Is It Time For A New Car?

• Author: William Asher
• Posted: 2024-03-27

As we head into fall, GasBuddy is predicting that average gas prices around the country could drop below the $2 mark. To make travel even more affordable, many car dealers are starting to slash prices on most makes and models of new cars. That means that September is the perfect time to upgrade to a new set of wheels.

A Buyer’s Market:

September is typically the time when new car models debut. That means car dealers must clear their lots of the older models. This fall is even more of a buyer’s market than usual since auto sales for the year have been a little slower than expected. According to GasBuddy, new car sales are projected to be down about 5 percent from last year’s record sales. This is forcing a number of dealers to offer buyer incentives in the form of bonus cash, cash back rebates, and even 0 percent financing.

Juicy Deals Versus Limited Inventory:

Dealer incentives and price reductions are likely to get even better as we get closer to the end of the year. The trade-off is that there will be less inventory. If your heart is set on a particular make or model with specific features, you may want to go ahead and make your move now. If you are not as choosy about the type of vehicle, waiting until the end of the year may score you an even better deal.

Time Your Purchase Strategically:

The last three days of the month are typically the best time to get a deal on a new car. Salespeople are often desperate to make their monthly sales goals or to reach a sales target that will earn them a higher commission rate.

Be Flexible:

There are plenty of quality vehicles at all price points, so there is no need to limit yourself to a particular make or model. Some of the best deals are on vehicles that are about to be redesigned or models that are going to be discontinued. Do not expect to get a huge discount on a just-released model.

Avoid Lowball Offers:

It is alright to negotiate, but trying to lowball is counterproductive. For example, an offer of $21,500 for a $23,000 car is going to be taken more seriously than a $20,000 offer. Researching car pricing information in your area online or calling several dealerships for quotes on a particular make or model will help you determine a good starting point for your negotiation.