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The Best Time To Buy A New Car With An Auto Loan

Figuring out what new car you're buying is probably at the top of your priorities - but did you know you should also be conscious of when to buy it?

Buying a new car is a big decision!

While you're choosing the color vehicle you want and the fancy features you desire, there are other considerations to keep in mind if you're going to make purchasing a new car the best (and most affordable) experience possible.

Keep reading to learn about six of the best times to buy a new car with an auto loan.

1) Buy At The Start Of A Model Year

Every year car manufacturers introduce new models for their vehicles. When the new model rolls out, dealerships offer incentives and rebates for buyers to purchase the latest options available.

If you have your mind set on a specific car make and model, find out when the new model year will be coming out so you can take advantage of the available deals.

2) Buy At The End Of A Model Year

In the same way that you can get deals when a new model year comes out, you can also score some discounts and incentives at the end of a model year. Dealerships want to clear their lots of older models so they can make room for the new ones. Offering discounts makes it easier for them to do just that.

Again, if you have your eyes set on a specific car make and model, find out when the new model year comes out so you can purchase the older model for a better deal. However, if you don't have a preference, the end of summer is generally a great time to find an end of the model year deal.

3) Buy During The Holidays

There's never a holiday that passes without tons of commercials and advertisements offering great deals. Dealerships are generally willing to offer exclusive financing deals and cashback options to encourage you to shop during the holiday season. Four of the best holidays to take advantage of include Independence Day, Memorial Day, Black Friday, and New Year's Eve.

  • Dealers tend to cut prices around Memorial Day as new models come in. This holiday is generally the best time to buy a new car over the summer as prices overall are typically more expensive during the warmer months.
  • Just as everything else is on sale during Black Friday, so are cars. You will have to compete with many other shoppers, but if you can deal with the competition and crowds, you should be able to find a great deal.
  • New Year's Eve is the last day of the year, so if dealerships haven't met their monthly, quarterly, or yearly quota, that's the time to do it. You can usually land a great deal on New Year's Eve.

4) Buy Early In The Week

Dealerships are generally busier on the weekends when people have more free time, so that's when they tend to offer some of the best deals.

However, if you go during the week, you might be able to get a better deal through negotiation. This is because fewer people are competing for the salesperson's attention. Mondays, in particular, are the slowest day of the week, so if you're trying this method, consider going into the dealership on a Monday when you're likely to get the most attention from dealership staff.

5) Buy At The End Of The Month

Many dealerships have specific sales quotas each month, so the end of the month might be the prime time to get a good deal if they haven't met their quota.

There's no way for you to really know whether they're desperate to make a deal, but it's always a possibility. Their willingness to negotiate can help you determine if they want to make a few last-minute sales.

Here's a note about car dealership quota deadlines. The monthly timeline doesn't always line up with the calendar month, so instead of waiting until the last day of the month, try going in a few days before, it just might be the best time to buy a new car.

6) Buy At The End Of The Year

The end of the year is one of the best times to buy a new car as dealerships are offering discounts to clear their lot and prepare for new inventory.

The last quarter of the year, October to December, is an ideal time to find a great deal. Just as dealerships have monthly quotas, they also have yearly quotas, so if they're striving to meet their goals, the last quarter is crunch time.

Buying A New Car? Time Is On Your Side!

When purchasing a vehicle with an auto loan, time is on your side if you're willing to be strategic. Make your purchase based on the best time to buy a new car and you can certainly score a great deal. If you're ready to start looking into auto loans, make sure you check out Listerhill's competitive rates and easy application process. You can also click here to see which of your local dealers will finance your new car through Listerhill Credit Union straight from the dealership!

Here are some additional resources to help you through the vehicle purchasing process:

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  • The Great Giveback Official Rules

    1. Eligibility: No purchase or obligation necessary to participate and win. All participants must be 19 years of age or older at time of contest participation. Employees of Listerhill Credit Union are not eligible to register for the contest.

    2. How To Enter the Contest: All Listerhill members who have consumer loans in good standing, (subject to limitations below) are automatically entered. Anyone who takes out a new loan with Listerhill Credit Union, or refinances a loan from another lender with Listerhill Credit Union (subject to limitations below) will automatically be entered to win. Limit of one entry per loan.

    NO PURCHASE NECESSARY: To enter the contest without a loan, send a self-addressed, stamped envelope to: Listerhill Credit Union, P.O. Box 566, Sheffield, AL 35660, Attn: Great Giveback Contest Entry. Limit one entry per person. Written entries must be received no later than July 3, 2021.

    Listerhill Credit Union will not be responsible for incomplete, lost, late, misdirected or illegible entries or for failure to receive entries. All entries become property of Listerhill Credit Union and none will be returned. Any questions regarding the number of entries submitted shall be determined by Listerhill Credit Union in its sole discretion, and Listerhill Credit Union reserves the right to disqualify any entries by persons determined to be tampering with, violating, or abusing any aspect of the contest.

    3. Contest Entry Requirements: In the event the Credit Union, in its sole discretion, determines that any Entry contains content that does not comply with these Official Rules or does not otherwise comply with regulatory guidelines, Credit Union reserves the right to disqualify the entry.

    4. Determining the Winner: A Credit Union employee will select at random four (4) $500 winners (one per day July 12-15) and one Grand Prize Winner from all entries received on July 16, 2021. You do not have to be present to win.

    5. Prizes: $500 Cash Prize: the Credit Union will award four (4) members with $500 cash each. Grand Prize: The Credit Union will pay up to $25,000 toward your loan with Listerhill Credit Union, or combination of loans. No loan payments will be made to loans with any other lender. No cash equivalent provided, and the total prize amount may be less depending on the outstanding amount of loan balance(s) with Listerhill Credit Union. In no event will the prize awarded exceed the total amount of the winner’s outstanding balance of qualifying loans with Listerhill Credit Union. Federal, state and local taxes are the sole responsibility of the winner. IRS regulations require the Credit Union file a 1099 on behalf of the winner.

    A Credit Union employee will call the prize winners and the prize winners will be called up to five times during regular business hours at number provided on entry form and will leave no messages. Failure to reach winner during these calls may result in disqualification of winner, forfeiture of his or her interest in all prizes, and selection of a substitute winner drawn from the drum. Winner will be required to schedule a time, at least 48 hours in advance, to visit Listerhill Credit Union, located at 4790 2nd Street, Muscle Shoals AL, 35661 in person, during regular business hours within seven (7) days of being notified to claim prizes by providing proof of eligibility for prize won and completing and signing an affidavit of eligibility and a liability and publicity release. Failure of any Winner to timely contact the Credit Union, visit the above Credit Union office in person and sign and return any required affidavit and release, or to claim a prize or comply with any term or condition of these Official Rules, will result in drawing Winner's disqualification and the forfeiture of his or her interest in the prize. Winners may waive their right to receive prizes. Prizes are non-assignable and nontransferable. No substitutions allowed by winner.

    6. To be eligible to win, all loans must be in good standing (not more than 30 days past due at the time of drawing. Eligible loans are limited to auto loans (no indirect dealer loans), personal loans (no loans secured by real property, such as mortgages, 2nd mortgages, and Home Equity Lines of Credit) and recreation loans made to consumer borrowers (not business or commercial loans).

    6. Participation. By participating, entrants agree to be bound by these Official Rules and the decisions of the Contest. Except where prohibited, acceptance of any prize constitutes winner's consent to the publication of his or her name, biographical information and likeness in any media for any commercial or promotional purpose, without limitation the Internet, or further compensation. Prizes not won and claimed by eligible winners in accordance with these Official Rules will not be awarded and will remain the property of the Credit Union.