If you’ve had your eye on a new car, but haven’t made your move, August is your month. While the rest of us are just starting our ‘shopping days left until Christmas’ countdown (oh, you don’t do that?) dealerships are already calling it quits for 2014.
Generally, the next model-year cars begin making their way to dealerships in September, and historically, dealers begin to offer aggressive deals on their current model year cars still in stock during the summer months. According to John Krafcik of TrueCar, brands have started selling 2015 models even earlier than usual this year. That makes this August the best month to buy a car and snag a great deal.
Truecar.com breaks down average new vehicle price by month, and finds that, consistently, summer months result in the lowest transaction prices, while December tends to be the most expensive month to purchase a car.
“This is a great example of the power of data, which shows dealers are clearing out older inventory in August,” says TrueCar founder and CEO Scott Painter.
TrueCar data also debunked the myth that the end of the month is the best time to purchase a new car. In fact showrooms tend to be slower in the first few days of the month, but buyers are saving an average of $390 over days later in the month. In addition, the best day of the week to buy a car is Sunday, and the worst is Friday.
You’ll have to act fast though, since August is quickly winding down. With Labor Day sales in full swing and dealers offering great deals to clear older inventory, you might just score that new car at a steal. Stop by DeVoe Cadillac to get your deal before it’s too late!