Car prices and availability are still being affected by the COVID-19 pandemic. Money management experts continue to recommend keeping your current vehicle. Even if repair costs are higher than what you owe on the vehicle, it may be worth getting it fixed to avoid the high prices.

However, if you plan to buy a car, to get the best deal consider the following:

• Try to purchase a vehicle early in the week. Sunday has been the best day for a purchase, with an average savings of 10 percent off the manufacturers suggested retail price. In states that restrict auto sales on Sunday, Tuesday is the best day. Research indicates that Thursday is the worst day to buy a car.
• Buying a vehicle closer to the end of the month may have advantages. Salespeople may be trying to make their monthly quota. View potential purchases between the 16^th and the 20^th of the month, and then negotiate your purchase the last two or three days of the month.
• Some holidays that occur earlier in the month (President’s Day, Independence Day, and Labor Day) may result in better deals.
• Some of the best car deals may be obtained at the end of each quarter of the year (March, June, September, December), especially at year end. Discounts are traditionally highest in December. The last quarter of the year can be the best time to buy a car, both new and used. December 31 can be the day to get the best deals.

Be aware that the calendar will only get you so far when obtaining the best deal. Doing online and in-person research is vital. Seek out incentives for vehicles in which you are interested. Also important, if buying on credit, is being pre-approved for a loan.

For additional information on the best time to buy a car, click here.

Teaching Suggestions

• Have students talk to others about actions they have taken when buying a car.
• Have students create and role play a car buying negotiation situation based on their experiences and research.   

Discussion Questions 

1. How might a person reduce the automobile and transportation costs in their budget?
2. Describe actions a person might take before meeting with a car salesperson?