Save Now, Chill Later: Part 2
As the warm weather rolls in, it may seem like the perfect time to kick back, relax, and enjoy some much-needed fun in the sun. However, if you’re in the market for a new car, saving in the summer for a car might be your best bet. Let’s break down why.
According to Edmunds, a leading online resource for automotive information, the best time to buy a car is typically in December. Some of the best deals are usually offered during the last week of the year. However, in order to take advantage of these deals, you’ll need to have your finances in order and be ready to make a purchase at a moment’s notice. By now you know, if you stay ready you don’t have to get ready.
That’s where saving in the summer for a car comes in.
By starting to save early, you’ll have plenty of time to build up your savings and make sure you’re financially prepared to make a purchase when the time comes. Plus, by saving throughout the summer, you’ll be less likely to feel the financial strain of making a large purchase during the holiday season, which can be a stressful time for many people. Imagine buying gifts AND a car at the same time without proper prep. Terrifying.
But what are the benefits of buying a car in the winter, anyway? Here are three reasons why waiting until the end of the year to purchase a car can be a smart move:
1. End-of-year deals
As mentioned earlier, many car dealerships offer some of their best deals during the last week of the year. This is because they are eager to clear out their inventory before the new year begins, and may be willing to offer discounts or other incentives to make a sale.
2. Saving in the summer for a car could net some tax benefits
If you’re looking to save even more money on your car purchase, buying at the end of the year can also offer some tax benefits. For the entrepreneurs out there, you may be able to deduct the sales tax you paid on your car purchase from your federal income taxes. This can come out to substantial savings, particularly if you’re purchasing a more expensive vehicle.
3. New models are on the horizon
Another reason to wait until the end of the year to purchase a car is that new models for the following year are typically released in the fall. This means that dealerships may be looking to clear out their current inventory to make room for the new models, which could lead to even better deals for savvy shoppers.
Of course, in order to take advantage of these benefits, you’ll need to have all your ducks in a row as they say. That’s why saving in the summer for a car can be such a smart move. By getting ahead of the game, you’ll be able to build up your savings gradually and be ready to pounce on a great deal when it presents itself.
So, as you soak up the sun and enjoy all that summer has to offer, don’t forget to start thinking about your winter car purchase. By saving early and being financially prepared, you’ll be able to take advantage of some of the best deals of the year and drive away in the car of your dreams.
*Hey! Need more info to prepare you for buying a car? Check out 5 things you should have before buying a car!*
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Writer, rhymer, gamer: the easiest way to define the man known as Kenneth Medford. I’m a simple man who loves to learn and loves to help and I wander the digital world trying to find ways to sate my hunger for both. Basically, I’m Galactus but helpful.
Check out my other work here or reach out to me on LinkedIn.
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