2024 model-year cars typically arrive at dealerships between July and October 2023. While some manufacturers release new models as early as late spring (May/June), the majority of 2024 vehicles become available during this late summer/early fall, with inventory peaking around Labor Day.
New model year cars typically start arriving at dealerships in the late summer and early fall (August, September, October), with most models available by October, creating a big push to clear out the previous year's inventory. While the traditional window is fall, some new models, like electric vehicles or special trims, can launch earlier, even a year before their model year, but fall remains the peak time for new releases and deals on outgoing stock.
The final months of the year, particularly October through December, are widely recognized as some of the best times to buy a car. Dealerships are under pressure to meet annual sales targets and clear out inventory before the new year starts.
The FTC Red Flags Rule requires auto dealerships to have a written Identity Theft Prevention Program (ITPP) to detect, prevent, and mitigate identity theft, especially in financing/leasing, by spotting signs like suspicious documents (altered IDs, mismatched photos), inconsistent application info, or unusual account activity, with consequences for non-compliance including hefty FTC penalties and lawsuits, notes the Federal Trade Commission. Key steps involve identifying vulnerable accounts, spotting specific "red flags," creating detection/response plans, training staff, and regular audits, with a senior manager overseeing the whole program, say Dealertrack and Total Dealer Compliance.
As for which day of the week to go in, "Monday is usually the best day of the week to buy a car" since "showrooms will be the least busy," said MarketWatch. However, Tuesday or Wednesday can also be a good bet, especially in areas where dealerships aren't open on Sundays, said Edmunds.
For years, dealerships have been using a tactic called a “four square”—a sheet of paper divided into four boxes where the salesperson will write down your trade value, the purchase price of the vehicle you're buying, your down payment, and your monthly payment.
End-of-quarter months — March, June, September, and December — often lead to even bigger savings. The best time is the final days of the year, when dealers try to clear inventory before the new year. Checking online inventory for cars that have been on the lot longer can also reveal pricing flexibility.
There are traditionally two ways to negotiate the final price of the car. You can haggle, or you can make a reasonable “take it or leave it” offer. For inexperienced negotiators, the take it or leave it method may work best.
Tuesdays and Wednesdays are particularly good days to shop because the dealership is typically quieter, and salespeople may be more willing to negotiate to make a sale.
The 20/4/10 rule is a car-buying guideline suggesting a 20% down payment, a loan term of 4 years or less, and total monthly transportation costs (payment, gas, insurance, maintenance) that don't exceed 10% of your gross monthly income to prevent financial strain and avoid being "underwater" on the loan. This framework helps ensure affordability by balancing upfront costs, loan length, and ongoing expenses relative to your income.
Timing is very important in negotiating car prices. Dealers are more likely to offer discounts at the end of the month or quarter when they are trying to meet sales quotas. The holiday season and year-end are also great times to buy, as dealerships offer incentives on outgoing models.
To get the best deal, avoid saying you love the car, are desperate for a vehicle, don't care about the total price (only monthly payments), or are an expert in your job/credit, as these reveal weaknesses; instead, focus negotiations on the out-the-door price, stay vague about your needs, and show you're willing to walk away to maintain leverage.
Dave Ramsey's core car rules emphasize paying cash, avoiding new cars (unless you're a millionaire), keeping your total vehicle value under half your annual income, and using a strict budget, often suggesting the 20/4/10 rule (20% down, 4-year loan, 10% total car expenses) as a guideline if financing, but preferring no debt at all to avoid depreciating assets trapping you. He stresses buying reliable, used vehicles to prevent debt and build wealth.
Don't hesitate to negotiate or simply say no to fees for things you don't want or need. If they're non-negotiable, make sure you know exactly what you're being charged for. “The salesperson will probably aggressively offer extras when you're signing your final paperwork,” says Pope.
Don't: Take the Car Home Until All of the Paperwork Is Done
Don't fall for it, for several reasons. First, you're more likely to get attached to the car, and you won't be able to negotiate with the impartiality that you need to get a good deal.
There is no limit to the number of cars someone can own. However, all vehicles that are parked in a driveway must be drivable and have current license plates.