When is the best time to buy a car? You asked, El Paso, and we’re not going to lie: the answer is it depends. This is Part Two of an in-depth series, and today we’re covering tax season, holidays and the best month to buy your next vehicle.
Let’s paint a picture. It’s early April. You’re driving around El Paso. You exit the I-10 and you find yourself somewhere around Montana Ave. or Airway passing a new used car dealership like Hoy Family Auto. This isn’t anything new or overly special, but actually, now that you think about it…you just got your tax refund.
In fact, you did your taxes back in March, and are feeling lucky to have your check in hand as friends and family members scramble to get their paperwork in before the deadline. So, what’s the game plan here? Keep driving, or go for that VW Jetta you’ve been jonesing for?
Here’s the good, bad and ugly of tax season. IF, and this is a big if, you finish your taxes on the early side and are lucky enough to see a refund in early April, this could be a huge opportunity on the car purchasing front. Why? Because if you have even a little extra money to put down for a down payment on a new vehicle lease or purchase, it can go a long way to making your monthly payments way easier on the wallet.
It’s also worth noting that a nice chunk of change can go a long way to buying a pre-owned vehicle. The more you put down now, the less you’ll pay down the line, and this logic applies to the whole gamut of the car universe: from leases to purchases, sedans to SUVs, new models to pre-owned, and luxury to affordable.
So, there you have it. The ideal tax season situation: refund on the early side of April…extra cheddar for a car.
The honest truth about this time of year is that as soon as everyone has caught up to your financial pre-planning wizardry and refunds are burning a hole in pockets from El Paso to Las Cruces to West Texas, this doesn’t go unnoticed by dealerships. This means that around late April through May, you might be slightly less likely to get the best deal of your life.
This is especially true when tax season falls around Easter Sunday. Easter Sunday, wonderful as it may be, is one of the busiest days on the lot of the entire year. If you want to brave it, go for it—just don’t expect any miracles. You’re talking the holy trinity of tax refund, Sunday (a busy car buying day no matter the month or holiday), and Easter.
This brings us to our next topic. Are holidays generally a good time to hunt for a deal on a new or used vehicle, and if so, which holidays are best? The answer is: it depends what you’re looking for. The same applies to months.
If you’re looking for a brand new vehicle, January and February are two great months to pursue your dream car. President’s Day in February is a particularly choice holiday for new car deals.
If you’re willing to forgo the brand new (or soon-to-be-released) model, you’re very likely to get a deal in December on the current year’s model. In just one short month, this car will be old news, and dealerships will be itching to clear their inventory.
What other holidays are good for buying or leasing? When you think of Black Friday and Cyber Monday around Thanksgiving, you usually think about clothes and Christmas gifts, but honestly, this is a great time to head to your local dealership.
Aside from these two holidays, you probably won’t be disappointed on the deal front on Memorial Day and July 4th.
Aside from holidays, it’s good to factor in months and what they mean to your purchase (or lease) process.
They say timing is everything, and buying a car in El Paso is no exception. If you’re going for a higher end vehicle, as in a luxury sedan, crossover or SUV, you’ll almost never go wrong in December between Christmas and New Year’s. Dealerships know that you’re more likely to splurge on a car like a Mercedes Benz around the holidays. Knowing this, they’re more willing to help you make this happen around this time of year. If you’re willing to get a “current” model, you’ll get an even better deal, but new or pre-owned, Christmas is a great time to up your car game.
So what about more affordable vehicles, like station wagons and low-to-mid range sedans, crossovers, or SUVs? The answer is: summer.
Come summertime, kids are graduating from school, people are buying houses or finding apartments in El Paso and it all adds up to a time of year when more affordable cars are sold than luxury vehicles. This means that July 4th is a great holiday for leasing or purchasing in this range, and month-wise, July and August are stellar months to keep in mind on this front.
So, there you have it. No matter the month, there’s always a way to get what you want. As always, do your research, and never be rushed or pressured.
Check out our homepage elpasocars.com each week for more car tips. Happy hunting!