Fast 5: The Best Time to Buy a New Vehicle

Fast 5: The Best Time To Buy or Lease

In this edition of Fast 5, a series highlighting five fun, interesting or helpful facts about a variety of topics, we explore the timing behind purchasing or leasing a vehicle.

While timing can play a role, it’s important to approach car-buying with a well-informed perspective. Does it matter when you go to the dealership? What about time of day? A particular day of the week? Or even the best month? What resources are available to prepare for that visit?

Over the years, we’ve done plenty of research, and we’ve compiled a list of the top five answers for these questions.

1. The illusion of a “best” time. There are many myths, half-truths and misconceptions about the best time to get a new vehicle. If dealerships gave steep discounts during all the times we’ve heard about, they wouldn’t be in business. Here are a few of our favorites:
   • Go to a dealership when it’s raining or snowing. Sorry, you’ll just be looking at cars with wet hair. Barring weather emergencies, dealerships are always willing to help customers, regardless of the weather.
   • Show up a few minutes before closing time. While sales consultants are used to working late, many finance managers don’t support late hours. If you show up too late, you may have to return the next day to finish the deal.
   • Plan to go on (insert day of the week). There really isn’t a better day of the week for deals. It is true that you’ll typically get more attention when there’s lower foot traffic, which is often on weekdays.
   • Buy or lease your car in October–December. There might have been a time when you could get deep discounts on last year’s cars as new models came in, but as the auto industry has changed, this isn’t necessarily the case anymore.
     
   
   Tip: See When is the Best Time to Buy a Car? for a few things to consider when purchasing a new vehicle.
2. The best time may not be today. Finding your ideal vehicle might not be as simple as visiting a dealership. If you're flexible with your timing, it’s possible to secure something close to your desired car on the day you visit the dealership, but if you’re looking for special packages and features, You can get a head start and review options by preordering a vehicle.
   
3. Buy or lease when it’s the right time for you. Timing should align with your needs and financial situation. Before searching for the car of your dreams, know what you can afford with our Affordability and Payment Calculators. And if you want to see the financing you qualify for ahead of time, you can apply to prequalify.
   
   Tip: Things may have changed since you last went car shopping. Read up on what to expect before embarking on your car-buying journey.
   
4. Time to give credit where credit is due. Regardless of when you decide to buy or lease, you’ll need more than timing to get your next vehicle. Knowing your credit score can help you anticipate your payments when financing or leasing. It’s normal to have credit questions, so we created the Credit Education Brochure to help answer them.
   
   
5. Time to look inward. Your lifestyle is the most important factor in determining the best time to get a new vehicle. Look no further than your friend trying to fit a child seat in a new sports car. It’s vital to consider where you’re at in life today, as well as where the road will take you in the future. Should you lease or buy? Is it time to go electric? You’ll need to assess your needs and stick to them throughout the process.

While timing plays a role in car shopping, it's only one piece of the puzzle. By combining informed research, understanding your financial situation and aligning the decision with your life goals, you'll be able to make the right choice for you.

By Josh Foster, GM Financial

Josh Foster takes pride in his three orange cats and the ability to connect people with meaningful experiences. He’s a U.S. Army veteran and volunteers at the Detroit Zoo, where he’s able to educate guests with bad jokes about good animals.