When is the Optimal Time to Buy a Car?
There are times when you’re forced into buying a car, even if that wasn’t something you wanted to do at that particular moment.
Maybe you get sick of taking public transportation to work and realize that your life would be a lot easier if you bought your own vehicle. Maybe you have a car and want to keep driving it for a while before buying a new one, but your current vehicle needs a repair that would be more costly than the vehicle is worth.
There are plenty of excellent Nevada car dealerships where you can stop by if you’re in either of these positions. Hopefully, you can find a vehicle that works for you both in terms of style and budget. However, in ideal circumstances, you will be able to purchase a vehicle when it’s not an emergency.
Assuming you’re doing it according to your own timetable, though, when is the optimal time to buy a car? It’s actually a fairly complicated question. We’ll attempt to answer it right now.
The Ideal Time to Buy a Car is When You Can Best Afford One
Let’s first answer this question in the most simplistic way possible. The best time to buy a car is when you’re in the best position to afford it.
That could mean when you just got a new job and you know you’re about to get a significant raise in your yearly salary. Maybe it will be a time when you’re staying at your current position but you just got a raise.
A logical time to buy a vehicle will be when you have a little breathing space in your financial situation. By contrast, when you have very little in the way of a nest egg and you’re struggling to pay rent would be the worst possible time. Always try to avoid purchasing a car when you’re in dire straits financially.
After You’ve Received a Significant Windfall
To address the question in a more specific way, a great time to buy a car, whether you prefer brand-new, used, or pre-owned, would be when you just got a significant cash windfall.
Maybe that means you got back more than you expected on your tax return. If you live with a partner or spouse and you pool your finances, maybe you can add your tax refunds together and use that as a down payment on a new vehicle.
Maybe you just got married and you have some money from relatives for that reason. Perhaps you just had a relative die and they left you a sizable chunk of money.
Maybe you won a personal injury lawsuit and you have some money from that. Perhaps you were part of a class action lawsuit that paid off.
No matter where you got the money, if you have a decent amount that you can put toward the down payment on a car, or, even better if you can afford to pay for the whole thing all at once, that is an excellent opportunity to buy a vehicle.
You never know when you might have another windfall like this again, so taking advantage when you’re flush with cash certainly makes sense.
When Your Current Lease Expires
Maybe you’re leasing a car. If so, perhaps you have a two or three-year lease. That’s usually the industry standard.
You should be mindful of when that lease is up and think about what you’re going to do when you reach that predetermined date. Usually, the car dealership from which you leased the vehicle will give you a chance at this point to buy the car if you want to.
If you like the vehicle enough after having owned it for the past two or three years, you can pay the rest of what the dealership is asking and own the car outright.
Not everyone will want to do this, but it’s at least worth considering. What’s nice about buying a car this way is that you’re familiar with the vehicle and you presumably already know how you feel about it.
Of course, you can also give the vehicle back to the dealership when the lease is up, but then you need to make arrangements to get yourself a new car in one way or another.
When You Know There Are Substantial Sales Going On
You should also think about the possibility of buying a vehicle when you know there will be some large sales going on. Getting a deep discount on a car because you waited till the right time of year is always to your benefit as a consumer.
You can usually count on getting the deepest discounts on vehicles at the end of year. Right around the holidays the new vehicles for the coming year will come in.
That’s a time when the dealerships will want to clear away the older inventory. You might be able to get a real steal if you play your cards right. Plus, this method of getting a new car is like a little gift for you and the rest of the family.
Toward the End of the Month
If you’re not able to wait till the end of the year, the 4th of July, or another notable holiday to purchase a new car, then you might at least wait till close to the end of the month. It’s somewhat of an open secret in the automotive world that salespeople generally have quotas.
Their bosses like for them to sell a certain number of cars per month. If they haven’t reached that number, or even gotten close to it, then they will be extra motivated to strike a deal before the calendar turns over to a new month.
Whenever you choose to buy a car, make sure you shop around to see if there’s one nearby that’s as close as possible to your ideal vehicle. While you might not always be able to afford your dream car, hopefully, you can at least drive away in a practical one.
