Summer is great for many things, but buying a car isn’t one of them. Cars tend to be most expensive during this time, usually after the Memorial Day sales. One of the reasons why car prices tick up in the summer is because the weather is nice and people are out looking at cars. People also tend to be on the road more in the summer, motivating them to buy something new.
Of course, there are other factors at play as well, such as the time and day of the week. Monday, Tuesday and Wednesday are usually the best days to go car shopping because there’s less consumer traffic. Car dealers are often more willing to negotiate in order to sell a vehicle. On the other hand, weekends are busy, making it harder to get personalized attention.
If you don’t have time to wait and you need to buy a car this summer, there are a few ways you can save.
Shop When Next Year’s Models Arrive
Dealerships have limited space, so when they get in their newer models, they need to sell off their older stock. These models often come in the late summer/early fall, so you can use this to your advantage.
While the newer models may have a few more design features and progressive styling, there’s usually not much difference between the current model and next year’s model. This means that you can get a new car for a lot less than a few months ago.
Watch for Summer Holiday Sales
The summer has some great holidays for car shoppers – Memorial Day, Fourth of July and Labor Day. Most dealerships run some type of sale during these times to drive traffic in and move out some older models of cars.
Vehicles that tend to have the best deals during the summer are trucks and SUVs. The appeal to these vehicles is that they offer four-wheel or all-wheel drive, making them most attractive during the winter. Gas prices also go up in the summer, making these vehicles less desirable.
Purchase a Banked-Owned Vehicle
If the dealerships are still too expensive, consider alternative routes for purchasing a vehicle. For example, you can buy a bank-owned car for a fraction of the price of used vehicles at the dealership.
Bank-owned vehicles have been taken from their owners because they missed too many payments. The banks don’t care to keep them, so they end up selling them at highly discounted prices. Be patient, as it can take time to find the perfect repo. RepoFinder.com has a full list of repos listed out by state – find one today!
Even though summer is a more expensive time to purchase a vehicle, your car may not be waiting for you. For low prices and a huge selection of repossessed cars, trucks and SUVs, shop on RepoFinder.com.