Deciding when to loan a car can be a hassle. Prices can range from far too high or just right depending on when you decide to take the plunge.
The best time to buy a car in Canada is highly variable, and when you commit to it, you could end up saving a lot of money and drive off with a strong discount. We’ll be narrowing down the best timeline for you to buy here.
For both the month and the year, shop late
Due to yearly and quarterly sales quotas, the ideal time for shopping for cars tends to be towards the end of the month or the year, e.g on November or October.
The main reason for this is that dealers generally try to go for new cars at the start of the new year, and thus are trying to clear out as much of their previous inventory as they can.
In addition to this, new months and quarters also offer buyers cheap opportunities. The reason for this tends to be that salespersons and dealers like to offer extra incentives so you can leave out with a new car so that particular quotas can be met.
Focus on holiday buying
This may seem counterintuitive in a way. Dealerships are already trying to get you to buy on holidays so it would seem you’re not really getting any extra value.
However, this simply isn’t true as holidays are actually the days when dealerships are trying to get the highest number of customers possible and thus can end up offering some deep discounts. The real point behind this is simply to gain long-term customers, but you can easily use this to your advantage.
Some of the best holidays for cars are:
Black Friday
Similar to the rest of the retail industry, fantastic sales are all-abound for car dealerships on this day. Following Thanksgiving, this is a day where promotional sales are incredibly common. If you can catch a good time to get them, it can be the single best time to buy a car in Canada.
Travel Tuesday
The following day to Cyber Monday, this day not only helps with getting cheap flights but also cheap cars. Some of the best deals on the market are saved for this day and car sales in particular are specially catered to be spectacular. Diving in for purchase on a Travel Tuesday is always a good idea. Get an excellent quick auto loan in Ontario and be on your way.
Target a specific month
As mentioned, the later months of the year like October and November tend to be great options, but another special one that might slip people’s minds is the month of May.
Studies have been done regarding the best buying times and when the best kinds of deals are being put on offer, and a lot of it corresponds with May in particular.
The reason that’s been identified for this is that car dealerships are usually gaining some new inventory around now and putting up big sales promotions that they would not ordinarily do to focus on selling the new inventory. This then turns out to be one of the ideal times for purchase for customers, on top of the influx around this time, meaning it’s a smart decision to buy here.
Patience is key
At the end of the day, even with the best buying times on hand, we can end up making poor purchasing decisions regardless. Vehicle finance can be tough at times, and needs to be handled carefully if the consideration is to save on costs and get a solid payable loan.
The real key beyond the information to keep in mind is of course to be patient with your purchases, not to buy on impulse, and wait for the right moments to commit to the best purchases.
