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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 decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare data for free – so that you can make financial choices without trepidation. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may 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 over five years of experience in personal financial. She also is a full-time worker at her local library where she helps people in her community gain access to information on financial literacy, in addition to other topics. Written 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 the confidence to manage their finances with concise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promise

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They ensure that what we write is objective, accurate and trustworthy. Our loans reporter and editor focus on the points consumers care about most — the various types of loans available and the most competitive rates, the top lenders, how to repay debt, and more — so you’ll be able to feel secure when making a decision about your investment. Editorial integrity

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If you have questions about money. Bankrate can help. Our experts have been helping you master your money for over four years. We are constantly striving to give our customers the right guidance and tools required to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual, and not influenced by our advertisers. We’re transparent regarding how we’re in a position to provide quality content, competitive rates, and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking specific links on our site. So, this compensation can influence the manner, place and when products appear in listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own proprietary website rules and whether the product is available in your area or at your own personal credit score may also influence how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. Winter in colder climates often results in less traffic to auto dealers and more pressure to reach sales targets. Since dealers usually get the new model year at the end of summer, many are eager to clear the model year prior off the lot. If you plan your purchase to buy it for the winter months, you could benefit from the benefits of slow sales. If you’re in the market to buy a car right now, you may also profit from a market that is recovering from the strains from the pandemic. Vehicle supply levels have increased following the microchip shortage that occurred recently, which reduced the production of new vehicles and led prices to rise. As inventory increases and prices begin to fall. However, deals and incentives aren’t as prevalent as they were prior to the pandemic which is why arranging your purchase carefully can prove beneficial. Dealerships are trying to meet quotas It’s no secret that dealerships operate on monthly and annual quotas. These commissions and influence bonuses are given by both the dealership owner and suppliers that the dealership contracts with. This is why the end of the year is often the most lucrative time for sales . Not only are salespeople in a rush to meet their monthly quotas, but they’ll also want to make last-minute deals for the close of the fiscal year. Of obviously, not every dealer operates on a January to December financial plan. But in general you might be able make use of the system to better negotiate an agreement. End-of-year sales Franchise dealerships -dealers who have a direct relationship with a manufacturer — may offer on new cars from the current model year. But sales at the end of the year are not uncommon regardless of a dealer’s franchise status or independent status. As dealers try to meet their sales goals and targets, there could be significant reductions in the price of the vehicle in addition to rebates. If you’re not an effective bargainer, you should take advantage of the winter sales. This could help you secure a good bargain. You could get a great rate of interest. Taking out an auto loan at the right time of the year can help you secure a good interest rate. Contact several lenders and ask for interest rates to ensure you are getting the best deal. Even if you have a lower credit score, it’s still possible to get the auto loan. A good credit score can increase the chances to get your loan approved. Remember these tips when shopping for automobile loans Learn about loan kinds and . Find the most favorable terms. Make sure that all promises are in writing. Know the fine print. Fewer people are shopping The cold winter months and the busy holiday season often keep people from car lots. The slow traffic at dealerships extends into February and January, making the perfect months to shop for a new car, according to Mike Quincy, auto tester and writer for Consumer Reports. The regardless of the time of year. Quincy suggests that you find out what the dealer cost is and work up from there, instead of down from the sticker price. “You’re likely to have a larger crowd for salespeople during the winter months because there aren’t many people around,” Quincy says. “These techniques should be successful.” The latest models are being released Dealers usually start receiving new models at the beginning of summer or beginning of the fall. This means current model-year cars that were never taken off the market have lost value. “A left-over model is a great deal if you’re the kind of driver who drives their vehicle into the ground” Quincy says, noting that could be 100,000 to 200 miles. And even if , waiting for the most recent models to be available is worthwhile. In the end, depreciation is still a major factor. The car will still be as great, however you may be able to negotiate a lower price due to the fact that this is an old model. Winterized options may be available Part of your negotiation strategy should be to include winterizing your vehicle. Beyond comfort factors, like heated seats and steering wheels, you should focus on snow tire and winter windshields as part of the total package. “If you’re unwilling to invest in these items the safety of your family is at risk,” says Lauren Fix, car expert and editor-in-chief of Car Coach Reports. The cars with the most powerful tires may not perform as well when driving on icy roads. Snow tires typically cost the same as the all-season tires but there may be additional charges associated with the installation process when you purchase a car. It’s also a great opportunity to try out the car you’re thinking of purchasing. This is particularly important for those who live in areas that experience wintry weather conditions. If you try driving in snow or slush on the ground you can gauge the driving experience the vehicle in the most difficult conditions. What is the best time to wait until spring? Winter can be a good opportunity to score a bargain bargain, but it’s certainly not the only moment to shop. If you’re willing to negotiate price and you’re willing to negotiate, it could be a good idea to put off until spring or later to begin shopping. Most of the manufacturer deals are for new cars, so if you’re buying second-hand, there’s no point in winter shopping. Additionally it’s not a good idea to get caught in snowy or cold weather when your car you’re buying isn’t winterized to the best of its ability. If you’re searching for a used car through a private sale it’s less likely to get bargains during winter. It may also be harder to arrange a private meeting to check out the vehicle. Shopping for cars in warmer climates may actually be worse in winter since the weather is typically more pleasant. The majority of advice suggests that you live somewhere with an extremely cold winter. Therefore, you may want to wait until the temperatures rise in the spring to go shopping. If you or an incentive for winter that could be used as a big down payment, you should wait until spring. In the end, the less amount you’ll need to take out and the less you’ll pay in the end, even if you don’t get the more substantial winter deals. It might seem odd however, dealers will begin receiving 2024 models in late 2023. If you’re interested in a 2023 model, hold up until the summer of. This way, dealers are pushing the 2024 model, and you’ll find a great deal for the “old” model year. In the end, buying a car in the winter months will allow you to secure a better deal. With low pedestrians and a shift towards new inventory, there is plenty of room to negotiate a reasonable price. It is essential to calculate the amount you can afford to spend on a car prior to applying for an auto loan, check your credit score, and then shop around for the best deal. Learn how interest rates can impact your monthly payment and the total car loan cost with our .

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Written by personal and business financial writer Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal financial planning. She’s also a full-time worker at her local library, helping people in her community get information about financial literacy, among other subjects. Written 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 the confidence to take control of their finances through providing precise, well-researched and thorough facts that break down otherwise complex subjects into bite-sized pieces.

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