5 Secrets to Summer Car Buying Success
Looking to roll into summer on a brand-new set of wheels? There are some surprising advantages to car shopping this time of year. Read on to find out how to take advantage of the season's specials:
Auto sales tend to peak seasonally, typically in the spring and fall, when new model years are released. During peak seasons, average car sales prices can be higher, so shopping in an off-peak season, like summer, could get you a better deal. Not only could it save you money, but it can also mean a more relaxed car-buying environment, as salespeople will likely have more time to work with you. To increase this advantage, shop on days earlier in the week and avoid the weekends, which tend to be busier.
Time it Right
To better your chances of scoring a great deal, take advantage of quotas and holiday weekend specials. Car dealerships have quarterly quotas to meet, so often one of the better times to purchase a car is on the last days of the quarter, such as June 30th, which will be the last day of the second quarter. Immediately following that is the Fourth of July holiday weekend, which is another great opportunity for further discounts and specials.
As a result of the coronavirus pandemic, online car shopping and buying has become increasingly more popular. In response, dealers have been investing in beefing up their online inventories, as well as creating capabilities for completing transactions virtually. A great place to start is our AutoSmart website, where you can research, shop local dealer inventory and even get started with your financing all without having to leave home.
Know Your Number
Experts suggest that you shouldn't allocate more than 20% of your take-home pay towards monthly auto payments. But there are other costs beside your monthly payment to consider; the down payment, interest rate, and term of your loan will also determine how much car you can afford. Knowing that number is an important step to take before setting foot on the lot. Fortunately, we have a handy calculator that can help you determine just that.
Get the Green Light
Once you know how much you can afford to spend, and have the right car in mind, it's also a good idea to get pre-approved for your auto loan. This is another smart way to save money over the life of your loan, as we may be able to offer a lower interest rate, plus you still have the convenience of closing at a dealership through one of our 140 preferred dealers. Beyond saving you money and time, being pre-approved for a certain amount will also give you more power to negotiate.
So, if you're ready to hit the open road in something new this summer, keep these tips in mind, and don't forget the sunroof.