Why You Should Wait Until Fall to Buy a New Car (2024)

FAQs

Why do they make you wait when buying a car? ›

Not everyone needs to spend hours at s dealership, but it takes time to find the car you want. It takes time to get financing approval (this can take the most time). It might take an additional 20 min. to do the paperwork. Oh, it can take longer if there are multiple people buying cars at the same time.

If you're considering buying an older model, it's wise to wait for the most updated version to roll out. “While you might be able to land a deal on the older model, it's wise to consider holding out for the updated version. It's very rare that an all-new version of a model comes out, and it's $5,000 more,” he says.

Now, however, may be the right time to upgrade that older model, industry watchers say. "2024 is probably the best year since the pandemic to buy a new car," Mark Schirmer, director of industry insights at Cox Automotive, told ABC News. "2021 and 2022 were really difficult years.

Reasons for the long waiting period on new cars

The automotive supply chain is a complex network that involves many different stages, from raw materials to finished products. Supply chain disruptions can occur at any point in this process, causing delays in production and delivery.

A brand new car offers peace of mind and a sense of security. There's no need to worry about hidden flaws, plus the car will typically come with a three-year, 36,000 mile warranty. It's Easier: Buying a new car is easier than buying a used car. Just determine the make and model you want and start shopping.

Your Current Car Keeps Breaking Down

But if you make many mechanic trips, it's probably time for something new. Frequent breakdowns are not only frustrating, but they can also be expensive. If you're spending more money on repairs than you would on a monthly car payment, it's probably time to start shopping around.

What Is the Best Month to Buy a Car? In addition to certain times of the week or holidays, some months are better to buy or lease new vehicles or purchase used cars than other months. In general, May, October, November and December are the best months to visit the car dealership.

Car Prices Will Likely Continue To Decrease

If car prices follow recent trends, they will likely continue to decrease into 2024. However, nothing is guaranteed. “It's difficult to predict whether the cost of owning or purchasing a car will decrease in the coming year,” Meniane said.

New Car Prices – May 2024 Update

According to recent data from Cox Automotive, the average transaction price for new cars is $47,244. That's down 2.2% year-over-year. Some new car segments are seeing notable price declines in 2024, while others are holding firm.

Buying new can be a good choice if you want the latest features and cheaper initial maintenance costs, but you'll have to deal with a higher rate of depreciation and a bigger price tag when it comes to the initial purchase and insurance rates.

How long should a new car last you? ›

A conventional car can last for 200,000 miles. Some well-maintained car models will reach 300,000 or more miles total. The average passenger car age is currently around 12 years in the United States. Choosing a well-built make and model can help extend your car's longevity.

Typically, your car can sit about four weeks to two months without driving before the battery dies. The reason your car can sit only for so long before it dies is the fact that your car battery is in use even when you're not behind the wheel.

How long should you keep a car? A typical car is expected to last 200,000 miles or more, with electric or hybrid vehicles going up to 300,000 miles. If you drive the average number of miles for an American, a typical car should last you about 14 years and an electric car will last about 21 years.

Some car salespeople use time as a tool, says Bartlett. They'll draw out the process until you're exhausted. The salesperson is going to be there all day regardless of you. So, if you plan on negotiating, don't be afraid to set aside an entire day to spend at the dealership.

Many car dealers want you to buy a car the day you walk into the dealership, he says, because if you leave, you'll keep shopping around. And to get you to buy the car, the sales person might agree to a monthly payment that's too low.

Yes, you definitely can go to a dealership just to look around. I've done this occasionally, or I've browsed the showroom while my car was serviced.

Buying a car can take a few hours to several months, depending on how you approach the purchase. A recent study found that buyers spent around 15 hours on the entire process in 2022, up roughly two-and-a-half hours from 2021.