Buying a New Car on New Year’s Eve Could Save You a Lot of Money

If you’re currently in the market for a new car and are reading this article at the time it’s published, then stop reading and head to the dealership because now is the best time to buy a car. However, if you want to keep reading, then know that the week between Christmas and New Year’s day is the best time to strike a deal on a new car. And if you can wait until New Year’s Eve, then that would be the best day to save some money, but there is one important caveat.

You’ll get the best deal on the remaining “old” models

If you’re planning to buy a new car on New Year’s Eve, then just remember that the best deal that you’re going to get will be on the “current model.” That means that you would need to pick out a 2020 model year car as opposed to a 2021 model year car, for example. The reason for this is that the dealerships ideally want to get rid of all of their 2020 inventory in order to make room for more 2021 models that are coming in. And better yet, they really want to get rid of them before January 1st, which could work to your advantage.

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Buying a current model could save you a lot of money

According to data from TrueCar, December 31st is the best day to buy a new car as the average savings equates to around 10.9 percent off of the MSRP. This is possible because, in addition to the dealers simply wanting to get rid of the current stock to make room for the newer models, there are also plenty of incentives from the manufacturer in order for them to do so. This means that you’re not only subject to getting discounts from the dealer, but there may also be additional discounts from the manufacturer on the table to get you the best deal possible, so be sure to ask for those.

KAZAN, RUSSIA – JUNE 7, 2018: New Lada Vesta Cross cars during the sales launch at a LADA car dealership of KAN Avto Group of Companies, a partner of AvtoVAZ. Yegor Aleyev/TASS (Photo by Yegor AleyevTASS via Getty Images)

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Just remember that the dealer’s inventory could be low

If you do plan on getting the best deal possible on a current model car, then just remember that the dealer’s inventory of those current models could be low, depending on where you shop. This means that the 2020 model year Honda Accord that you’ve been thinking about all year might only be limited to one trim level and two different colors by this time, which can put you at a disadvantage if you had your heart set on a specific configuration. However, if the dealer is willing to take 10 percent off of the MSRP (or more), then being “color blind” could save you a lot of money up front.

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A man inspects new Toyota cars on display | Justin Sullivan/Getty Images

Do your research

As always, before you step into a dealership, do your research as to what dealers currently have in their inventory. Most, if not all, dealers will have the 2020 models listed on their website, so be sure to pick one out beforehand and contact the dealer to set up an appointment to check it out, most preferably on December 31st, in order to give you the best leverage.

And if you do set an appointment for the last day of the year, then try and set it as early as possible so that you can get in and out of the dealership as quickly as possible and welcome in the new year with your new set of wheels.