October Is One of the Best Months to Buy a Car—Here's Why
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If you’ve been looking to buy a new car, but have been deterred by sky-high prices, look no further—October is one of the best months to buy a car, offering a range of money-saving deals for drivers. This is nothing to scoff at: according to U.S. News, buying a car at the right time could potentially save you thousands of dollars.
They add that it’s best to buy a car sooner rather than later, and preferably before you absolutely need to—so now’s the time to start doing your research and head over to the dealership.
October is one of the best months to buy a car, as dealerships often offer discounts during this month.
October marks the auto industry “new year”
It makes sense if you’ve been hesitating to buy a new car. Right now, a global semiconductor chip shortage is causing spiking car prices and a low supply of new cars, with a 27% surge in car prices as compared to this time last year, according to Edmunds.
That being said, if you have been hesitating to buy, wait no longer! Given that the chip shortages are likely to continue affecting the market for at least the rest of the year, it’s better to start the car-buying process earlier rather than later. Moreover, now is one of the best times to buy a new car, as we’re entering the money-saving month of October.
October is a great month to buy a car because, according to U.S. News, the “new year” begins in October—at least in the auto industry. This is when new models begin coming in, meaning that dealerships are looking to get rid of their old models. Dealerships thus begin selling last year’s models at discounted prices beginning in the month of October.
U.S. News also recommends buying a car at the end of the month, so you may want to wait until the last week of October before buying. Retailers are more likely to offer deals on vehicles at the end of the month, provided they haven’t reached their monthly sales quota. This is especially true for car dealerships, which often have incentives to reach these sales goals and are likely to lower prices to reap the rewards.
Best time to buy a car overall
If you don’t want to buy a car this month, that’s OK—there are plenty of times when car prices tend to be lower.
Even certain days of the week are better than others. U.S. News recommends buying your car on a Monday, since it’s a quieter day, so you’ll be able to get in a test drive and properly negotiate the price.
Another good time to visit the dealership is on a long weekend, when many of the best car sales are on. This is especially true for the Labor Day weekend, the Fourth of July weekend, and the Memorial Day weekend (one of the all-round best times to buy a car, according to U.S. News). Note that these weekends are exceptions—normally the weekend is the worst time to hit up the dealership.
Edmunds reiterates much of this information, agreeing that the best time to buy a car is at the end of the month, as well as early in the week and during three-day weekends.
Other good times include the end of the model year—meaning the end of summer—when dealerships are transitioning to new models, or the end of a particular car’s design cycle—meaning before the car is scheduled for a redesign—when dealerships are likely to offer large discounts on the outdated designs.
Furthermore, when a model is set to be discontinued, dealerships may offer even bigger deals in an attempt to get rid of their remaining vehicles.
Best car-buying deals for this year
Consumer Reports recommends some great new deals for drivers looking to buy a car right now. CR’s spotlight deal is the 2021 Toyota Camry, a midsize car with a price range of $25,045–$35,620. This vehicle is noted as a “green choice” and has excellent road test and reliability ratings.
Other deals recommended by CR include the 2021 Chevrolet Bolt EV Premier, the 2021 Chrysler 300, the 2021 Dodge Charger, as well as many others. Check out CR’s list for further 2021 deals while you’re taking advantage of October deals this month.