When Is the Best Time to Buy a Car?

The best time to buy a car depends on factors that can vary, for example whether a dealership has already met its monthly sales quota or whether it’s trying to clear the lot of last year’s models. However, there are still some tried and true patterns for the best time of year, best month and best days to buy a car.

Knowing when car buyers have traditionally found good deals gives you an idea of when to shop. The key is to be prepared to move quickly — preferably with a preapproved auto loan in place — when you actually find the car you want at a bargain price.

Throughout the year, there are certain times when you’re more likely to find a great deal on a car. Here are some of those times to be aware of.

End of model year

If you've got your eye on a particular car model, it's usually smart to wait to make a purchase until a newer model rolls out. As new models become available, dealers are motivated to eliminate the prior model-year cars to make room for newer inventory and, therefore, offer discounts on outgoing models.

Manufacturers typically release new models in the fall. But Matt Degen, senior editor for Kelley Blue Book, says this is shifting as new models are debuting earlier in the year.

Even in the summer, you may come across year-ahead models that are already on the market, Degen says. “And in that case, the old wisdom applies that if the outgoing model still works for you and your needs, you might be able to get a good deal on that."

End of the calendar year

The end of the calendar year — specifically October, November and December — is typically one of the best times for car shoppers to get deals on vehicles. Cars sold during this time usually come with higher discounts and incentives than those sold during other times of the year. This is because dealerships have yearly quotas that salespeople must meet and tend to offer more deals to get cars off the lot as the year closes out.

End of the month or quarter

The strategy of looking for car bargains at the end of the year also applies to the end of the month and end of each quarter (March, June, September and December). Dealerships and salespeople also have monthly and quarterly quotas to meet. While it’s possible they may have already met these quotas, you won’t know until you test the waters. Plus, some salespeople receive bonuses for surpassing their goals.

Says Degen, "If you're seeking the best deal on a car and you have time to wait, usually it's been the end of the month and then the end of the year — that's kind of been the traditional guidance for folks looking for a great deal.”

Car manufacturers launch new and redesigned models at various times throughout the year. If you have a certain make and model in mind, knowing when the newest version debuts could save you thousands on a previous-year model still sitting on a lot. Sometimes vehicles change very little from one year to the next, and while last year’s model might not have the prestige of being the newest, it would still be new to you — possibly at a much lower cost.

» MORE: How to buy a new car

Many guidelines for the best times to buy a new car also apply to used cars, but there’s one specific strategy to keep in mind when it comes to finding deals on a used car. Peak new-car-buying times result in buyers trading in their used cars. If a dealer ends up with a big inventory of used cars after the end of the year or after a huge sales event, it can mean a better selection with lower prices for you.

» MORE: How to buy a used car

As previously mentioned, October, November and December are typically considered good months to buy a car. December in particular usually has some of the best car prices and incentives of the year, with car manufacturers often offering special financing or cash back. Along with trying to move out the previous year’s models, dealers are working toward meeting their annual quota with end-of-year bonuses in play, so they are more likely to cut a deal.

One downside is that many people car shop in December hoping to find the best deal, so inventory can be depleted. You may have to be flexible about the make and model that you buy.

The best days to buy a car usually fall earlier in the week. If a dealer is open on the weekends, that tends to be the busiest time, so you’re likely to get less attention from salespeople and buying a car can take longer. Mondays and Tuesdays are better, because fewer people shop for cars on those days. You can ask more questions, take a test-drive, have time to negotiate price and, if you buy a car, complete the transaction faster. Dealerships that are closed on Sundays may be busy on Monday, so in that case Tuesday or Wednesday could be the better option.

Buying on a holiday

Holidays and three-day weekends can also be good times to buy a car. Here are some days to look for car sales:

• Black Friday. This shopping day provides some of the biggest retail discounts; the same applies to car shopping. Shoppers will likely find vehicles at discounted prices and with more incentives during this time.

• Holiday weekends. Manufacturers and dealers usually offer discounts and promotions around certain long holiday weekends, including Presidents Day, Martin Luther King Jr. Day, Memorial Day, Labor Day and the Fourth of July. 

• New Year's Eve/New Year's Day. Many end-of-year sales roll over into the first few days of the new year, making New Year's Eve and New Year's Day good times to find car savings. The days coincide with both the end of the year and the end of the quarter, which are renowned for providing shoppers with discounts. 

Holiday sales can be very busy times at a dealership, so you may want to research vehicles and take a test-drive before the actual holiday.