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.

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.


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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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