What is the best time to buy a car in Canada?

You’ve decided to take the financial leap and buy a car in Canada. But have you assessed how your timing will impact your budget? Choosing the right time to make your purchase can save you a substantial amount of money.?

In this article, we will discuss the best times to buy a car in Canada and how you can maximize your savings. So buckle up and let’s dive into the world of car-buying strategies!

Timing Your Purchase: The End-of-the-Day Advantage

When considering the timing of your car purchase, an often-overlooked factor is the end-of-the-day advantage. As dealerships near closing, salespeople generally look to wrap up their day, making them more inclined to make deals swiftly. They may not be in the mood for extended negotiations and could potentially offer you a favourable price immediately. This can pay off well for buyers. So, go in well-rested and ready for a post-dinner negotiation that could result in an excellent deal on your new car.

Making the Most of End-of-the-Month Sales Targets

Many dealerships have monthly sales targets that they strive to achieve. As the month draws to a close, salespeople may feel more motivated to hit these targets and meet their sales quotas.?

This can work to your advantage, as they negotiate a lower price or throw in some extras. This could mean getting a lower price on the car you want. Otherwise, you may receive extra perks, such as free upgrades, extended warranties or discounted maintenance packages.

Unfortunately, not all dealerships operate on a monthly sales target system. However, for those that do, the end of the month can make for an opportune time to score a great deal. It’s worth doing some research to find out if the dealership you’ll approach follows this practice.

The Best Day of the Week to Buy a Car: Sunday to Tuesday!

According to a study conducted by TrueCar, Sunday stands out as the prime day for securing a new car. In fact, these sales yield an average discount of 10 percent off the Manufacturer’s Suggested Retail Price (MSRP). This pattern, drawn from U.S. statistics, should remain valid for Canadian buyers due to similarities in dealership sales tactics across both nations.

However, according to Carfax, Monday and Tuesday rank as the best days to buy a car. During these early weekdays, showrooms tend to be quieter, affording salespeople ample time to engage with potential buyers. As a result, they can answer questions and negotiate favourable deals unhurriedly. Additionally, this makes financing more accessible as lenders typically work on weekdays.

Contrastingly, TrueCar has identified Thursday? as the least favourable day for purchasing a new vehicle, offering the lowest average savings. Since many consumers receive their paychecks on this day, it could lead to an influx of buyers. Consequently,? dealerships feel less motivated to offer competitive prices.

Reap the Benefits of Year-End Discounts

As the calendar year comes to a close, dealerships clear out inventory, making it one of the best times to buy a car in Canada. That way, they can make room for the new models that are about to hit the market. Year-end discounts can be substantial, allowing you to score a fantastic deal on a brand-new car. Keep an eye out for promotions and incentives offered by dealerships during this time. To move things along, they often sweeten the deal with additional savings or special financing options.

While year-end discounts can seem enticing, still do your research and compare prices from different dealerships. Just because a dealership offers a year-end discount doesn’t necessarily mean it’s the best deal available. Take the time to shop around, read reviews and compare prices to get the best possible offer.

Lastly, keep in mind that year-end discounts don’t just apply to new cars. Many dealerships also offer discounts and incentives on used cars during this time. If you seek a pre-owned vehicle, exploring year-end sales can turn up a reliable car at a more affordable price.

Strike a Deal During New Model Releases

When new car models hit the showroom floors, dealerships keenly showcase their latest arrivals and attract customers. This enthusiasm can work in your favour when it comes to negotiations.?

Salespeople may stay more willing to negotiate a lower price on the previous year’s models to make room for the new inventory. If the latest features and upgrades don’t make your priority list, last year’s model can befriend your budget.

Leverage Summer Car Sales Events

Summertime is not just for road trips and beach vacations. This season also makes for a great time to buy a car in Canada. Many dealerships host summer car sales events, offering attractive discounts and promotions.?

As the demand for cars tends to rise during the summer, take advantage of these sales events to get a better deal. Compare prices across different dealerships and negotiate to secure the best price possible.?

Leveraging the Slow Winter Months

The cold winter months in Canada slow down car sales, particularly during the holiday season. With fewer customers flocking to the dealerships, salespeople may negotiate more willingly and offer discounts to close a deal.?

According to Edmunds, October through December offer the deepest discounts of them all. This comes second to the period from May to September. Keep in mind that you might see a more limited inventory during this time. However, if you stay flexible with your options, you might snag a great deal on a leftover model from the previous year. On the other hand, you could drive home in a popular model that the dealership particularly wants to sell.

Making the Most of Black Friday Car Deals

Not only electronics and appliances go on sale during the infamous Black Friday. Car dealerships also join in on the shopping frenzy by offering special deals and discounts. If you’ve been eyeing a new ride, Black Friday can create an opportune time to strike a deal. Look for advertisements and promotions leading up to this day. Next, be prepared to act quickly to secure the car you want before the inventory runs out.

This article is the shortened version of an article originally published on Hardbacon.ca by Arthur Dubois under the title "What is the best time to buy a car in Canada?".