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.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow 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