How should you strategize around your next vehicle purchase or lease?
It used to be the case that the best time to buy or lease a car was always in the months of August and September. That’s because traditionally, and for years, auto-makers released their new models at the same time and around the third quarter of the year.
The fact, however, is that it’s been years since that was actually true. Manufacturers now release new makes and models all year long.
How do you strategize around an auto purchase or lease? It’s been our experience that the best programs and incentives are available approximately three months or so before a model year change, even if there is no change to the vehicle itself – a time when manufacturers and dealers try to pare down their inventory levels, not to ‘make room for incoming cars,’ but for fear of being stuck with the old ones!
Generally, at that point in time, dealerships have more inventory than they believe is necessary, and recognizing this, manufacturers and banks create lending and leasing programs around reducing that inventory.
Be mindful, though, that once inventory levels are reduced to a level that manufacturers and dealers do feel is appropriate, that vehicle incentives are often reduced, and pricing can actually go up, which mean that waiting until the last minute or just before the new model of the car you’re looking to purchase or lease is released may not prove to be financially beneficial. High demand, low supply…you get the picture! Additionally, waiting may also mean sacrificing specificity in color and equipment choices.
Curious to know when the next model year of the car you’re considering is being released? Check the manufacturer’s website, and if you can’t find the info there, give us a call and we’d be happy to find out for you and help you strategize around getting a great deal on the car of your choice.