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Why buying a car in winter is a smart move Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct research and evaluate information without cost, so that you can make financial choices without trepidation. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does affect the content we publish or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that could be accessible to you. SHARE: Vasily Pindyurin/Getty Images

4 min read . Published on March 7, 2023.

Kellye Guinan Kellye Guinan. Written by Personal and business finance writer Kellye Guinan is an editor and writer on a freelance basis with more than five years of experience in personal financial planning. She is also employed full-time at the local library, helping people in her community gain access to information on financial literacy, among other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complex issues into digestible chunks. The Bankrate promise

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If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We strive to continuously provide consumers with the expert advice and tools needed to make it through life’s financial journey. Bankrate adheres to a strict code of conduct standard of conduct, which means that you can be sure that our content is truthful and precise. Our award-winning editors and journalists provide honest and trustworthy content to help you make the right financial choices. The content created by our editorial team is truthful, impartial and is not influenced from our advertising. We’re transparent about the ways we’re able to bring quality content, competitive rates, and useful tools to our customers by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products are listed, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your personal credit score can also impact how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial item or product. In colder climates, winter means less customers at dealerships and greater pressure to sell quotas. And since dealers typically get the new model year at the end of summer, many are keen to get the previous model year off the showroom. If you buy your car in the fall of the winter months, you might benefit from the benefits of lower sales. If you’re in the market for a new car, you may also profit from a market that is slowly recovering from the effects of the pandemic. Vehicle supply levels have increased since the recent microchip shortage that slowed production of new vehicles and caused prices to shoot up. As inventory increases and prices begin to descend. But incentives and deals aren’t as popular than they had been prior to pandemic which is why arranging your purchase well can be a big help. Dealerships are trying to meet quotas It’s no secret that dealers operate on monthly and annual quotas. These commissions and influence bonuses are offered by both the proprietor of the dealership as well as the suppliers that the dealership contracts with. This is why the final day of the year is often the most lucrative time for sales . Not only are salespeople in a rush to meet their monthly targets and targets, they’ll also be looking to make last-minute deals for the end of the financial year. Of course, not every dealership operates on a January to December financial schedule. However, in general it is possible utilize the system to better negotiate the price. End-of-year sales Franchise dealerships -dealers with an established relationship with a manufacturer — can offer deals on new vehicles starting from the current model year. However, year-end sales are typical regardless of the dealer’s franchise or independent status. As dealers try to reach sales targets, you might see big decreases in the cost of your car along with rebates. If you’re not a skilled negotiator, make use of the winter sales. It may help you get a good deal. You may secure a good interest rate Applying for a car loan at the appropriate time of year can also assist you in getting a great interest rate. Get in touch with several lenders and ask for rates to make sure you are getting the best deal. Even if you have a lower credit score, it is possible to obtain an auto loan. A good credit score can increase in getting your loan approved. Be aware of the following when you are shopping for car loans Consider researching loan kinds and . Find the most favorable conditions. Receive all promises in writing. Know the small print. Fewer people are shopping The cold of winter and a busy holiday season can hinder people from visiting car dealerships. The slow traffic at dealerships extends into February and January, making these months ideal for shopping for a new car, according to Mike Quincy, auto tester and writer at Consumer Reports. No matter the season. Quincy advises you to know what the dealer cost is and work up from there, instead of going down from the price of the sticker. “You’re just probably going to be a much more enthralled customer for the salesperson when you go in the winter months since they aren’t surrounded by people,” Quincy says. “These techniques should be successful.” New models are being released Dealers usually start receiving new models towards the beginning of summer or beginning of autumn. This means that cars from the model year that were never taken off the market have lost value. “A left-over model could be worth it in the case of a driver who drives their vehicle into the ground,” Quincy says, noting that could be 100,000 to 200 miles. Even if you’re waiting for the most recent models to be available is worth it. After all, depreciation is still a major factor. The car will be just as good, but you might be able to negotiate a lower price because it’s an older model. The winterized options are available. Part of your negotiation strategy must include winterizing your vehicle. Beyond comfort factors, like heating seats or steering wheels concentrate the winter-ready wipers, snow tires and other features as part of the total package. “If you’re unwilling to invest in these items, your safety is being compromised,” says Lauren Fix, car expert and editor-in-chief of Car Coach Reports. Cars with high-performance tires may not fare as well on icy roads. Snow tires typically cost the same as the all-season tires however there are additional fees related to their installation when you’re purchasing the car. Winter is also a great time to test drive the car you’re thinking of buying. This is particularly true for those who live in areas where winter weather is prevalent. If you try driving in snow or slush, you can determine how it feels to drive your car in extreme conditions. The best time to wait until spring Winter can be a good opportunity to score a bargain deal, but it’s not the only moment to shop. If you’re ready to negotiate price and you’re willing to negotiate, it could make sense to hold off until spring, or even later, to begin your search. The majority of manufacturer offers are on new cars and if you’re purchasing used, there’s not much need to shop in winter. Plus it’s not a good idea to be caught in snowy or freezing temperatures if your used car isn’t properly winterized. If you’re looking for a used car through an auction, you’ll be less likely to get bargains during winter. It might also be more difficult to schedule a personal appointment to look over the car. Car shopping in warmer climates can be more difficult during winter as the weather is typically more comfortable. Most advice anticipates you live somewhere with an extremely cold winter. Therefore, you might want to wait until temperatures increase in spring before you go out shopping. If you or winter bonus that can be used to make a large down payment, hold off until spring. The more money you need to spend and the less you’ll pay overall — even if you miss the bigger winter deals. It may seem counterintuitive however, dealers will begin receiving 2024 models in late 2023. If you’re looking for a 2023 model, hold off until late summer. That way, dealers will be selling the 2024 model and you’ll be able to get a good deal on the “old” models. The bottom line is that in general buying a car in the winter will help you secure a better deal. With less pedestrian traffic and a shift to new inventory, you’ll have plenty of time to negotiate a reasonable price. It is crucial to determine what you are able to spend on a car prior to applying for an auto loan or credit score and compare for the most competitive price. Find out how the interest rate can impact your monthly payment and total car loan cost using our .

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Written by Business and personal financial contributor Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal finance. She is also an employee full-time at her local library where she helps her community access information about financial literacy, among other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances with precise, well-researched and thorough information that breaks down complex topics into manageable bites.

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