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The Best Time to Buy a New Car for Biggest Savings
The Best Time to Buy a New Car for Biggest Savings
Buying a Car
Everyone seems to have an opinion about the best time to buy a new car - the best day of the month, the best month of the year, even the best hour of the day. The consensus seems to be that buying a car near the end of the month is the best time because the sales people are anxious to meet their sales quotas. While that is true, there's more to it than that and, understanding what really motivates the car dealers can help strengthen your negotiating position. Sales quotas are important to the sales people, but bonuses are crucial to the car dealers.
Bonuses, such as cash and paid vacations are offered by the car manufacturer when the dealer exceeds a certain sales volume each month. It could mean the difference of tens of thousands of dollars to the dealer. A dealer could be right at the bonus threshold near the end of the month and then be willing to move cars off the lot at most any cost because they will make up their lost margin through the bonus. Bonuses are not offered every month, but the months that they are sure to be offered are in the fall when the manufacturers are anxious to get their new models into inventory. The month of October seems to be the sweet spot for bonus and inventory clearing activity. And, you thought you were too old for "trick or treat."
Use this calculator to help you determine your monthly car loan payment or your car purchase price. After you have entered your current information, use the graph options to see how different loan terms or down payments can impact your monthly payment. You can also examine your complete amortization schedule by clicking on the "View Report" button.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
The Best Time to Buy a New Car for Biggest Savings
*indicates required.
Car financing:
Loan amount: $0.00
Calculate for:
Calculate for
Choose what you would like to calculate. You can choose to calculate the payment or the purchase price.
Total purchase price (before tax)
This is the total cost of your auto purchase. Include the cost of the vehicle, additional options and destination charges. This amount does not include sales tax. Sales tax will be calculated for you and included in your total after-tax price.
$0
$1k
$10k
$100k
Monthly payment
The amount you pay each month for your auto financing.
$0
$500
$2.5k
$5k
Term in months
Number of months the loan will be in effect.
12
48
84
120
Interest rate
Annual interest rate for this loan.
0%
8%
17%
25%
Down payment:
$0.00
Rebates and cash down
Total amount of cash and/or factory rebates applied to the purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase.
$0
$1k
$5k
$20k
Trade allowance
The total amount that you are given for any automobile that you trade-in as part of the purchase. In some states a trade-in can also reduce the amount of sales tax you will owe. See the definition for "No sales tax deduction for trade-in" for more information on trade-in vehicles and sales tax.
$0
$1k
$5k
$20k
Amount owed on trade
Total loan balance still outstanding on the trade-in.
$0
$1k
$5k
$20k
Taxes and fees:
$0.00
Non-taxable fees (optional)
Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and are not taxable.
$0
$100
$500
$1k
Taxable fees (optional)
Any additional fee that is subject to sales tax. This usually includes title transfer fees or any other fees that may be due at delivery and are taxable.
$0
$100
$500
$1k
Sales tax rate
Sales tax percentage rate charged on this purchase.
0%
7%
13%
20%
No sales tax deduction for trade-in
If you live in a state where your sales tax is calculated on your full purchase price, check this box in the calculator. If this box is unchecked, sales tax is calculated on the purchase price, less trade-in. Currently the District of Columbia, California, Hawaii, Maryland, Kentucky, Michigan and Virginia allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana and New Hampshire have no sales tax on auto purchases. Oregon currently only collects tax on new vehicles.
Check here if your state does not allow a sales tax deduction for trade-ins
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Principal Balances for KJE1 in financing
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
How does the term affect my payment?
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
How does the down payment affect my payment?
Definitions
Calculate for
Choose what you would like to calculate. You can choose to calculate the payment or the purchase price.
Monthly payment
The amount you pay each month for your auto financing.
Total purchase price (before tax)
This is the total cost of your auto purchase. Include the cost of the vehicle, additional options and destination charges. This amount does not include sales tax. Sales tax will be calculated for you and included in your total after-tax price.
Term in months
Number of months the loan will be in effect.
Interest rate
Annual interest rate for this loan.
Rebates and cash down
Total amount of cash and/or factory rebates applied to the purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase.
Trade allowance
The total amount that you are given for any automobile that you trade-in as part of the purchase. In some states a trade-in can also reduce the amount of sales tax you will owe. See the definition for "No sales tax deduction for trade-in" for more information on trade-in vehicles and sales tax.
Amount owed on trade
Total loan balance still outstanding on the trade-in.
Non-taxable fees (optional)
Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and are not taxable.
Taxable fees (optional)
Any additional fee that is subject to sales tax. This usually includes title transfer fees or any other fees that may be due at delivery and are taxable.
Sales tax rate
Sales tax percentage rate charged on this purchase.
No sales tax deduction for trade-in
If you live in a state where your sales tax is calculated on your full purchase price, check this box in the calculator. If this box is unchecked, sales tax is calculated on the purchase price, less trade-in. Currently the District of Columbia, California, Hawaii, Maryland, Kentucky, Michigan and Virginia allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana and New Hampshire have no sales tax on auto purchases. Oregon currently only collects tax on new vehicles.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
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