Which months and days of the week will you get the best deal?
The car buying experience isn't one of the more enjoyable things in life, but it has to be done every few years. Aside from choosing which car, truck or crossover is right for you, many wonder when is the best time of year and day of the week to make that big purchase. TrueCar.com and CNBC did some investigating, based on the "tracking of incentives by the day, week, and month…of the 2015 vehicle market." To the surprise of many, the best times to buy are not always during holiday weekends, like Presidents Day weekend and the Fourth of July. So when is?
Here are the data-derived results, in no specific order, of the six best times of the year to buy. Mondays: because most people prefer to buy cars during the weekend, the first day of the work week is often a missed opportunity. For example, the average Monday discounts, again according to TrueCar.com, reach 8.1 percent, compared to 7.49 percent on Sundays and 7.77 percent on Saturdays. On Tuesdays, those discounts averaged 8.05 percent. The month of May is also a good time to buy, especially if you want a mid-size SUV. Why? Because dealerships are starting to clear out inventory ahead of the upcoming new models arriving.
Pickup truck buyers, however, should consider buying in October because the average discount came to 7 percent. That's only decent, but full-size truck buyers benefit even more at this time because trucks, in general, tend to stick around on dealership lots even longer than other vehicles, partly because automakers build so many of them. TrueCar claims the biggest truck discounts for 2015 occurred on Friday, October 30, for future reference. Want a sedan? Buy in November. Why? For both compact and mid-size sedans, discounts hit just over 7 percent. As for mid-size and luxury mid-size SUVs, you're best bet on a good deal is in December.
Reason being is that "automaker and dealer sales incentives converge for the quarter and the year." Popular vehicles such as these simply benefit from this. Finally, New Year's Eve. Yes, you probably knew this before, but here are some figures proving this particular day is good to buy. Because it's the last day of the year, TrueCar found that "savings of 8.3 percent off the price of an average new vehicle" are possible. December 29 and 30 are also good days, with average discounts of 7.8 and 7.9 percent, respectively.