Best Month of the year to Get a Deal on a New Car

February: The Golden Month for Car Deals

Are you in the market for a new car? Timing your purchase right could save you thousands of dollars. While there are several good times to buy a car throughout the year, February is a particularly advantageous month for savvy shoppers. Let's dive into why February might be your best bet for scoring a great deal on your dream ride.

Why February?

February may be the shortest month, but it's packed with opportunities for car buyers. Here's why:

1. Presidents Day Sales: This holiday, falling on the third Monday of February, is a major event in the auto industry.
2. End-of-Winter Clearance: Dealerships are eager to clear out older inventory before spring arrivals.
3. Slow Sales Month: With holiday spending behind and tax season ahead, February typically sees slower foot traffic at dealerships.

Presidents Day: The Crown Jewel of February Car Sales

Presidents Day has become synonymous with car deals, and for good reason. According to industry experts, models are often discounted 4 to 8 percent off the sticker price during Presidents Day sales. That's a significant saving on a big-ticket item like a car!

Matt Jones, senior director of industry and dealer relations at TrueCar, which tracks industry trends, confirms this trend. He states, "Presidents Day sales offers start to roll out in the beginning of February." This means you don't have to wait until the actual holiday to start shopping – deals often begin as early as the first week of the month.

What Kind of Deals Can You Expect?

During February, particularly around Presidents Day, you can anticipate:

1. Direct Discounts: As mentioned, discounts of 4-8% off MSRP are common.
2. Cash-Back Offers: Many manufacturers provide rebates that can be used as a down payment.
3. Low-Interest Financing: Look for deals like 0% APR for qualified buyers.
4. Lease Specials: February often sees attractive lease terms on new models.
5. Free Add-Ons: Dealerships may throw in extras like extended warranties or premium features at no cost.

Jones notes that this year, we can expect even more incentives, "particularly for more expensive vehicles." This is great news for those eyeing luxury models or fully-loaded trims.

Beyond February: Other Great Times to Buy

While February is often the best month for car deals, it's not the only good time to buy. Jones points out that "Dealerships also tend to offer comparable discounts during Memorial Day and Labor Day weekends." Here's a quick rundown of other potentially good times to buy:

• End of the Month: Salespeople often have monthly quotas to meet.
• End of the Quarter: March, June, September, and December can see increased incentives.
• Model Year-End: As new models arrive, previous year models are discounted.
• Black Friday: Some dealerships participate in this shopping holiday.

Data-Backed Insights

To give you a clearer picture of the potential savings, let's look at some data:

• According to Edmunds, the average discount on new vehicles during Presidents Day weekend in 2023 was 6.4% off MSRP.
• TrueCar reports that luxury brands often offer the deepest discounts in February, with some models seeing discounts of up to 10% off MSRP.
• J.D. Power data shows that February typically has 10-15% more incentive spending by manufacturers compared to the annual average.

Tips for Maximizing Your February Car Deal

1. Do Your Research: Know the fair market value of the car you want before negotiating.
2. Shop Around: Get quotes from multiple dealerships to leverage competition.
3. Be Flexible: Consider multiple models or trims to increase your chances of finding a great deal.
4. Read the Fine Print: Understand all terms and conditions of any offer before signing.
5. Consider Last Year's Models: With new inventory arriving, previous year models can be heavily discounted.

Keywords to Remember

When searching for car deals in February, keep these keywords in mind:

• Presidents Day car sales
• February auto incentives
• Winter clearance car deals
• New model year discounts
• End-of-month car promotions

Conclusion

While great car deals can be found throughout the year, February – and especially the Presidents Day period – stands out as a prime time for savings. With a combination of holiday sales, end-of-winter clearances, and dealerships' eagerness to boost slow winter sales, February offers a perfect storm of savings opportunities for car buyers.

Remember, the best deal is the one that works for your specific needs and budget. Use the information and tips provided here to navigate the February car-buying landscape with confidence. Happy shopping, and may you drive away in your dream car at a dream price!