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 better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial deals that could be accessible to you. SHARE: Vasily Pindyurin/Getty Images
4 min read . Published 7 March 2023.
Kellye Guinan Kellye Guinan Written by Personal and business finance Contributor Kellye Guinan is an editor and writer freelance with more than five years of experience in personal finance. She is also an employee full-time at her local library, where she assists people in her community gain access to information on financial literacy, in addition to 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 the confidence to take control of their finances with concise, well-studied information that breaks down complicated issues into digestible chunks. The Bankrate guarantee
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Therefore, this compensation may impact how, where and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other elements, such as our own rules for our website and whether a product is offered in your area or at your self-selected credit score range could also affect the manner in which products are featured on this site. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit item or product. Winter in colder climates often means less customers at auto dealers , and more pressure to reach sales targets. And since dealers typically get the next model year towards the time of the summer’s end, they are keen to get the previous model year off the lot. If you plan your purchase to buy it for the winter months, you could benefit from the benefits of lower sales. If you’re in the market 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, which reduced the production of new vehicles and led prices to rise. As inventory increases, prices are beginning to descend. But deals and incentives aren’t as prevalent as they were prior to the pandemic which is why arranging your purchase carefully can be a big help. Dealerships are trying to meet quotas It’s no secret that they operate under monthly and annual limits. These commissions and influence bonuses are provided by the owner of the dealership and the manufacturers the dealership works with. This is the reason why the last day of the year is often the most lucrative time for sales . Not only are salespeople being pressured to hit their monthly quota and targets, they’ll also be looking to snag last-minute sales for the final day of the financial year. Of obviously, not every dealer operates on a January to December financial schedule. In general, however you might be able make use of the system to better negotiate an agreement. Sales at the end of the year Franchise dealershipsdealers with a direct relationship with a manufacturer — may offer on new cars from the current model year. But sales at the end of the year are not uncommon regardless of a dealership’s franchise or independent status. Since dealers are trying to meet sales quotas and targets, there could be significant decreases in the cost of your car alongside rebates. If you’re not a strong negotiator, make use of sales during winter. This could help you secure a good deal. You may secure a good rate of interest. Taking out a car loan at the appropriate season can aid in obtaining a favorable interest rate. Get in touch with several lenders and request interest rates to ensure you are getting the best deal. Even having a less than stellar credit score, it’s possible to still get the auto loan. Having a can aid in getting your loan approved. Be aware of the following when you are shopping for automobile loans Learn about loan types and . Make an effort to negotiate the best terms. Receive all promises in writing. Know the details. There are fewer shoppers cold winter months and the busy holiday season tend to prevent people from going to car dealers. The slow traffic at dealerships extends into February and January, making these months ideal for shopping for a new car, according to Mike Quincy, auto tester and writer at Consumer Reports. The regardless of the time of year. Quincy suggests that you find out the price of the dealer and then increase it from there, rather than dropping the sticker price. “You’re probably going to be a much more enthralled audience for a salesman when you go in the winter months because there aren’t many people around,” Quincy says. “These tactics should be effective.” The latest models are released. Dealers typically start getting new models towards the beginning of summer or beginning of autumn. This means that cars from the model year which haven’t been removed from the lot have a depreciation in value. “A leftover model, in general, is a great deal in the case of a person who drives their car into the ground” Quincy says, noting that it could range from 100,000 to 100,000 miles. And even if , waiting for the newest models to arrive is worth it. After all, depreciation is still a major factor. It will still be as great, however you might be able get a better deal because the car is older. There are options for winterization. Part of your negotiation strategy must include winterizing your vehicle. Beyond comfort factors, like heating seats or steering wheels focus on winter wipers and snow tires as part of the package. “If you’re not willing to invest in these items then your safety could be compromised,” says Lauren Fix the car expert and editor-in chief of Car Coach Reports. Vehicles equipped with high-performance tires might not perform as well on icy roads. The cost of snow tires is usually the same as all-season tires, however there are additional fees related to the installation process when you purchase a car. Winter is also a good opportunity to try out a car you’re considering buying. This is particularly important for those who live in areas which experience winter-like weather. When you test your driving skills with snow or slush on the ground you will be able to gauge the driving experience your car in extreme conditions. When to wait until spring The winter season is a great opportunity to score a bargain deal, but it’s not the only time to shop. If you’re willing to negotiate price and you’re willing to negotiate, it could be a good idea to hold off until spring, or even later, to begin your search. Most manufacturer offers are on new cars If you’re buying used, there’s not much need to shop in winter. Plus it’s not a good idea to be caught in snowy or freezing temperatures when your car you’re buying isn’t winterized properly. If you’re searching for a second-hand car at an auction or private sale it’s less likely to find deals in winter. It may also be harder to arrange a private meeting to examine the car. Car shopping in warmer climates could be more difficult in winter because the weather is typically more comfortable. Most advice anticipates you live somewhere with an extremely cold winter. Therefore, you may want to wait until temperatures rise in the spring to go shopping. If you have a the chance to use a winter bonus that can be used for a substantial down payment, hold off until spring. After all, the less amount you’ll need to withdraw and the less you’ll pay overall , even if it means you missed the more substantial winter deals. It might seem odd however, dealerships will begin receiving 2024 models in late 2023. If you’re interested in to buy a model from 2023, put it up until the summer of. So, dealers are advertising the 2024 model and you’ll be able to obtain a bargain in comparison to the “old” models. The bottom line is that in general, buying a car in the winter months will allow you to secure a better deal. With less foot traffic and a shift toward new inventory, there is ample room to negotiate a reasonable price. It is important to figure out how much you can spend on a car before applying for a car loan and also to check your credit score and compare for the most competitive price. Learn how your interest rate will affect your monthly payments and the total car loan cost with our .
Written by Personal and business financial contributor Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal financial. She also is employed full-time at the local library, where she assists the community gain access to information on financial literacy, as well as other topics. Written 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 confidence to manage their finances through providing clear, well-researched details that cut complicated topics into digestible pieces.
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