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Why buying a car in winter is a smart move Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools as well as publishing impartial and original content. This allows you to conduct your own research and compare data without cost, so that you can make financial choices without trepidation. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that might be open to you. Share: Vasily Pindyurin/Getty Images

4 min read Published on March 7, 2023.

Kellye Guinan Kellye Guinan. Written by Personal and Business Finance contributor Kellye Guinan is an editor and writer on a freelance basis with over five years of experience in personal financial. She is also employed full-time at the local library, helping people in her community gain access to information on financial literacy, among other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites. The Bankrate promise

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We are constantly striving to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is honest and reliable. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content created by our editorial staff is truthful, impartial, and not influenced through our sponsors. We’re open about the ways we’re in a position to provide quality information, competitive rates and helpful tools to you , by describing how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or by you clicking on specific links on our site. So, this compensation can impact how, where and in what order products are listed, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own proprietary website rules and whether a product is available within the area you reside in or is within your personal credit score may also influence the manner in which products are featured on this site. While we strive to provide a wide range offers, Bankrate does not include information about each credit or financial item or product. Winter in colder climates often results in less traffic to dealerships and greater pressure to reach sales targets. Since dealers usually get the new model year at the time of the summer’s end, they are eager to clear the previous model year off the lot. By timing your purchase for the winter months, you might benefit from the benefits of lower sales. If you’re shopping for a car now and you’re interested in a car, you could benefit from a car market that is recovering from the effects from the pandemic. The supply of vehicles has increased since the microchip shortage that occurred recently that cut down on production of new vehicles and caused prices to shoot up. As inventory improves the prices are beginning to descend. But incentives and deals are still not as widespread as they were prior to the outbreak and therefore, deciding when to buy wisely can still be beneficial. Dealerships are trying to meet quotas It’s no secret that they operate under monthly and annual limitations. They are influenced by commissions and bonuses given by both the proprietor of the dealership as well as the manufacturers the dealership works with. This is why the final day of the year could be the most lucrative time for sales . Not only are salespeople under pressure to meet their monthly quotas, but they’ll also want to make last-minute deals for the end of the fiscal year. Of obviously, not every dealer operates on a January to December financial calendar. In general, however it is possible utilize the system to help negotiate an agreement. End-of-year sales franchise dealershipsdealers who have close ties with a manufacturer — might offer new cars that are in the model year currently. But sales at the end of the year are not uncommon regardless of a dealer’s franchise or independent status. Since dealers are trying to reach sales targets, you might see big decreases in the cost of your car along with rebates. If you’re not a skilled bargainer, you should take advantage of the winter sales. It may help you get a good deal. You could get a great rate of interest. Taking out a car loan at the right season can aid in obtaining a favorable interest rate. Get in touch with several lenders and ask for rates to make sure you’re getting the most favorable offer. Even even if you’ve got a low credit score, it is possible to still get the auto loan. The fact that you have a credit score will help increase in getting you loan approved. Remember these tips when looking for automobile loans: Research loan kinds and . Find the most favorable terms. Get all promises written down. Understand the small print. There are fewer shoppers cold winter months and the busy holiday season often hinder people from visiting car dealerships. And slow dealership traffic extends into January and February, making them great months to shop for a new car, according to Mike Quincy, auto tester and writer with Consumer Reports. The regardless of the time of the year. Quincy advises you to know what the dealer’s cost is and then increase it from there instead of working going down from the price of the sticker. “You’re just probably going to be a much more enthralled customer for the salesperson when you visit during the winter months since they aren’t surrounded by people,” Quincy says. “These strategies should work.” The latest models are coming out. Dealers usually start receiving new models at the end of summer or the beginning of the fall. This means that cars from the model year that were never taken off the market have lost value. “A used model, in general, can be a good deal for the driver who drives their vehicle to the ground,” Quincy says, noting that it could range from 100,000 to 100,000 miles. If you’re not, then waiting for the newest models to arrive is worth it. In the end, depreciation is still a major factor. The car will be just as nice, however, you might be able negotiate a lower price due to the fact that it’s an older model. There are options for winterization. One of the strategies for negotiation must include winterizing your vehicle. Beyond comfort elements, such as the heated steering wheel and seats, focus on winter wipers and snow tires as a part of the package. “If you’re unwilling to invest in these items, your safety is being compromised,” says Lauren Fix the car expert and editor-in chief of Car Coach Reports. Vehicles equipped with high-performance tires might not fare as well on icy roads. The cost of snow tires is usually the same as all-season tires however there are additional fees related to the installation process when you purchase the car. Winter is also a good time to drive around in the car you’re thinking of buying. This is especially true for those who live in areas which experience winter-like weather. By test driving with snow or slush on the ground, you can gauge how it feels to drive the vehicle in the most difficult conditions. When to wait until spring Winter can be a good time to grab a great price, but it’s not the only moment to shop. If you’re ready to negotiate price and are willing to compromise, it may make sense to wait until spring or later to start shopping. The majority of manufacturer offers are for new vehicles and if you’re purchasing used, there’s not much need to shop in winter. Plus you don’t want to be caught in cold or cold weather when your car you’re buying isn’t properly winterized. If you’re looking for a used vehicle through an auction or private sale, you’ll be less likely to find deals in winter. It could also be difficult to arrange a private meeting to check out the car. Shopping for cars in warmer climates could be worse in winter since the weather is generally more pleasant. The majority of advice suggests that you live somewhere with an extremely cold winter. Therefore, you might want to wait until temperatures increase in spring before going out to shop. If you or an incentive for winter that could be used as a big down payment, you should wait until spring. After all, the less money you need to spend and the less you’ll pay overall , even if you don’t get the bigger winter deals. It may seem counterintuitive however, dealerships will begin receiving models for 2024 in the latter half of 2023. If you’re interested in an 2023 model, hold off until late summer. That way, dealers will be advertising the 2024 model and you’ll obtain a bargain in comparison to this “old” models. The bottom line is that in general, buying a car in the winter months will allow you to find a lower price. With less pedestrian traffic and a shift to new inventory, you have ample room to negotiate a fair price. It is crucial to figure out what you are able to spend on a car before applying for a car loan and also to check your credit score and shop around to find the most affordable deal. Learn how interest rates will affect your monthly payments and your total cost of your car loan cost using our .


Written by Personal and business Finance writer Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal financial planning. She also is a full-time worker at her local library where she helps her community access information about financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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