Thinking about investing in a new car? August may be the time to do it. According to new data from TrueCar, the summer month is tops for finding great deals on new vehicles. In fact, the average cost of purchasing a vehicle in August is more than $150 lower than any other single month and $500 lower, on average, for the rest of the year.
The total average transaction price for August is $28,950. February boasts the next-lowest average price, sitting at $29,109. Both of these months are significantly lower than the average cost of purchasing a car in December, which many widely consider to be the best month for shopping around.
"August is the best month to buy a car or truck because dealers are cleaning out older inventory as the new models roll in," said Scott Painter, CEO of TrueCar. "This change-over means late-model vehicles are priced to be quickly sold off the lot. August is definitely the time to buy ... if you're looking to save money."
Although a few hundred dollars may not seem very significant, it could help encourage you to get scheduled maintenance for your car right out of the gate. Even brand new vehicles can use a little extra attention, as this can ensure that all safety features are functioning properly while also helping you find the baseline performance of the car.