Best Times to Buy: Cars

If you're looking to buy a car in the next year or so, then you need to read this! 

Knowing when to buy your car can help you score a solid discount on the price of your vehicle and enjoy savings on your auto loan for years to come. 

Here’s when to get your car buying into gear.

May

After a slow winter and early spring, the auto industry tends to pick up speed in May. Automakers and dealers will start rolling out specials early in the month, offering discounts like cash-back and bargain-priced leases, which you can only get during this time of year. 

October

For the auto industry, the year starts in October. New and redesigned models are arriving at showrooms and dealerships this month. Take advantage of this lopsided calendar by shopping for a new car in October. You’ll find steep discounts on all older models as dealers make room for the incoming shipments. 

November

As autumn approaches, older models will continue to sell at discounted prices. Prices will likely drop even more than they did in October, though the selection will also be dwindling. 

December

The final month of the end-of-the-year car-buying frenzy brings lots of cash-back deals and great car financing options. You’ll find some older models still hanging around the lot at discounted prices and some newer vehicles that may have slightly lower prices. 

New Years

New Year’s Eve and Day are fabulous times to buy a car. End-of-year car sales reach their final peak on the first day of the year and are often coupled with attractive financing and lease deals from automakers. 

More great times to buy a car:

• Between design cycles. If you shop for a car right before it hits the end of its design cycle, which is approximately five years long, you can enjoy massive incentives and steep price cuts. 

• On Mondays. Weekends are usually the busiest time for dealerships. When business plunges on Mondays, they are more likely to offer discounts. 

• Three-day holiday weekends. In general, you’ll want to avoid shopping for cars on weekends, but three-day holiday weekends are the exception. You’ll find great car deals on Memorial Day, Labor Day, July 4th, and Presidents’ Day weekend.

If you want to buy a new set of wheels, read this guide first! Time your purchase right for significant savings. MSCU offers some of the best Auto Loan rates in Connecticut. Visit https://www.mscu.net/rates to learn more and apply!