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What Is The Best Time to Buy A Car?

2024 Chevrolet Colorado ZR2 Bison

In the realm of car shopping, the age-old wisdom dictating the prime time for securing the most dazzling deals on a new ride has hit a snag. The conventional playbook, advising eager buyers to hold out until the end of the year for unbeatable bargains, has been significantly rewritten. While the allure of December’s closing days used to shimmer with generous incentives from automakers, the ongoing scarcity in inventory has cast a shadow on this tradition, leaving prospective Oneida buyers navigating a notably different landscape.

The villain in this tale? The relentless microchip shortage, accompanied by an array of production hurdles that have thwarted the smooth flow of parts essential for vehicle assembly. This disruption spans from tires to wiring harnesses, creating a domino effect where a hiccup at one supplier resonates across multiple automakers’ production lines. So, what is the best time to buy a car? Well – we’ll get into the details below.

Best Month to Buy a Car in the Changing Landscape

This drastic shift translates to a reality where the once bountiful cash incentives have dwindled. For instance, the figures from previous years, such as the average incentive of $4,529 per car in December 2018, have sharply plummeted to $1,598 by December 2021—a staggering 59% decrease. The trend persists, with May 2022 recording an average incentive of $965, signaling a continued downward trajectory.

Navigating this scarcity demands a shift in strategy for savvy shoppers. With inventory plummeting by a staggering 70% from May 2019 to May 2022, the emphasis pivots towards seizing the right vehicle as soon as it surfaces rather than waiting for elusive discounts. In the current landscape, hopping between dealerships in pursuit of a better deal might not yield the anticipated savings and could potentially lead to missed opportunities.

So, What Do You Do?

The mantra now? Act swiftly upon encountering the ideal vehicle in the Utica-area. Ordering a car, despite the waiting period, emerges as a viable strategy during this inventory crunch. Locking in a written price while some automakers offer incentives for ordered vehicles could be the key to securing the best deal amidst the shortage.

Yet, amidst this scarcity, a silver lining glistens for those considering buying out their leases or selling their cars. The surging prices of used vehicles, a consequence of the shortage, have elevated buyout offers for leased cars, often placing lessees in a favorable equity position. Likewise, selling an extra car has become a lucrative prospect, with the median listing price for all used cars soaring by 49% from pre-pandemic levels.

Explore with Sun Chevrolet at the Best Time to Buy a Car for You!

The best month to buy a car is no longer what Canastota and Manlius drivers expected. In a landscape where seasonal incentives might resemble a distant memory, leveraging timing to one’s advantage and exploring alternative strategies such as competitive financing rates and maximizing returns on trade-ins could prove pivotal in scoring the best deal amidst the scarcity-driven market beyond Chittenango and NY. If you are looking for financing specials or plans or to pre-order your vehicle, contact our team at Sun Chevrolet today!

 

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