soft pastel will come as little surprise to those who follow the Pantone releases, which are often a reflection of world affairs and community mood. Typically, when economies are buoyant and international security is assured, colours tend to the bolder spectrum. Given the ongoing war in Ukraine, the Israeli-Gaza conflict and talk of recession in many countries, the choice of a softer, more reassuring colour is predictable.
“At a time of turmoil in many aspects of our lives, our need for nurturing, empathy and compassion grows ever stronger as does our imaginings of a more peaceful future,” she said. “We are reminded that a vital part of living a full life is having the good health, stamina, and strength to enjoy it.”
The colour also reflects a desire to turn inward and exercise self care in an increasingly frenetic world.
“As we navigate the present and build toward a new world, we are reevaluating what is important,” she said. “Reframing how we want to live, we are expressing ourselves with greater intentionality and consideration.
“Recalibrating our priorities to align with our internal values, we are focusing on health and wellbeing, both mental and physical, and cherishing what’s special — the warmth and comfort of spending time with friends and family, or simply taking a moment of time to ourselves.”
Each year since 2000, Pantone has released a colour of the year as a trendsetting tool for marketers and branding agents. It is widely taken up in the fashion and interior design industries, influencing collections across the spectrum.
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
