Buying a Car: The Pros and Cons of New vs. Used (and the Best Time to Buy It!)

This is a sponsored post. All opinions are mine.

Your house will always be the biggest purchase you’ll make, but your car is probably second on that list. And while you put a lot of thought into your home, you should also put some careful thought into what sort of vehicle you’ll be parking in your home’s driveway.

NEW CAR VS. USED CAR

The first question you might ask yourself when you start the car-buying process is a simple one: New or used? Here are a few things to consider when answering that question.

New car advantages

New cars are reliable and accident-free. They’ve also got a great warranty (although many used cars do, too). And that new car smell can’t be beat!

New car disadvantages

The biggest drawback is the higher cost. A brand new family sedan without all the fancy extras will probably cost around $30,000. The same sedan loaded with features but three years old can be had for $20,000 to $25,000.

Used car advantages

Lower cost is a big used car advantage. Like we discussed above, used cars cost far less than their newer counterparts.

Used car disadvantages

Used cars are, well, used. They’ve got some miles on them, which means repairs will be needed sooner than they might if you bought a new car. The warranty on a used car also has a few years on it, which means it will likely expire soon (if it hasn’t already).

WHEN TO BUY A CAR

Now that you’ve decided whether you’re buying new or used, your next decision is figuring out when you’ll buy your car. Believe it or not, there are times of the year, month, and week when buying a car is better. There’s even a good time of day!

Best time of the year

The end of the summer and the end of the year are the best times to buy a car. The end of summer is good because that’s when dealers are trying to clear out the current year’s stock to make room for next year’s models. The end of the year (December) is good because that’s when dealers are trying to meet their year end sales quotas.

Best time of the month

Like the end of the year, the end of the month is a good time to buy because dealers will be anxious to meet their end-of-month sales goals.

Best time of the week

Hit the dealership in the middle of the week – Tuesday or Wednesday – to get the best deals. That’s when the dealerships will be least crowded, which means salesmen will have more time to focus on you and will be more likely to want to make a sale.

Best time of the day

If you’ve applied all the lessons above, you’ll be headed to the dealer at the end of the summer (or December), on a Tuesday or Wednesday at the end of the month. What time of the day should you stop in? About an hour before closing is best. That’s when dealers are wrapping up for the day and more likely to make a deal before clocking out.