Why buying a car in winter is a smart move Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing impartial and original content. We also allow you to conduct your own research and compare information without cost, so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this site, including such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be open to you. Share: Vasily Pindyurin/Getty Images
4 minutes read Read Published March 07, 2023
Writer: Kellye Guinan. Written by Personal and Business Finance contributor Kellye Guinan is an editor and writer freelance with more than five years’ experience in personal financial. She is also employed full-time at the local library, helping her community access information about financial literacy, as well as other topics. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-studied information that breaks down complex issues into digestible chunks. The Bankrate guarantee
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We are compensated in exchange for placement of sponsored products and, services, or through you clicking certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether a product is available in your area or at your personal credit score can also impact the manner in which products are featured on this site. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial product or service. The colder winters in the United States often means less foot traffic at dealerships and greater pressure to meet sales quotas. Dealers typically receive the next model year at the time of the summer’s end, they are keen to get the model year prior off the market. By timing your purchase for the winter months, you might be able to take advantage of lower sales. If you’re looking for a car now and you’re interested in a car, you could profit from a market that is slowly recovering from the strains from the pandemic. Vehicle supply levels have been increasing after the recent microchip shortage that cut down on the production of new vehicles and led prices to rise. As inventory levels rise and prices begin to descend. But deals and incentives aren’t as popular like they used to be prior the pandemic and therefore, deciding when to buy wisely can still be beneficial. Dealerships are working to achieve quotas. It’s not a secret that dealers operate on monthly and annual quotas. They are influenced by commissions and bonuses provided by the owner of the dealership and the manufacturers that the dealership partners with. This is why the end of the year can be the most lucrative time for sales . Not only are salespeople in a rush to meet their monthly targets, but they’ll also want to snag last-minute sales for the close of the fiscal year. Of course, not every dealership follows a Jan- December financial calendar. But in general, you may be able to use the system to better negotiate a deal. Sales at the end of the year Franchise dealerships- dealers that have close ties with a manufacturer might offer new cars from the current model year. But year-end sales are common regardless of a dealership’s franchise or independent status. Since dealers are trying to meet their sales goals, you might see big reductions in the price of the vehicle alongside rebates. If you’re not a skilled negotiator, make use of winter sales. It may help you get a good deal. You may secure a good rate of interest by applying for an auto loan in the right time of the year can aid in obtaining a favorable interest rate. Get in touch with several lenders and ask for interest rate quotes to ensure that you get the best deal. Even even if you’ve got a low credit score, it is possible to still get the auto loan. The fact that you have a credit score will help increase the chances to get your loan approved. Remember these tips when looking for auto loans Consider researching loan types and . Find the most favorable conditions. Receive all promises in writing. Understand the small print. A smaller number of people are shopping winter cold and busy holiday season tend to prevent people from going to car dealers. And slow dealership traffic extends into January and February, making the perfect months to shop for a vehicle, says Mike Quincy, auto tester and writer for Consumer Reports. It doesn’t matter what time of the year. Quincy advises you to know what the dealer’s cost is and then work your way up from there, instead of going down from the price of the sticker. “You’re just probably going to have a larger customer for the salesperson when you visit during the winter months since they aren’t surrounded by people,” Quincy says. “These techniques should be successful.” There are new models released. Dealers typically start getting new models at the beginning of summer or beginning of autumn. That means the current model-year vehicles which haven’t been removed from the lot have lost value. “A leftover model is a great deal in the case of a driver who drives their vehicle into the ground,” Quincy says, noting the range could be between 100,000 and 200 miles. Even if you’re waiting for the latest models to be available is worth it. After all, depreciation is still a major factor. It will still be as great, however you might be able negotiate a lower price because the car is older. The winterized options are available. Part of your negotiation strategy must include winterizing your vehicle. Beyond comfort elements, such as heating seats or steering wheels focus on snow tire and winter windshields as a part of the package. “If you’re not willing to make that investment the safety of your family is compromised,” says Lauren Fix, car expert and editor-in-chief of Car Coach Reports. The cars with the most powerful tires may not be as safe on icy roads. They typically cost the same as all-season tires, however there are extra charges for the installation of these tires when purchasing an automobile. Winter is also a great time to drive around in the car you’re thinking of purchasing. This is particularly true for those who live in areas where winter weather is prevalent. If you try driving in snow or slush, you can gauge what it’s like to drive the vehicle in the most difficult conditions. The best time to wait until spring The winter season is a great time to get a good deal, but it’s not the only occasion to shop. If you’re willing to negotiate price and are willing to compromise, it may be a good idea to hold off until spring, or even later, to begin shopping. Most of the manufacturer deals are for new vehicles If you’re buying used, there’s no point in winter shopping. Plus, you don’t want to be caught in snowy or freezing temperatures in the event that your car isn’t properly winterized. If you’re searching for a second-hand car at an auction or private sale, you’ll be less likely to find deals in winter. It could also be difficult to set up a meeting to check out the car. Shopping for cars in warmer climates can be worse in winter since the weather is typically more comfortable. Most advice anticipates you live somewhere with an extremely cold winter, which is why you might want to wait until the temperatures rise in the spring before you go out shopping. If you have a an incentive for winter that could be used to make a large down payment, hold off until spring. The more cash you have to take out to pay for your mortgage, the less you’ll spend overall , even if you miss the larger winter sales. It might seem odd however, dealers will begin receiving models for 2024 in the latter half of 2023. If you’re looking for a 2023 model, hold off until late summer. So, dealers are selling the 2024 model and you’ll be able to get a good deal on the “old” models. In the end, buying a car in the winter months will allow you to find a lower price. With low pedestrian traffic and a shift towards new inventory, there is plenty of time to negotiate a good price. It is important to determine the amount you can afford to spend on a car prior to applying for an auto loan, check your credit score and shop around for the most competitive price. Learn how your interest rate can impact your monthly payment and the total cost of your car loan cost with our .
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Written by personal and business finance writer Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal finance. She is also a full-time worker at her local library, where she assists people in her community get information about financial literacy, as well as other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched and thorough information that breaks down otherwise complex subjects into bite-sized pieces.
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