Timing in life is everything. That’s especially true when buying a used car. Certain times of year make more sense than others when considering replacing your ride, based on a variety of factors. What is the best time to buy a car?
Actually, there’s probably more than one. The best time to buy a used car typically revolves around certain holidays, but it can also involve timing your purchase to key moments in a dealer’s financial year. The more a dealer needs to move cars to make financial projections, the likelier it is that you’ll find a deal that makes sense.
Of course, sometimes in life, things happen that are beyond our control. We can’t always decide when our cars need replacing. Whether it’s peak buying season or some other time, trust Panama City Toyota to help you find a car that meets the needs of your family and your budget.
How The Used Car Market Works
The forces shaping the used car market are no mystery. The laws of supply and demand determine whether you walk away with a great deal or pay a little more than you would have liked.
Lots of factors shape the demand for cars — most notably, perhaps, is the state of the economy and level of confidence people have in the future. When the economy is growing and the unemployment rate is low, consumers are more likely to open their wallets for a replacement car. The opposite is also true: when the economy is in recession and people are out of work, they are more likely to add extra miles on their cars before trading in for something different.
These factors move with momentum. Statistics show that the used car market is about three times the size of the new car market, so there are many more people to react to changes in the economy. Swings in the market occur when there are imbalances between supply and demand. If supply is greater than demand, prices will go down; if demand outpaces supply, prices will rise.
Best Time Of Year To Buy
Image via Flickr under CC BY 2.0 by danielctw
Short of transforming yourself into an economist, is there a way to determine when the market favors buyers? The answer is yes, but it doesn’t always happen the same way all the time. Car experts from a variety of sources have theories for when you might want to visit your local dealer.
End Of The Month Or Year
Car dealers are businesses seeking to turn a profit. Like all businesses, they work off a financial plan that includes forecasts for sales. If a dealer reaches the end of a period — end of the month, end of the quarter, or end of the year — and finds themselves short of projections, they could be more likely to want to cut a deal to stay on plan. That’s according to both CarFax.com and Edmunds.com.
The end of the year also tends to result in year-end clearance sales that you might take advantage of, Edmunds suggests. Statistics show that December is one of the busiest months for car shopping based on year-end sales events.
Sales personnel may have similar motivations, as their compensation often depends on hitting their own sales targets. If they are falling short, they may be more willing to try to persuade their bosses to accept a discounted proposal. Timing your visits in this way may prove fruitful for your own personal bottom line.
Holidays
National holidays also are a good time to visit your favorite car dealership. Because people have time off from work, they may be looking to take care of tasks such as shopping for a used car replacement. Holidays are also a time when manufacturers offer incentives of their own, potentially leading to more cars being turned in by those seeking an upgrade.
According to CarFax, some of the most popular holidays for car sales include President’s Day, Labor Day, Memorial Day, July 4th, and Black Friday. Shop for your replacement used car during one of these periods and you might be able to save yourself hundreds and even thousands of dollars.
Weekdays
Both CarFax and Edmunds agree that you’d be smart to time your visit to the car dealer toward the middle of the week rather than the weekend. This largely has to do with the availability of sales personnel. On a busy Saturday or Sunday, a sales manager has many customers to support and less time to engage in a negotiation about the price of the car.
If they perceive an engagement with you as time-consuming, they may be less open to negotiating a deal that might make sense for you and the dealer. Arrange to go car shopping when it’s less busy and you can get more personalized attention.
New Car Buying Season
Paradoxically, one of the best times to buy a used car is when people are out shopping for new cars as well. New car sales will translate into lots of trade-ins that the dealer can recondition and then offer for resale. Supply is likely to be at the highest during this period and you may be able to score a great deal. The peak new car season is between October and the end of the year.
Test Drive A Used Car At Panama City Toyota
Panama City Toyota is a full-service dealership that meets the needs of car-buying customers in Panama City, Florida, and other areas across South Florida. We feature a full selection of the newest models of Toyota cars, trucks, and SUVs, including many that come with special offers straight from Toyota.
If a new car feels out of reach, then explore our inventory of used vehicles. Our selection includes vehicles from Toyota as well as competing models from other manufacturers, such as Ford, Honda, and Chevrolet. Some of our used Toyotas may be part of the Toyota certified pre-owned program, which provides additional benefits for owners. These include warranties against problems with the powertrain and other parts of the vehicle. Come visit us — any time of year. Call or contact us online.
