With winter's first chilly breezes in the air, holiday shoppers across America are gearing up to hit the malls. But if you've been thinking of buying a new car, maybe you should be heading straight for your local dealership instead.
December brings the year's best discounts for car buyers, according to Time's Money column. Buying a new car around the holidays yields a 7.7 percent savings on the retail price. For most consumers, this translates into a savings of around $300. Keep reading to learn why December is the best time to buy a car and to learn more tips and tricks to save even more.
Huge Savings on Last Year's Models
Why are the prices in December so low? There are many reasons for this phenomenon, but the main factor is that dealerships are trying to sell off last year's models. Before ringing in the new year, they need to clear out space to bring in shiny new cars. That means significant price drops on current model year vehicles and potential good deals for you.
Dealerships also have annual sales goals that they're scrambling to meet prior to January 1, making them more willing to lower retail prices. In addition, winter months often see decreased car sales due to both cold weather and holiday shopping lists that keep consumers' dollars in the retail sector. So dealerships want to warm up potential buyers with some hot deals.
Other Ways to Lower a Car's Price Tag
Want to save even more when buying a new car? We've got a few more tricks up our sleeves that we're excited to share with you.
Don't be afraid to haggle - Southerners are known for their friendliness, but make sure to flex your bargaining muscles while negotiating with the car sales staff. Some respectful haggling is expected during the buying process. If you feel like you deserve a better deal than the number on the price tag, say it!
Visit at the workday's end - Like any employee on a weekday evening, car salespeople are getting ready to pack their bags and head home. Cruising into the dealership a little before closing time — particularly on a Monday, when the fewest buyers tend to visit — can help land you a better deal.
Wait for the Christmas hours - Holidays are generally an excellent time to buy a car. Around the Christmas holidays, low December prices may be slashed even more with blowout sales and great deals, which can save you hundreds when buying a new car.
For leading rates on auto loans, choose Coosa Valley Credit Union when you're buying a new car. We offer financing directly through local dealerships, or you can swing by your neighborhood Coosa Valley Credit Union branch. If you have questions about our loans, we invite you to contact us directly.