LENDING TREE – The team at LendingTree analyzed data from more than 2 million LendingTree users as well as Edmunds to find the best time of the year to purchase a vehicle. From the best rates to the best prices, a quick look at what we found:
December car buyers receive the best APRs compared with any other month. In December, the average auto loan APR is 7.01%. The worst time to buy a car is in January when the average auto loan APR is 8.57%.
December is also the best month to get MSRP discounts, with discounts averaging 6.5% in December. The least optimal time of year for MSRP incentives is July through October.
March is the most popular month for car buying. In 41 states, March saw the biggest uptick in people looking to buy a car. Despite the best APRs coming in December, that month is the quietest for car buying. In 34 states, December had the lowest car-buying traffic.
