Buying a car is a huge investment much like buying a house. It requires much thought as you may plan on having this car for the next decade. Many people look for a good deal when purchasing a car. Buying the car you want for a good price is the ideal situation. This article is going to breakdown how to buy a car and get a deal as well as the best time to buy a car.
Buying a Car Considerations
Before purchasing a car, make sure that your credit is in order. Having bad credit can affect how much money you can save. When you have a credit score below 629, you will have to pay a higher interest rate. Fixing your credit is a great way to save on car payments. Selling your car is a great way to raise money for your new car and find out how much you can afford. Talk to different lenders before pulling the trigger. Different lenders have different interest rates for different credit scores. Test drive the cars you are interested in. Figure out if this is the vehicle you really want and if there is a way for you to save more money? Consider taking some money from your spending budget and putting it towards savings. If having a car is a luxury or your current car is fine, try to save as much as possible before getting a new car. By doing so, you may be able to go for a shorter loan period. This saves you money in the long-run because it translates to a lower interest rate.
Best Day of The Week to Buy a Car
Shopping for a car on the weekend is a bad idea. During the weekend your local car dealership can be quite crowded. This means the salespeople there are not really paying attention to you, so you are not able to negotiate a good deal. Monday is the best time to buy a car as it is very slow. There are maybe one or two people there, meaning you are more likely to get attention from the car salespeople. It also means you are able to make a good negotiation; you can save 8.10% on a Monday.
Best Day of the Month To Buy a Car
Typically, the 26th day of the month is the best time to buy. The salespeople at the dealership have quotas that they need to fill. Their sales deadlines are usually towards the end of the month but not on the last day as their schedule does not exactly sync up with the calendar month. The beginning of the month is not a good time to shop as that is when most people go car shopping. March, June, September, and December are the months you should consider as there are quarterly quotas for salespeople to fill as well. Specifically, choose the days toward the end of those months. Keep this in mind when shopping for a car at a dealership.
Best Day of the Year To Buy a Car
There are a few days that are the best time of year to buy a car. The months of October, November, and December are a good time to buy as it is the last quarter of the year and salespeople at the dealership have annual sales quotas to fill. Buying in December could mean saving 6.82%.
Major Holidays Best for Buying a Car
Major holidays like Memorial Day, Black Friday and New Year’s Eve are your best bet for getting a discounted car. Memorial Day is one of the best times of year to buy a car because the prices of cars are usually cut for the holiday promotion. Also, the following year’s model will already be out. You can save even more money if next year’s model is getting a major facelift or upgrade. Black Friday is also a good day to buy because of the huge sales on that day. However, the dealership can be quite crowded so a word of caution. Around New Year’s Eve may be the most important time because salespeople want to meet their quotas for the month, quarter, and year. Meeting their goals could mean a huge bonus for them. This incentive will motivate them to help you make the best deal.
Buying a Used Car vs Buying New Car
The Benefits of Buying Used Cars
Most people look at older cars because they are cheaper. Older cars today are in a much better condition than older cars 20 years ago. If the car is well-maintained, it can last for many years. Sometimes, the car can last well over 100,000 miles. This can be a good option if you plan on buying a car with cash. Older cars typically have lower car insurance rates because they are worth less money. Depreciation is a real thing. You may buy a brand-new car and in three years it can be depreciated by half. The same can be true for used cars, but you are spending less money so you have lost less of an investment.
The Benefits of Buying New Cars
However, if you are going to get an auto loan, newer cars have lower interest rates. Also, buying a new car means that it will last longer than an older car. If you buy a car that is constantly breaking down, it may be more trouble than it is worth. Additionally, you want to be in a car that is safe to drive. Newer cars also come with warranties that offer free repairs for cars less than three years old or have less than 36,000 miles.
Conclusion | Best Time to Buy a Car
Buying a car is a personal process that requires a lot of thought and foresight. We broke down how to buy a car. Basically, you should make sure you have a good credit score and figure out your budget. Talk to different lenders. Try to wait as long as possible so you have enough savings. An unrealistic budget can be uncomfortable. Saving money is a great way to lower your car payments, so that they are realistic and fit in your monthly budget. Consider buying your car on the last day of the year. Consider buying a new car. Taking these tips into account will guarantee you to save the most money. To sell your car and get the best and quickest offer, contact us today of fill out our free offer form.