When Is the 'Best' Time to Buy a Car?

PHOTO: Ford Motor vehicles sit on the dealership lot in Plainfield, Ill., July 23, 2014.

If you're looking for a car and waiting for year-end deals, wait no more. August might actually be the better time to buy a new car, according to TrueCar Inc.

The price for a new car averages $1,850 lower than those in December, which is traditionally believed to be the best time to buy a car, the car buying and selling site says

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But not everyone agrees. Phong Ly, CEO of iSeeCars, said the end of the year, quarter or month is the best time to go shopping for a car because car sellers typically receive bonuses for meeting quota by end of those periods.

But TrueCar says new car and truck prices during the past five years on its site in August have averaged $29,296, which is $169 lower than any other month.

TrueCar said previously that better deals can be found at the end of the month than the start of the month, and weekdays are better than weekends. Why? With fewer people on the lot looking, the dealer is more willing to make a favorable deal.

DealNews says August is a great month for buying a new car, because new models are released in September. Car dealerships offer additional incentives in August in an effort to clear inventory to make way for new models, and as always, negotiate with the seller, DealNews advises.

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