Who knew that the latter half of a pandemic would be the worst possible time to buy a car? Supply chain shortages have limited the amount of cars available on the market, and have launched the prices of new cars sky-high.
November 2021 marked another record for steep car prices, according to Kelly Blue Book, with car prices up 13 percent over November 2020.
While it’s a challenging time to score a good deal on a car, there are still some things to remember about car sales that may help you find something great, if not this year, then perhaps a year or two in the future as supply chains fall back into a steadier rhythm.
Here’s how to keep yourself attuned to the time of year that’s best for car deals.
You may have heard the stories — more like myths — about someone getting a great deal on a car Christmas Eve because the seller wanted to score a final deal before heading home for the holidays. Whether that’s actually true or not, you may be more likely to find some of the best deals toward the end of the year, as car dealers want to finish the year strong in sales.
Kelley Blue Book advises that when looking for these end-of-the-year deals, be careful not to get swept up into loans that could cause you to be paying more than your car is worth in just a few years. Also steer clear of pressure from the dealer to close a deal before you’ve finished test driving and considering which car is best for you.
When new cars come onto the lots, there is a sweet period before last year’s models run out. During that time, you may be likely to get a good deal on last year’s models, as dealers hope to make room for the newer, sleeker, and pricier vehicles.
As dealers hope to meet their monthly sales goals, they may be more eager to agree to a better deal on a car. That’s why US News reports that the end of a month is also a great time to find a good deal on a car. The more cars the dealer sells, the closer they may be to securing a bonus to meet their monthly goal, but they likely won’t tell you that.
Curious what some of the best tips are for negotiating that final deal? US News has a great reference list to brush up on before you head into the dealership, from considering financing to trade-in options to avoiding costly extras.
Questions about car insurance? Contact a Sea Mountain Auto Insurance Specialist today!