There Are Pros and Cons to Buying a Car on New Year’s Eve
Alexandra Maloney
· 4 min read
Many people believe that the best time of the year to buy a car is the week between Christmas and New Year’s Eve. If you’re in the
car buying
market right now, it’s good to know this rumor does hold some truth—you might be able to score a great deal on a car if you wait to purchase it until the last day of the year. With that being said, it isn’t a foolproof plan to get the best deal on a car. Instead, there are pros and cons to buying a car on New Year’s Eve, and we’re going over them all right here.
Pro #1: Car dealers have quotas approaching
Perhaps the biggest reason why buying a car on New Year’s Eve proves to be so successful is because car dealers have quotas approaching fast by New Year’s Eve. As
Market Watch
points out, “It’s the end of the month, end of the quarter, end of the year, and a holiday when there are likely to be incentives available on top of being the best possible time to buy a car.”This means, if a dealer was supposed to sell 1,000 cars by year end, but they’re only at 998 cars, they’re going to really work with you on the last day of the year to make sure a car ends up in your driveway. While the dealer might receive some kind of bonus for meeting their quota, it also helps you get a great deal.
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Con #1: Certain models might be unavailable
One big con to waiting to buy a car until the last day of the year is that some models or trims might be sold out.
Forbes
shares that “inventory can be short on some models” in the car dealership lot by the end of the year. By the last week of the year, many dealers aren’t getting new inventory—instead, they’re waiting for the shiny, new model cars to come into the lot in January. If you really want one specific type of car, especially one that has been popular over the past year, it might make sense to get to the dealer sooner rather than later. That way, you can ensure you’re getting the car you want, instead of sacrificing your dream car for a better price.
Pro #2: Best deals on “old” models
The alternative pro to the earlier con in this article is that car shopping on New Year’s Eve might provide you with the best deals on “old” models. While the dealerships might be sold out of some models for the year, other cars might be parked in the lot in abundance – which sets you up to get a great deal.
MotorBiscuit
explains this concept well, by telling readers that “the best deal you’re going to get will be on the ‘current’ models.” In the case of this year, car dealerships that have a lot of 2021 models in their lots and are likely looking to get rid of them to make room for the newer, 2022 models coming in. That means you might be able to score a great deal on an “old” 2021 model. An even better deal likely awaits if there’s still a 2020 or 2019 model hiding away. Con #2: Other holidays might have better deals
While New Year’s Eve can be a good day to buy a car, there’s no guarantee it’s the best day possible to buy a car. Many holidays with three day weekends, like President’s Day, Labor Day, or Memorial Day, are typically flooded with car buying deals.
On Black Friday, a day centered around great deals, you might be able to find your dream car for an even less expensive price. Waiting until the last day of the year to buy isn’t the only option. Instead, try monitoring the prices of a car you want throughout the year, and jump on it whenever there’s a sale.
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