New car bargains two weeks away?
Question: When is the best time to buy a new car?
Answer: Whenever car sales begin to slow down.
That answer isn’t entirely accurate because on occasion other factors weigh in such as end of month deal-making in a bid to meet sales thresholds and similar year end deals. Still, if you’re shopping for a new car, Memorial Day weekend may prove worth waiting for because new car sales for the month of May are trailing analyst projections.
Big Savings
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That could mean that a new car deal is just waiting for you. That is, if you can wait.
According to Edmunds.com, car shoppers traditionally hold off buying a car until Memorial Day weekend, anticipating that the best deals can be had during that time. They may be right because annualized sales figures are trending down which means car manufacturers will do what it takes to jump start sales in the form of deep incentives.
“Over the past week we’ve seen a notable uptick in the online activity linked to purchase intent,” explained Edmunds.com CEO Jeremy Anwyl. “Given the bargain-hunting behavior we’ve witnessed throughout the recession, I’m guessing that demand is building for anticipated Memorial Day sales events.”
Lower Incentives
Incentives for the month are lower than they were for April which could mean that automakers are saving their best deals for the last few days of the month. Edmunds explains that relying on sales alone may not bring about the best savings for car shoppers, but rather performing extensive research on available incentives may prove to be beneficial.
Edmunds is among several web sites offering researchable information about car prices as does KBB.com, TrueCar.com and ConsumerReports.org, links we have supplied in the text box included with this story.
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