Sometimes, you don’t get a choice in what time of the year you need to purchase a new car, but other times, you do. If you are able to choose when you’re buying your next time, consider the summertime because of all the benefits it offers to car shoppers.
1. Inventory is Up
Summer is a popular time to buy a new car, which means that there are likely more trade-ins as well as new models at your local dealership. When you shop in the summer, you will have a wide array of makes, models, and colors to choose from.
2. Prices are Down
Because summer falls towards the middle/end of the fiscal sales year, dealerships are trying to clear out inventory to make room for next year’s newest models. Because of this, you are much more likely to find a great deal on a car than you are at the beginning of the year. Waiting just a few months can quite literally save you thousands of dollars on your new vehicle – a price that’s worth the wait!
3. We’re In a Buyers Market
In the last few years, we saw an absolute shortage of car chips and parts, making it tough if not impossible to find and purchase the type of car you wanted. The market tried to mitigate these demands and in turn, over-corrected. There is now a huge inventory of vehicles ready to go. This means that the market favors the buyer, as car dealerships are growing more and more eager to get rid of their inventory. You can use this leverage right now to get a great deal on your vehicle.
4. Get Used to Your Car Before Winter
It is important to feel safe and comfortable in your car, which is why it’s important to get a feel for it in the summer months while driving conditions are good. You don’t want the first time you take out your new whip to be during an icy winter day. When buying in the winter, you will get a feel for how your car works, and in turn, you will build your comfort and confidence in your vehicle.
5. Holiday Sales
Summer is also riddled with holidays, which usually entices dealerships to offer sales and discounts. Between Memorial Day, Labor Day, Independence Day, and everything in between, you will have plenty of opportunities to scope out the hottest summer deals on potential vehicles.
6. Lower APR
In general, it is predicted that in late summer, customers usually get lower APR and financing options on their purchases. A lower APR rate can save you hundreds if not thousands of dollars over the payment of your vehicle over the time it takes for you to pay it off.
Whether you are actively shopping or loosely considering buying a car this summer, the time to act is now. With the state of the market, the increase in inventory, and the discounts and rates that usually come with the summer months, you are very likely to find a great deal on the vehicle of your dreams!
