When is the Best Time to Purchase a Vehicle?
Posted on: 30Dec,2015
When it comes to shopping for a vehicle and eventually purchasing one, there is no single individual in the marketplace that is not looking for the best value for their money. In other words, everyone wants the best deal possible. That’s all well and good because in today’s economy, there are a lot of auto dealers that are willing to bend over backwards to earn your business. However, one thing you want to be aware of is that timing plays a key role in determining how good of deal you get when purchasing your next vehicle.
Granted, there is not an auto dealership in the industry today that doesn’t encourage their salespeople to meet some type of monthly quota. In fact, no salesperson will last very long at any dealership if they don’t make those monthly quotas. Meeting their quotas results in bigger commission checks, exceeding their sales goals, and being rewarded with bonuses. In many instances, this is one of those times when the consumer can really save when purchasing a vehicle.
Best Times to Buy
If you’re shopping for a new or used vehicle, you might want to keep the following statistics and tips in mind before making your decision:
• Do your shopping at month’s end – sometimes waiting until the end of the quarter is even more beneficial. The reason for this is that this is the time when many dealers or salespeople have the last chance to qualify for certain bonuses. Although you cannot always predict a dealership’s fiscal sales periods, it’s still worth making an effort to see if any dealership is hungry for more business during these times.
• Shop earlier in the week – one of the first rules of thumb regarding the purchase of a vehicle is that you should never shop for a vehicle on the weekends. If is better to do your shopping by Wednesday at the latest as many dealerships start gearing up for weekend sales the next day. Plus, you’ll avoid the crowds and will have more time to spend grilling that salesperson. On the weekends, you may be waiting for any service because all the salespeople will most likely be busy.
• Try to take advantage of end-of-the-year savings – dealerships are always trying to make their year-end quotas as the next year is approaching because it helps the dealer to reduce the amount of fees and taxes that they have to pay on any remaining inventory. It’s a win-win-win situation for the dealer and the buyer. The buyer gets a great deal and the dealer benefits by paying lower fees and taxes plus, they make room for new inventory. And that new inventory arrives earlier and earlier every prior calendar year.
• Wait until late in the day to make the dealer an offer – believe it or not, most auto salespeople are ready to call it a day the closer quitting time gets. In most cases, they don’t want to spend a lot of time negotiating any deals. This is the time to be serious about purchasing a vehicle and not just casually browsing around. Be sure you have done all the necessary research, know exactly what you are looking for, and most importantly, be prepared to make a reasonable offer. You might be surprised how quickly you get a “YES.”
What you need to remember is that the best time to hunt for auto deals is when the demand for a particular vehicle has dropped off, especially during bouts with bad weather. Not many consumers want to go shopping in rainy or snowy conditions, but the smart ones do and are oftentimes rewarded with significant savings.
The Worst Time to Buy
It’s only fair that we provide you with a head’s up on the worst time to purchase a new or used vehicle. Different research studies have shown that springtime is typically the worst time to purchase any vehicle. Most people are going out more often since the weather is nicer, plus a lot of consumers have gotten their refund checks and those are now burning a hole in their wallets. The bottom line is that there are more consumers out shopping for and purchasing vehicles so most dealerships don’t need to offer the discounts that they would other times of the year.