Why December still offers the best new car deals
December is traditionally considered the best month to buy a new car, and industry experts predict that trend will continue this year.
The reason is simple: Dealerships paying to beat quarterly or annual sales goals often offer outrageous discounts. That makes December a sweet spot for car buyers. The last week of the year, in particular, is often said to be the best week to make good money.
Retailers run holiday sales events around the Christmas and New Year holidays. These promotions often give buyers a choice between cash back or financing.
Jenni Newman, editor-in-chief at Cars.com, notes that automakers often come out with promotional promotions like the Lexus “December recall” sale. They use these events to try to encourage consumers.
The biggest hurdle for consumers is still price. New car costs have gone up following the introduction of Auto taxes. The median new car now costs $49,766, according to Kelley Blue Book.
Experts say that if you need a new car, late December can be a good time to buy. However, to get the big one, you have to know where to look – and you may have to be open to 2025 models, Dealerships wish to sell as a winter option.
“We’re seeing a lot of incentives across the board as automakers want to move those old model years off the lot,” Newman told Money. “Consumers should definitely look for those opportunities.”
How to get a new car deal in December
In the new car market, the end of the – what? The quarter is usually a good time to buy. End-of-quarter retailers are likely to be more aggressive in price than at other times of the year. And if you have a trade, they can give you more loot offers.
Experts stress that deals in December will vary by product. Charlie Chesbrough, chief economist at Coogle Automotive, says USA today.
Newman suggests looking at used cars, such as the subaru legacy or acura tlx, for big discounts. He says: “These are the cars they have decided not to continue with. “There could be opportunities for good deals there.”
Auto loan conditions are also improving as are the Federal Reserve’s interest rates, which indirectly affect auto loans. Car buyers with high credit scores were eligible for 0% financing on up to 40 vehicles last week, according to RAMCARTIPS.com. More cuts later in the month should help more buyers find cars they can afford.
“There are ways they should be,” Newman said.
More from money:
8 best mortgage loan rates
Late car payments are climbing to record levels as more drivers face violence
You can still get tax breaks for buying an EV in these 13 countries
