Now that we have done enough research, secured a down payment or a car loan, and looked at all other necessary steps to be taken, it seems like the perfect time to buy the car. Automobile manufacturers market their models all through the year but it’s important to know when the best deals happen.
There are optimal times to buy a vehicle which usually goes down to when the dealerships want to move their stock. Cars that are not sold off soon constitute a considerable amount of revenue loss for a dealership and remain backed up once the new models start coming in. Couple that with quarterly sales quotas and we can figure out the prime times to buy a new vehicle ourselves.
When the dealership offers additional perks:
When the dealership offers additional perks like cash back, leases with low monthly payments, low or zero-cost deposits, etc. as promotional offers, it is a good time to hunt up for your new car as well.
End of a model’s design cycle or during a model changeover:
Manufacturers stop producing a certain model or redesign it after a period of time. Dealers will try to sell their inventory of older models to make room for new ones. You can get a pretty good deal if you don’t mind driving a slightly outdated model.
Holidays like Diwali, Makar Sankranti, Dussehra, Christmas, New Year, etc. are some festivities during which you can get a lot of offers from dealerships.
Early in the week:
During the weekend, dealerships tend to be busy. Shopping on a Monday or Tuesday gives you a good opportunity to ask questions, go on test drives, and negotiate a final price. Also since financial institutions are open during business hours, applying for a loan may be easier on weekdays. It is also usually best to get to the dealership as early in the day as you can and during a weekday.
End of the month/quarter:
Salespersons operate under a monthly or quarterly sales goal which may come with added incentives for them. They may be more willing to negotiate on a vehicle’s price to secure a sale during the end of a month/ quarter.
End of the year:
December culminates with the year-end, quarterly, and monthly sales goals. Also, holidays like Christmas and New Year’s Eve create opportunities for special year-end sales events and this is the perfect opportunity for buyers to get sweet deals on financing options, cashback, or price reductions by waiting until just the year ends.
Beginning of the year for used cars:
While dealerships try to end their year with a hike in new car sales, the used car sellers try to do the same with the New Year. This is mostly because since the year-end sees a significant peak in sales of new cars, the owners would try to trade their old cars during the same time. The top three months recorded with the highest percentage of used car deals are usually January (28.7%), February (22.1%), and December (13%).
Festive Auspicious Good Days in 2022
Other than Purnima or the Full Moon Day, below are days that are considered Auspicious as per the Hindu calendar for buying new cars.
|2022 Month||Date||Festival / Auspicious Days as per Hindu Calendar|
|14th Jan||Makar Sankranti|
|February||5th Feb||Vasant Panchami|
|March||1st March||Maha Shivratri|
|4th March||Phulera Dooj|
|18th March||Laxmi Jayanti|
|April||2nd April to 11th April||Chaitra Navratri. Also, Ram Navami falls on 10th April|
|16th April||Hanuman Jayanti|
|May||3rd May||Akshaya Tritiya|
|8th May||Ganga Saptami|
|June||9th June||Ganga Dussehra|
|July||1st July||Rath Yatra|
|31st August||Ganesh Chaturthi|
|September & October 2022||4th September||Radha Ashtami|
|26th September – 4th October||Navratri|
|26th October||Bhaiya Dooj|
|30th October||Chatt Puja|
|December||Refer Poornima & Sankashti Chaturthi Dates
Worst Times to Buy a Car
Just like there are good days to negotiate a deal, there are other days when you should avoid them.
Early in a model year:
Dealers have less incentive to sell new cars compared to their older inventory. At the same time, early on in a new model’s year is the best time to negotiate for an older model, since they will be trying to move them and create space for the new vehicles.
Immediately following a new model’s launch:
This is when a model is in high demand which means the manufacturers and the dealers have no intention of cutting you deals. So wait or check out a prior model.
At the start of a new month:
As the end of a month is one of the best times to shop for a car, the start of the month is when you should not. The beginning of the month gives a salesperson a new set of monthly sales goals, and they are less likely to bend for us on a deal. You might still get a decent deal, but it will require a lot of clever negotiation from your side.
Global Microchip Shortage and Car Sales
As the world deals with an ongoing shortage of semiconductors, numerous industries are cutting production. Car inventories have shrunk tangibly due to this.
If you’re searching for a deal on a new car, you will find a market where supply and demand economics are completely against you. Lower stock levels and higher demand has caused a 50% increase in buyers paying more than the actual price. Used car prices are increasing even more, and dealerships are less inclined to offer advantageous deals to buyers.
When it comes to buying a new car, always try to do everything you can to control the negotiation. With proper research on the car you want and pick the best time to hunt down a deal, you can secure yourself a great deal and save a lot of money.