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December 9, 2019 Personal Banking Joshua Williams

Winter Deals Can Save on New Wheels

Snow isn’t the only thing that is falling this time of year. December is one of the best times to purchase a new car and we are going to tell you why.

First you have to ask yourself if this is the best time for you to purchase a new car.

  • Is this the last New England winter your current car can handle?
  • Will the current auto loan rates provide you a payment that will fit into your budget?
  • Did you get a new job that requires a longer commute?
  • Is your current vehicle at an age and mileage that will begin to incur more expensive upkeep?

If you honestly answer these questions with “yes”, it may be time to start bargain hunting. Assess your budget and do some research on loan rates before heading out. Here are some reasons why now may be the time to drive away in a new ride:

New Models

Starting in September and going through December, dealers try to make room for new models on their showroom floor as well as on their used car lot. Since they make the most money on the newest vehicles, they are motivated to get rid of the older models. Because of this, current models, as well as older used vehicle prices, will begin to drop. Browse online at local dealerships for these potential savings. Once you find the price range and model vehicle you are interested in visit the dealership to take a test drive.

Holiday Shopping

A new car may not be on your wish list but perhaps it should be. Dealerships have begun to participate in Black Friday deals and continually lower prices through December competing for holiday shopper’s money. Evaluate your current vehicle situation and make adjustments to your holiday wish list. If a completely new vehicle isn’t in your purview, perhaps other things like tires, shocks or just an oil change should be scheduled.

Year-End Bonuses

A holiday bonus is well-earned and should be put to good use. Budget wisely and you could have a sizeable down payment for a vehicle upgrade.

Time and Leverage

Winter is historically a slower period for dealerships. The cold months and back-to-back holidays make buying a new vehicle less of a priority for many households. Less people coming through the doors gives you more opportunity to speak with a sales person, explain what you are looking for, and take the time to test drive multiple models without feeling rushed. The lack of traffic (forgive the pun) allows you to haggle on the price as most dealerships will be chomping at the bit to move vehicles and meet their year-end sales quotas.

Whenever you decide to buy a car make sure it is the right time for you. Do your research on the models you are interested in and make an educated decision. Don’t rush just because it’s the end of the year. The best time to buy a car will always be when you are ready to buy a car.