We know you might be anxious to buy your brand new car and also curious when is the best time to buy a car. That bonus from your employer came in the nick of time, and it may seem like the perfect opportunity to get a sweet ride or that car you’ve been waiting to purchase for so long.
But don’t take the famous saying that there’s a time for everything for granted, because it’s even true when it comes to finding a good deal. If you pay attention to these tips, you’ll most likely save thousands of dollars.
When Is the Best Time to Buy a New Car in Canada?
Auto experts say that the best days for your car search are Mondays, Tuesdays, and Wednesdays. Since dealers are less crowded, the salesperson can spend more time with you showing their inventory and negotiating the price of your new car.
Buying a car requires a lot of patience. No one likes to be rushed when making decisions, and purchasing a new car shouldn’t be taken lightly. Keep in mind that you’ve worked hard to earn money and you’re probably going to own this car for a few years, so it has to be something you’re really comfortable with.
If you don’t have a choice but to buy a car on the weekend, make sure you do a lot of research before your visit to ensure that you’re not making an impulse purchase.
Check your dealer’s hours and go at the end of the day
They say save the best for last, right? Exactly. Salespeople also save the best deals for the end of their days.
The fact is that working in sales demands a lot of a person and at the end of the day no one wants to stay late negotiating with a customer, so you’re most likely to get what you want when your salesperson is tired of dealing with customers and might just want a smooth sale. To convince you to buy your car, your salesperson might simply just give you their best price from the get-go.
So even though you might be tired from a full day of work, hang tight for just a few hours, and it might be worth the visit.
Best Time to Buy a New Car Is When They Have Incentives
Every now and then, the manufacturer will pass down incentives to the dealership such as cash-back rebates, special discounts, loyalty programs, trade-in deals, and low-interest financing. This happens when a model isn’t hot on sales, and they need to make space for new cars.
These promotions don’t have a specific date to take place, so it’s usually advertised on your local newspaper, radio, and flyers (yes, you might hate them, but they come in handy when you are looking for a new car).
Visiting your dealership’s website and checking their social media can also guarantee you some good deals. If you already have a relationship with your salesperson, ask them to let you know about promotions, or follow them on social media if they are active and post about their job regularly.
Wait until the end of the month
Salespeople are pressing to get the most sales at the end of the month, especially if they haven’t reached their goal yet, so they might be willing to negotiate a little bit more to get that new car on your driveway. Salespeople will do almost anything to get a bonus.
So even though you may have gotten paid at the beginning of the month, wait. Take your time, do some more research, and be patient to wait until the last few days of that month. You might even be able to throw in leather seats, remote start, or even winter tires depending on how much you’ll save.
Best Time of Year to Buy a New Car Is End of the Year
Yes, the year is almost over, and you can’t wait to buy your new car. But truth be told, it was worth the wait, and you’ll know why in the next paragraphs.
October, November, and December is the time when car dealerships are receiving the next year’s models, and salespeople are looking to get rid of last year’s model, which plays in your favour when negotiating. It doesn’t mean that they will accept whatever offer just to make the sale, but they are more susceptible to fit something within your budget, and unless the car you want has been completely redesigned, there aren’t a lot of changes year after year.
Buying some time between November and December is even better. Dealerships want to keep their stock as lean as possible, and it’s during these two months that there will be significant price drops. Remember that there’s always Black Friday in November and Boxing Day in December, these may be great opportunities to get a better deal on your new ride.
Using your car for business? Pay attention to this tax tip
When you’re doing your taxes, you can deduct a part of the cost of depreciable property such as building, furniture, or equipment used in your business. And guess what? Your car falls under this category.
According to the Government of Canada, you can deduct their cost for several years by claiming Capital Cost Allowance (CCA). You can only claim 50 per cent of the value for the year you bought the car, but the next year you can claim full cost. So even though you only had your car for a few days, you can claim half of its value when you’re doing your taxes.
Gift yourself with a car for Christmas
The best months to buy a vehicle are closer to the end of the year, so why not get a new car for Christmas?
The days between Christmas and New Years are definitely the best if you are willing to wait. Dealers want to get as many sales as possible to close their year, but many people may have already broken the bank with Christmas shopping or have little to no time to browse at a dealership. Others have already left to spend the holidays with their families and have other priorities on their list.
But if you are staying in town during the last week of the year, waiting may be worth your while. Once the calendar turns, the car is not only one day older, it’s also a year older, which sets it even less attractive to some buyers.
But keep in mind…
For everything mentioned above, the prices and deals only apply for in-stock vehicles, so you might not be able to order all features or the colour you want. But your dealer can still do some research, ask around, and find a car that measures up.
Although these tips are great, always be mindful to buy a new car before you need it. If you start noticing signs that you’ve put one too many miles on your vehicle, that’s the cue that you need to start thinking about a new one.
Don’t wait until the last minute, come check Birchwood’s dealerships. You can see our inventory here.