The end of the model year is a prime time to snag a great deal on a new car. Dealers are eager to clear out inventory to make way for the latest models, leading to significant discounts and incentives. This guide provides essential End Of Model Year Car Buying Tips to help you navigate the process and drive away with the best possible deal.
Understanding the End of Model Year Landscape
New car models typically arrive in the fall, making the months of August through October the sweet spot for end-of-year deals. However, with current market fluctuations, deals can pop up throughout the year. Knowing when manufacturers release their new models can give you a significant advantage.
Leverage Dealer Incentives and Discounts
Dealers often offer substantial incentives, including rebates, low APR financing, and lease specials to move older inventory. Research these incentives online or contact dealerships directly to compare offers. Don’t hesitate to negotiate further, especially if you’ve done your homework on market pricing.
Negotiate Effectively for the Best Price
Arm yourself with knowledge before heading to the dealership. Utilize online resources like Edmunds to determine the fair market value of the car you’re interested in. This will give you a strong baseline for negotiation and help you avoid overpaying.
Consider Leftover Inventory from the Previous Year
Sometimes, dealerships still have leftover vehicles from the previous model year. These cars can offer even deeper discounts than current end-of-year models. While they might lack the latest features, they can be a great value if your priorities are price and reliability.
Don’t Overlook Certified Pre-Owned (CPO) Options
If a brand-new car isn’t essential, explore certified pre-owned (CPO) vehicles. These cars are typically late-model, low-mileage, and come with extended warranties, providing a balance between cost savings and peace of mind.
Timing Your Purchase Strategically
While the end of the model year presents excellent opportunities, consider shopping on weekdays or less busy times to receive more personalized attention from salespeople. Holidays like Black Friday can be advertised with big discounts, but often draw large crowds and limited inventory.
Securing Financing in Advance
Getting pre-approved for a car loan from your bank or credit union before visiting the dealership strengthens your negotiating position. It allows you to focus on the out-the-door price and avoid potentially higher financing rates offered by the dealership.
Thoroughly Inspect and Test Drive
Before signing any paperwork, thoroughly inspect the car for any damage or flaws. Take it for an extended test drive to ensure it meets your needs and driving style. Don’t rush the process.
Final Thoughts: Sealing the Deal
Buying a car at the end of the model year can result in significant savings. By following these tips, researching thoroughly, and negotiating effectively, you can drive away in a new or CPO car with confidence, knowing you secured the best possible deal. Remember, the best time to buy a car is when you’re informed and ready.
