End of the year, month and model year In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.
According to Edmunds data, December has the year's highest discount off MSRP — 6.1% on average — and the highest incentives. Automakers and dealerships want to close the year with strong sales. They also want to get rid of the prior model-year cars that are taking up space, so they're motivated.
Since January is the slowest month for sales, it is much slower for luxury cars to sell. Because of this, it may be more challenging for the most expensive ones to be taken out of your parking lot. To sell out the most expensive ones in your inventory, January is the best time to offer promotional deals to the buyers.
The end of the year – December can be a good time to buy a new car for an entirely different reason than the May/June sales season. Dealerships grow increasingly motivated to sell cars built that year, because they will soon become last-year's model.
Peak Seasons. The two peak seasons for auto sales occur during the spring, from March through the end of May, and from September through November. During these periods of peak demand, cars' average sale prices can rise by 10% to 15%.
Average prices were up 42.5% in September 2022 vs. February 2020. Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.
Whether you're shopping for a new car or a used one. New car prices are on the rise, breaking records monthly. Used car prices are starting to fall, and our experts tell us that both of those trends could be with us well into 2023.
Now Moody's Analytics says prices for used vehicles could fall by 11% or more in 2023 because of interest rates and the higher cost of living. It could be a good time to buy. Luckily, there are just as many benefits from buying new or used cars.
But they are still 8.6 per cent higher than last year, and are sitting 1.7 per cent higher than at the beginning of 2022. The firm projects used vehicle prices will continue to decline during the rest of the year, with larger vehicles expected to experience more rapid declines given elevated fuel prices.
June, the end of the financial year for Australia, is usually the best time of the year to buy a car. This is when manufacturers and dealerships generally are slashing prices, offering lower financing, or free services for vehicles, to maximise yearly profits and reach their EOFY targets.
While soaring used car prices are bad for those who can't afford a new car, they may mean 2022 is a good time to buy a car for those with a vehicle to trade in.
Experts at Consumer Reports say that the final months of the calendar year, usually from October to December, are the best times to buy a car.
Monday is the best day of the week to visit a car dealer to buy a car because showrooms are usually less busy.
Best time to buy a new car
During the end of each quarter – in March, June, September and December - dealers are keen to hit their target and earn bonuses, which means negotiating can be easier and they might even be offering deals.
The short answer is yes. However, for many, even the thought of negotiating new car prices can seem intimidating. Treat this experience like any negotiation and go in with a plan. The more thought you put into it upfront, the more confidence you'll feel about speaking with your dealer about the price of your new car.
When it comes to purchasing a new or used automobile in the next few months, experts say the longer you can wait, the better. Americans who have postponed purchasing a car for the past two years are finally getting some good news.
After reaching absurd highs in early 2022, used vehicle prices have already fallen. They'll continue to ease in 2023, just not by as much as consumers would hope. Also, cars over 4 years old will ease more than those that are 1 to 3 years old.
As new-car production improves, demand for used cars will ease up and prices will continue to fall in the new year. The firm estimates that used-car prices will drop 10%-20% in 2023; new cars, on the other hand, are predicted to see a modest decrease of just 2.5%-5%.
But 2023 may finally bring some relief. As demand stabilizes and inventory improves, prices are expected to ease. Prices could drop up to 5% for new vehicles and 10% to 20% for used vehicles, according to a report in Novemberfrom the bank J.P. Morgan.
Don't expect car prices to drop significantly anytime soon. Instead, new-vehicle prices — already at record highs — will remain elevated, automotive experts say. At the same time, used-vehicle pricing should moderate as the Federal Reserve continues raising interest rates to curb inflation.
According to Kelly Blue Book, the second half of 2022 and the beginning of 2023 is showing signs of improvement when it comes to purchasing a vehicle, especially for those who are looking for a used vehicle. Waiting until late 2024 may bring price drops, as mentioned above.
In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.
Key points. If your car is reaching the end of its lifespan, you may consider buying a new vehicle in 2023. Chip shortages, less inventory, and rising interest rates have resulted in drivers spending more money on new cars.
Furthermore, rising interest rates have cooled down the car market. In this context, new car shortage is easing and supply is improving; thus, consumers should expect further price reductions in 2023.