The start of summer is a time for cleaning up, starting fresh, and saving big. Think neighborhood yard sales, beach vacations, and block party picnics! Hands down, it’s also the best time to buy a new car. Could summer be any more awesome?!
Memorial Day weekend, along with the month of June, is the absolute best time to buy a car. Find out what makes this time “the best time to buy a car” and how you can maximize your savings on a new car purchase.
When It’s the Best Time of Year to Buy a Car…
Leverage the Dealer Inventory
Just like you feel the need to clean out the garage and comb through the attic at the start of summer, in a way, so do car dealers. Auto dealership need to clear inventory to make space for next year’s models, which come out around August. Memorial Day weekend is early enough in the year that there’s also leftover inventory of brand new vehicles from the previous year.
Inventory levels are in your favor through June. You can not only get a new car, but also a huge discount and sometimes a warranty that starts at the time of purchase.
Look at cars that are being phased out or replaced with newer models, as they’re more likely to be deeply discounted.
According to TrueCar data via CNBC, May proves to be one of the best months to get a great deal on a car, especially if you’re looking to buy a family-oriented midsize SUV.
Be an Informed Car Shopper
Walk into the dealership equipped with knowledge (and auto financing). You’re in control when you know the incentives and rebates, and already have your financing secured. Dealers will look at you like a powerful cash buyer. Plus, auto manufacturers love showcasing some of their best deals over Memorial Day weekend. If you’re flexible on the make and model of your new car, you can maximize your savings by narrowing your search to only these vehicles.
According to U.S. News & World Report, the best Memorial Day new car deals include:
- 2018 Buick Enclave – Lease deal of $389/month for 39 months with $2,989 due at signing; the deal includes total of 32,500 miles
- 2018 Nissan Sentra – Lease deal of $149/month for 36 months with $3,249 due at signing; the deal includes 12,000 miles per year
- 2019 Jeep Cherokee – Purchase deal of up to $2,000 cash bonus
- 2018 Fiat 500X – Purchase deal of up to $1,750 cash back
- 2018 Ford Focus – Purchase deal of $4,000 cash back
- 2018 Toyota Avalon Hybrid – Purchase deal of $5,000 cash back
- 2018 Chevrolet Cruze – Purchase deal of $2,000 cash back
Call ahead and check with your local dealership to confirm that these deals are available in your area. Manufacturer-backed lease deals and cash back offers offers can vary around the country.
Secure Financing Ahead of Time & Don’t Give Up!
Can’t buy a car at the best time of year? There’s still plenty of savings to be had, especially if you secure auto financing before you arrive at the dealership. With financing in hand, you’re ready to get the best pricing on your new or used car. You’ll know how much you can afford and how your purchase is going to fit into your budget. Plus, you’ll be treated like a powerful cash buyer.
Other great times to buy a new car include:
- The week between Christmas and New Year – Look for sweet deals on leftover models and large rebates on all remaining models
- January and February – Consider the most recent models, as manufacturers tend to raise prices as the year goes on
- President’s Day, 4th of July, and Thanksgiving weekend also top our list for great times to buy a car
Move fast to make your Memorial Day dreams of buying a new car a reality. Summer will be over before you know it! Get the auto financing you need, fast, with help from myAutoloan. Whether you want to buy a new car or a used car, you can submit one car loan application and compare up to four offers today. Don’t miss out on one of the best times to buy a car!