What are your New Year’s plans?
Maybe you’re planning for a quiet evening at home with the family, or you’re going to a glitzy party for a night of champagne and dancing. Either way, spending the day on a car lot probably isn’t part of the plan.
But if you’re in the market for a shiny new set of wheels, experts say car shopping on December 31st could help you snag a great deal.
“The last day of the year is going to be the day that a consumer is most likely to get the best possible value when buying a new car,” Alec Gutierrez, a senior analyst at Kelley Blue Book, told MarketWatch.
Here’s why: With both automakers and dealers eager to hit end-of-year sales targets, they’re more likely to sweeten the offer on a new car. One caveat: The markdowns will most likely only apply to 2013 models. But the types of deals being offered are generous, according to MarketWatch. They include 0% financing and big cash-back deals, like a $7,000 rebate on a Chevrolet Volt and up to $3,500 on some 2013 Ford and Lincoln models.
If the idea of spending New Year’s Eve haggling with a car salesman doesn’t sound appealing, know that even the first few days of 2014 will be prime time to score a deal. ‘“The last sales day of 2013 for most dealers will be Jan. 2, 2014,” Jessica Caldwell, senior analyst at Edmunds.com, told MarketWatch. “Any time after Christmas—assuming a dealer hasn’t already met his/her sales target—would be a favorable time to buy a new car.”