Car pricing firm TrueCar scoured its historical data and found that August is the best time to buy a new car. Over the last five years transaction prices have averaged $29,296 in August, or $716 lower than the median price for the rest of the year.
“This is a great example of the power of data, which shows dealers are clearing out older inventory in August,” says TrueCar founder and CEO Scott Painter.
Because automakers have historically rolled out new models at the end of the year, a large portion of consumers still believe that December is the best month to buy. However, automakers now launch new vehicles throughout the year, meaning waiting until year’s end to buy won’t always save you money.
In fact, TrueCar’s data indicates just the opposite. The average transaction price for a new car in December is $31,146, making it the most expensive month of the year to buy.
July is the second-best month to buy with an average new car price of $29,465.
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