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Is the last week of the year really the best time to buy a new car?
My expanding family is planning to purchase a new (2012) minivan before the arrival of our child expected on 1/22/12. I'd love to wait until mid-Jan or early Feb to purchase this van, since it isn't really needed until then. But everyone keeps telling me this week (last week of the year) is a great time to buy a car. Is that true? How much am I likely to save on a new car that would probably cost around $34,000 if I bought it this week as opposed to around Jan 15 or Feb 1? If it matters I plan to pay cash for the full amount or take advantage of a 0% or 0.9% financing if it is offered. Also, if it matters, I will not have a trade-in. Thanks
3 Answers
- sailorbeavisLv 69 years agoFavorite Answer
You should also keep in mind that if you itemize deductions, you may be able to deduct the amount of the sales tax you paid if you buy now. It can be a great time to buy if you're looking for a slow-selling model, or a 2011 model-year vehicle. If you're buying a 2012 model-year car, it won't make a huge difference.
What I don't recommend is rushing in to buy before you are ready. You're less likely to get a good deal if you feel like you have to do this NOW. There will still be sales in the new year - President's Day will be the first big major sale event, and manufacturers will be in a new fiscal year so there will be different incentives.
- Mad JackLv 79 years ago
Yes, this is a good time of the year to buy a car.
Why? Because this is the time of the year that the car dealers must inventory their stock for both federal and state taxes. The dealer would much rather give you a better deal on a car than pay the tax on the inventory.
However, you must have realistic expectations. The dealer must still make a profit. The dealer would also rather pay taxes on the inventory than sell the vehicle at a loss.
- lana_sandsLv 79 years ago
As car dealers go, it is a slow week. Most people are at the malls , not car lots. 2011's need to go. End of Month sales quotas for the sales guy.
