There are many myths going around as to the best time of month to buy a car. Some will even tell you that a rainy day is the best time because there won’t be many other shoppers around and salespeople will be eager to sell something. But that cuts both ways. If a salesperson sees you sloshing around in the wet, he’ll think you need a car so urgently that you won’t notice or care if the price goes up.
Others will tell you that a holiday period is a good time because business is slow then, but again, the dealer knows the holidays are coming up and will probably factor that into his price. Another tale has it that early in the week is a good time to buy because most people buy at a weekend when they have no work commitments. This is supposed to be a busy time for the dealer, but early in the week he will have more time to give you. He may also have more time to figure out how he can get a better price.
Now most dealers have a quota of sales they need to fill and it runs per month, so what if they are short of their quota and the month is nearing its end? You figure they could be looking for ways and means to get rid of a few more cars and meet their quota? You’ve got it! Dealerships often work on a quota from the factory and the factory will give them bonuses like holidays or significant rebates for selling a certain number of cars. So if they are under their quota, they will be desperate to sell in that last week or even the last few days. This could give you an advantage, as they are likely to offer you a really great deal. They are not really losing on that big discount, as they will make it up in their factory bonus.
End of the model year is also a good time to purchase a car. Dealers are anxious to get rid of the old models before the new ones come out and this can translate into some surprisingly good deals for the buyer. Check out Edmunds.com for Incentives and Rebates to find out about low interest, customer cash rebates and dealer cash.
But while you are trying to figure out the best time of the month to buy that car, remember that the best time is probably when you need one and after you’ve done all your research.