When is the best time to buy a new car in Canada?
If the three most important determinates of the real estate market are location, location and location, then timing might be said to be the location of car shopping. While haggling over a new vehicle is a cultural cornerstone in Canada, the price of your vehicle is determined by more than just rhetorical mastery. Obviously, the model of the vehicle is the primary factor of the cost, but if the real estate proverb can ignore the dichotomy of mansions vs. shanties, we can still assert that timing is absolutely key.
So what distinguishes a good time to buy from a bad time? There are a few different factors to keep in mind when you’re looking for a new vehicle.
Shop near the end of the month
Dealerships have quotas they want to fill, so sometimes they will get a little desperate near the end of the month. It’s not like they’ll give you a free truck just because they’re a couple sales short of their goal, but chances are they will be more flexible.
Likewise, individual sales people may have a quota to hit. This could be for performance measurement, or if you’re really lucky, a personal bonus. If someone knows one more sale is standing between them and a lucrative bonus, chances are high they’ll be amenable to offering some discounts.
The end of the quarter helps, too
For the same reason, shopping near the end of each quarter can lead to discounts. March, June, September and December are when many dealerships assess their numbers, so the need to make some last-minute sales is palpable.
Look out for promotions
Different dealerships offer promotions at different times of the year, so keep your eyes open. Of course, some promotions are better than others, so a little comparison might be in order. Don’t forget that just because a vehicle is marked down, it doesn’t mean that its sale price has to be the final price.
Shop when new models have recently been released
New models come out in the fall. For example, in the fall of 2017, most 2018 vehicles will be released. This gives you two opportunities.
First, new models offer new features and upgrades, so shopping in the fall gives you the chance to get in on these things. It’s a little sad if you buy a new car and a week later the newer, better version comes out. By waiting until the fall you can get a superior vehicle from what is available in the summer.
The second opportunity is that you can get the previous year’s model at a reduced cost. Dealerships have to make room for new models by getting rid of the old ones, so they are eager to replace the current additions with next year’s, once the latter has been released.
Spring is usually the worse time to buy
If you're surprised by this last one, you're confusing "most desirable" with "best."
Spring is probably the most exciting time to purchase a vehicle. The snow is gone, summer road-trips are just around the corner, the sun is sparkling off the shiny exterior of every last car on the lot...and that’s why it’s more expensive to buy in the spring.
Spring time is a popular time of year to shop for a new vehicle. The demand gives the upper hand to dealers during negotiations, and usually eliminates their need to lower prices in order to fill a quota. Try resisting the temptation of spring time car shopping. It could keep a few thousand dollars in your pocket.