The Best Time to Buy or Lease a Car
Shopping for a new car at the end of the month could save you thousands of dollars - that's according to an article this week on KBB.com - which I highly recommend you read.
The article shows how manufacturers sometimes add unpublicized dealer incentives during mid-to-late month to sweeten retail deals and push slow-selling models.
Simply, negotiating a price at the beginning of the month and then returning to that same dealer at the end of the month to renegotiate the price for that same, exact model could result in significant savings - a tactic I highly recommend if you're not pressed for time.
Brad Korner, general manager of AIS Rebates, suggests negotiating the price for two or three vehicles at the beginning of the month “in the event one sells there (likely) is still a backup.” This strategy can be used whether buying or leasing a vehicle, and has been shown to save as much as $2,500 in some cases.
In the KBB article, an Illinois Chevrolet dealer reveals how GM announced a wave of automaker-to-dealer incentives at the beginning of last month and then changed the program in the middle of the month, then changed it again on the 20th because sales were so bad.
If you purchased a Chevrolet at the beginning of the month, you likely didn't get as good a deal as those who waited until the last week.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid