Timing may be everything when it comes to buying a new car

Thursday, November 2, 2023
How to get a deal on a new car
It should be an exciting time, but buying a new car is often a stressful nightmare for many -- and it starts as soon as you walk on that dealer lot. Here are some tips to make buying a new car easier.

If you're in the market to buy a new car, the right time is approaching. Experts say this time of year is historically when cars are the cheapest.

Here are some tips on what you need to know before heading to the dealership.

"The most important thing to know is that there will be so many fees, and just extra costs that pop up," NerdWallet personal finance expert Kim Palmer said. "If you want an upgraded version of the mats that the car comes with, there's all kinds of extras that you can purchase. So as a consumer, to be the most empowered before you go in there."

Doing your homework helps. Get a handle on prices and try and nail down a price online.

"You want to email online, ask for the best price, then you can shop around for competitive offers," Palmer said.

When you buy matters too. If a car you like is about to get a makeover, there is a chance dealers may be willing to make a deal on the existing model.

"As we head into 2024, a lot of dealers want to get rid of 2023 models because they want to make room for the 2024 models. Often times, the changes will be very minimal," Kelley Blue Book Executive Director Brian Moody said.

The slow time for dealers is also a good time to do some car shopping.

"Maybe you will get a better deal on a day when there are few buyers, and typically those are holidays," Moody said. "Also look at the end of some kind of period, the end of the month, the end of the quarter or the end of the year."

Just keep asking questions and be prepared to walk away if you don't like the answer.

"Don't assume anything," Moody said. "All you can do is ask. If you don't like the person who helped you first, ask for someone else. You don't like the price, ask for a discount. You don't like the color, ask for a different one. All they can do is say no."

Remember, if you want the hot new model, it will cost you. Dealers won't be offering any bargains, especially if that new model is an SUV, they are still in demand. Meanwhile, sedans tend to be cheaper.

Join us every weekday morning on Eyewitness News at 5 a.m. for our new segment, ABC7 On Your Side. John Gregory has you covered on money-saving tips, including tricks to save on your bills, smart negotiating tactics, plus where you can score free stuff!