New Cars: When Is The Best Time To Buy Or Lease?
by: JasonLancaster |
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If you are buying or leasing a new vehicle, you should know when you will be able to get the best deals. Car-selling season begins in March and goes through mid to late October. However, this isn't necessarily the best time to buy or lease a vehicle.
March through May, for instance, is the best time to lease a new car. Late in the first quarter and early in the second, you will be able to get rebates from the manufacturers, good residual values, and excellent leasing rates. It may even be possible to get this good of a deal as early as January. In June, when the second quarter ends, manufacturers begin to focus on purchasing rather than leasing. As a result, good leasing deals can no longer be found and leasing becomes much more expensive.
The best time of year to purchase a new car (with either cash or financing) is August or September. Our advice here is to buy the current model (not next year's), the reason being that manufacturers and dealers offer their best incentives at the end of the model year. The only problem with waiting until the end of the model year is that you may not get what you want: inventory levels are usually depleted by the end of September. If you're trying to get the right car at the right price, it may make more sense to start shopping at the end of July (especially if the car you want is kind of rare or special).
The time to get really great deals is October or November. Since inventories are low, it may be difficult to find exactly what you want. Since you are more likely to trade-in a vehicle you dislike before you should, don't get a vehicle you don't like just because you are getting a good deal. If you are looking for a specific color or feature, don't wait until October or November. If aren't looking for anything specific, the best time to get a great deal is at the end of the year.
There is some very bad advice out there when it comes to buying a new car. This is one of the reasons we started this website. For example, many people will tell you that it is a bad idea to buy a new car at the end of the model year despite the big discount. Their reason is that the resale value is going to be lower since you are basically getting last year's model.
If you're worried about resale value over the next two or three years, you shouldn't buy a new car in the first place. You should buy a new car if intend to keep it for a long time (five or more years). If you intend to keep the car you purchase for only a couple of years, you will save yourself a lot of money if you buy a used car or lease a new one instead.
A great time to buy a new car is on a major holiday weekend such as the Fourth of July, Memorial Day, and Labor Day. Manufacturers spend a lot money and time on marketing; dealers are aggressive and incentives are good. If you want a good deal on a new car, consider buying on a holiday weekend.
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About the Author
Author Jason Lancaster, an auto industry veteran, created AccurateAutoAdvice.com. You'll find accurate advice on the best time to buy a new car and when to buy a new car. Click here to get your own unique version of this article with free reprint rights.
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