Since buying an SUV represents a huge investment on your part, choosing the right time to purchase aids you in maximizing your savings. By taking advantage of when dealers offer their best specials you might be eligible to purchase the SUV you want at an affordable price.
With these things in mind, let’s take a closer look at when is the best time(s) to buy.
1. Think Seasonal
If you read the newspaper or have stopped by your dealership, you’ll notice fall and winter months is when many of them begin receiving new inventory. To make room for these new SUVs, dealerships must sell off the current model year SUVs they possess. This translates into great deals as manufacturers offer enticing incentives—often lowering the price of the 2016 model—to lure you in.
The end of the year, in particular, is an excellent time whether you want to buy a pre-owned or brand new SUV. Many dealerships extend sales into the first part of January, since dealerships work on the U.S. Sales Reporting Calendar, according to CARFAX. This means even a few days after the New Year could be an appropriate time to secure a great deal.
There is another side of this too, though. If your aim is to buy a 2016 SUV now, it’s important to understand some dealerships might have limited inventories—some may no longer be bringing in 2016 models since they are making room for the newer ones. Therefore, if you notice the dealerships you visit have limited inventories it’s vital to buy soon or else you could miss out.
While fall and winter months tend to be the best times to buy, TrueCar states spring might be the worst time of the year to buy a car. This is due to spring being a buyer’s market. The weather in most areas is warmer and people receive tax refund checks. Because of these factors, dealerships might not have as much incentive to offer the best deals as people will buy anyways. Therefore, if you can hold off until the fall and winter months, then it increases your chances of receiving the best deals.
2. Understand How Dealerships Work
This brings us to the next point: Understanding how dealerships work gives you an advantage because you know when they are more desperate for sales. Say you want to buy an SUV and you visit the dealership at the end of the month. This is excellent timing for you due to the fact dealerships are eager to complete as many sales as possible before the month or quarter’s end—they want to meet and exceed their sales goals, and the sales representative you deal with wants that extra compensation.
Another important bit of timing concerns which day you visit the dealership. Weekends, even in cooler weather months tend to be the worst times because foot traffic increases and sales representatives are busy tending to everyone. By visiting the dealership at the beginning of the week when many people are at work, you are more apt to receive attentive service.
The time of day you visit also is important. Your goal should be to visit later in the day as this gives you the opportunity to receive a great deal especially if the salesperson you work with hasn’t completed a sale during the day. As you can see from these suggestions, it’s important to approach when you visit the dealership based on how they operate.
3. Take Advantage Of New Inventory Deals
If you have your heart set on buying a new SUV then the fall or winter is the best time to buy, as this is when new inventory arrives on the lot. To capture people’s attentions and drive sales, often manufacturers and dealerships offer enticing deals on brand new models.
A great illustration of this is Ford is currently doing its SUV sale. Right now, you can finance the 2017 Ford Escape with 0% APR—if you qualify under Ford Credit’s terms— for 60 months plus you receive $1,000 bonus cash. As the year-end approaches, many manufacturers will follow suit by offering attractive lease and financing terms.
You can learn more about manufacturers' incentives by visiting their websites. You can also go to your dealership’s website, as they often have information concerning the best deals going on currently.
4. When Manufacturers Redesign Models
Similar to new cars, dealerships might have both a manufacturer’s new model which features a fresh design and have the last model year of the previous edition. In both instances you could receive an excellent deal because dealerships want to rid their inventory of the older generation vehicles, meaning if you don’t mind an older design you could end up securing an affordable price for it.
Meanwhile, manufacturers are eager to have their new models on the street, as this generates the attention needed to bolster sales. For new generation models, look for manufacturer incentives when they roll them out to dealerships. This normally occurs in the fall and winter months.
5. Black Friday
Black Friday isn’t just reserved for the stores. Dealerships offer attractive incentives to jump start business, often during the whole week leading up to Thanksgiving and the weekend preceding it. This can benefit you in that foot traffic might not be as heavy since people use this weekend to holiday shop and travel. Furthermore, by taking advantage of the attractive incentives offered by manufacturers, you could find the SUV you want at a price that aligns with your budget.
In summation, possessing good timing when it concerns buying your next SUV could save you a significant amount of money. The main focal point is to know when the best deals occur.
For example, now is an exciting time of the year for buyers because dealers want to move 2016 models out to make way for new inventory. Therefore, by using these suggestions, it can help you pinpoint the right time to visit to secure the best SUV deals for you.
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