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Financial Tip

Financial Tip
Rich Best has spent 28 years in the financial services industry, as an advisor, a managing partner, directors of training and marketing, and now as a consultant to the industry. Rich has written extensively on a broad range of personal finance topics and is published on several top financial sites. Recent books include The American Family Survival Bible and Annuity Facts Revealed: What You MUST Know Before You Invest.

What is the Best Day to Buy a Car?

What is the Best Day to Buy a Car?

After doing all the research and price comparisons, it may surprise you to know that getting the best deal on a car invariably comes down to timing. With car dealers under pressure to meet quotas and sell off inventory to make room for new models, bargain hunters can gain the upper hand just by knowing the right time to swoop in. At a certain point, car dealers are less interested in making a profit than they are making a sale so they can earn their bonuses from the manufacturer. Savvy car buyers know when car dealers are most vulnerable to the time element. Here’s a guide for pinpointing the best day to buy a car.

Best Day of the Week

You’ll notice that car dealers are busiest on the weekends. That’s when most people have the time to shop for cars. The day of the week when the fewest buyers converge on the dealers is Monday. According to TrueCar.com, car buyers receive the biggest discounts of the week, averaging 8.1% below MSRP. With an average discount of 8.08%, Thursday is the second best day to car shop.

Best Day of the Month

It’s no secret that car dealers have monthly quotas to meet. In most cases, the difference between meeting and not meeting a quota means thousands of dollars in bonuses earned or lost. Although you can’t know which dealers are hard up to meet their quotas, you increase your chances of a big discount by walking on the lot between the 29th and 30th or 31st of the month. If you really want to improve your chances, go visit a dealer on the last days of July, August and September. That is the period when car manufactures are rolling out their new models with entirely new dealer incentives.

Best Day of the Year

If you’re looking for the very best discount and can only shop one day out of the year, make it New Year’s Eve. That is the day when monthly, quarterly and annual quotas converge, with the opportunity for dealers and salespeople to earn the biggest bonuses of the year. Dealers are willing to strip car prices to the bone because what they lose in profit, they make up in bonuses. The average discount on New Year’s Eve is 8.3%. If you can’t stomach spending your New Year’s with a car salesperson, you can do pretty well on the 29th and 30th of December.

The Best Time of Day

As you might expect, the best time of the day to go bargain hunting for a car is just before closing. No car salesperson wants to walk away from a sale, but they are also anxious to go home. For your very best chance of maximizing your discount, visit your dealer just before closing time on May 31st, July 31st, August 31st, September 31st or New Year’s Eve.


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