How to get the best deal on a new car Canada

Photo: ShutterstockDoes it help if I buy my car at the end of the month?A little-known fact about the automotive industry is that many manufacturers offer big bonuses to dealership

How to get the best deal on a new car Canada

Photo: Shutterstock

Does it help if I buy my car at the end of the month?

A little-known fact about the automotive industry is that many manufacturers offer big bonuses to dealerships and salespeople who sell the highest volumes of cars. These bonuses are paid on a monthly basis which means that the dealership might actually be willing to sell the last two or three cars of the month at a loss if it means the difference of making the volume quota or not, knowing full well that the profit from the sales bonus will offset any loss taken on those final cars. However, this strategy doesnt always work as some dealerships may hit their sales quota earlier in the month, not to mention that some models are rarely ever discounted regardless of the time of month.

Find out exactlyhow much dealers make on the sale of a new car.

Photo: Shutterstock

Does it help if I buy my car at the end of the year?

Its no secret that the most sizable incentives and discounts on new cars are available towards the end of a yearan old tactic used by manufacturers and dealerships to clear remaining inventory of current model year vehicles to make room for next years models. During the final months of the year, many manufacturers offer up to five-figure discounts on top of attractive finance and lease rates on many models. That said, some trade-offs of buying a car at the end of the year include that youll be constrained to whatever inventory is remaining on dealer lots and the fact that most current model year vehicles have lost a portion of their initial value as a large part of the year has already passed.

Find out what happens to all of the cars that never get sold.

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Does it help if I buy my car when theres snow on the ground?

Historically speaking, new vehicle sales in Canada are stronger during spring and summer months than in fall and winter months. As an example, new vehicle sales in Canada for May 2019 totalled 203,000 units while new vehicle sales in February of the same year totalled 121,000 units. That said, a slow sales month might translate into hungry salespeople looking to move inventory, resulting in more aggressive pricing. So put on your snowsuit and get yourself into those dealership doors, as youre bound to save yourself some money!

Want to save even more? Find out how to get better gas mileage and pay less at the pumps.

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