Car Smarts: Wait for Fall
October and November are ideal months to get a great deal on current model year vehicles, says Michael Waterman, executive editor of Vehix.com
. Next year's models are already in stores, and dealers are anxious to move the older—but still new—cars off their lots. Manufacturers will often help with bigger incentives, cash-back programs and low interest rates.
Another way to secure a great deal on a new car is to know when a particular model is being replaced by an updated version. For instance, in 2011, Ford replaced the old Explorer with a completely redesigned crossover, and Honda updated the popular Civic with a new model. "Smart buyers realize these new-model updates often translate to deep discounts on the current models," says Waterman.
You also have a better chance of getting deals toward the end of the month. "Dealers might be a car or two short of a monthly sales quota that will give them a big bonus from the manufacturer," says Philip Reed, senior consumer advice editor at Edmunds.com
. "That's why they'll discount the car to you—whatever they lose on the deal, they'll make up in their bonus."