(StatePoint) Buying a car is one of life’s bigger financial decisions—and timing can make all the difference.
But according to auto experts at Wells Fargo, the best time to buy a car isn’t about chasing seasonal sales or waiting for tax credits. It’s about being prepared before the need becomes urgent.
“It’s just a reality that buying when you absolutely have to can limit your ability to get a good deal,” said Robert Lyles, retail auto relationship management director, East Market for Wells Fargo Auto. “Doing your research, knowing what you’re looking for, and understanding how much you can afford will give you a leg up when it’s time to negotiate.”
So how do you know when you’re ready? It starts with understanding your finances. Michael Meganck, retail auto relationship management director, West Market, advises buyers to begin with a clear budget. “Buying a vehicle is exciting, but it can be overwhelming. Start with the basics: what you can afford, how you plan to use the vehicle, what size you need, and gas mileage.”
If you’re financing a car, know your interest rate, total amount financed, monthly payments, and whether there are prepayment penalties. Consider the loan length—while longer terms like 84 months may lower monthly payments, they can cost more over time. Also, educate yourself about the aftermarket products and services that may be purchased with your vehicle and ask questions at the time of closing if you are unclear.
Industry trends also play a role. Reports from Edmunds and Kelley Blue Book show car prices remain high, with average transaction prices rising year over year. “New car prices are at some of their highest levels in the last decade,” said Meganck. “That’s why longer financing terms are becoming more common.”
Leasing may be a smart alternative for those who don’t keep cars long term. “Understand what’s happening in the market and how that ties into the monthly budget you’ve already created,” Lyles added.
To stay within budget, explore manufacturer incentives and promotions, understand the fine print, and know your credit score—it can impact your interest rate and loan terms.
Research is more important than ever. Today’s buyers often visit up to 11 websites before stepping into a dealership. “It’s not surprising to get customers who are as informed as the people selling the cars,” said Lyles. Dealerships also use AI tools to adjust pricing based on market conditions, so being informed helps you spot a fair deal.
Take your time at the dealership. Test drive vehicles, use services like Carfax for used cars, and research warranties. “Give yourself time to evaluate your options,” Lyles advised.
While traditional timing strategies like month-end shopping are less effective today, seasonal trends still offer opportunities. Spring sees higher demand due to tax refunds, while summer holidays may bring discounts. Fall is ideal for new model clear-outs, and winter can offer deals on convertibles and used inventory.
More car-buying advice and tips for your money can be found by visiting Wells Fargo Stories at stories.wf.com.
“Do your research, understand what you can afford, pre-plan options, and you have a great chance of having a pleasant car-buying experience,” Meganck said.
Photo Credit: (c) shutter_m / iStock via Getty Images Plus
