When Is the Best Time to Buy a New Car?
Buying a new car is easy if you have a lot of money to spend. However, things get a bit more complicated if you’re on a tight budget (or simply pinching pennies for fun). You might think that you’ve come to the car dealer prepared. You’ve meticulously done your research, and with your gift of gab, can confidently haggle your way to your ideal price.
And while it’s great that you’re confident about what you know and what you want, you might be forgetting one important thing when buying a new vehicle at the best possible price: TIMING.
Yes, timing. When you combine preparation and the right timing when purchasing a new car, you’ll literally save thousands of pesos (and receive great freebies if you’re lucky). And if you’re smart, you’ll take advantage of this. The trick here is knowing when is the right time to buy. You don’t need a degree in rocket science here—a simple calendar and a functioning watch will suffice nicely. Also, a bit of common sense will come in handy. Now let’s discuss how to make time work for you:
What’s the best period of the day to buy new cars?
The best time to buy a new car is at the end of the day. Why? Because it’s when many of the car salespeople are tired and itching to go home already. When this happens, they might be too tired to argue so they’ll agree—or the very least be more open—to your suggestion. They might also say yes to get it over with so they can go home already. Whichever the case, you’ll have the upper hand here.
You might be one of those lucky people who’ll get a double whammy. That’s when they’re not only tired, but also anxious because they haven’t sold anything during the day. When this happens, then you’re in a much better position to negotiate and haggle. They’ll be more open to lowering the price for you because if you buy a car, then it adds up to their sale. What could be better than a win-win deal for both of you, right?
Weekdays or Weekends: Which is best to buy a new car?
We know you’re off during Saturdays and Sundays, so you’ll more likely visit your car dealer during weekends. However, the best time to buy a new car is during weekdays, when everyone is at work and you’ll have the car dealer all to yourself. Not only will you be able to get their complete attention, you’ll also have enough time to discuss the best possible price for you. And speaking of days, try to do this on a Friday night, or right before their closing time.
Are holiday and weekends included?
Make sure to take advantage of holiday weekends such as Labor Day, Ninoy Aquino Day, and Independence Day. Oftentimes, car dealers offer huge blowout sales and car deals, such as special financing or cash back deals. What’s more, there are some branches that add more by giving special perks of their own. For instance, Toyota might offer special financing for everyone, but its branch in Makati might sweeten the deal by including an additional 15% off when you buy a specific car model.
Should I include monthly or quarterly quotas?
Monthly sales quotas might scare dealers, but it should be music to a car buyer’s ears. Take advantage of monthly sales quotas—the best time to buy a new car is at the end of the month. Car dealerships are required to meet monthly sales targets, and many work hard to reach it—no matter what. In this case, you are taking advantage of two things: 1) their desperation to make a sale; and 2) financial bonuses. The first one is self-explanatory—a desperate salesperson will be more open to haggling and negotiations, while financial bonuses are often given to those who meet or exceed their sales quotas. Some are actually willing to lose money (over one car) and give you that discount because the bonus itself is enough to cover their loss. This is the same even if the bonus in not monetary in nature. Some companies give generous gifts and attractive incentives that are worth losing some money over, such as all-expense paid trips to Europe and promotions).
If you’re not into monthly quotas, then opt for the quarterly ones, particularly the third and fourth. Quarterly quotas are more ambitious and stressful during this time, so car dealers will work extra hard to get a person to buy their car (and meet their sales targets).
Which seasons are best for buying new cars?
Buy convertibles during the rainy season, because convertibles are more in demand during summer. The rationale here is that a convertible is at its coolest when you roll the top down—and you can only do this when it’s not raining.
Conversely, sales of 4-wheel drives are at its peak during the rainy seasons, so you might snag a bigger discount when you buy it during summer. The reason here is that these vehicles are designed to perform well at any weather and terrain. There are even some that can be driven in floods, which the Philippines experience all too often. Therefore, these vehicles are the most attractive ones to buy when torrential rains start pouring in.
Should I go with last year’s model?
Do a bit of research, and find out when the new version (or update) of your preferred car will be out. Wait for its launch inside the showroom, and then buy its older model. Yes, we understand that they may lack the latest accessories, gadgets, or even looks, but if you’re really into scrimping money, then opt for last year’s car models. Car dealerships prioritize new cars over the older ones, and they may be more than willing to lower the price for you just so they can get that extra space to sell the newer car model.
Now, you might be salivating over its latest, state-of-the-art audio system, so the only option you can see yourself doing is to buy the new one. If that’s the case, then try to wait a few months after its launch before you purchase it. By then, everything in the showroom will have settled down, and the car dealers will be more open to giving you a price that works well for you.