Labor Day arrives like clockwork every year. For many, it is the holiday that unofficially marks the end of summer and the beginning of the school year. It’s the time when people say goodbye to summer for another year, take one last wistful look at their vacation photos from the past few months of warm weather, and prepare to settle back into the routine of school and work for another year. Waiting for Labor Day Deals to buy a car may be worth your wait.
While Labor Day serves as an annual milestone of sorts for many people, transitioning from the carefree summer months to the cozy chill of autumn shouldn’t be the only thing on your mind as Labor Day approaches this year.
Labor Day is also renowned as one of the best times of year to buy a car. If you’re in the market for a new or used car when you choose to make your purchase can make a surprisingly significant difference in the price you pay for your next vehicle. Cars tend to be more affordable and available with better discounts at certain times of the year and are more expensive at other times.
So why is Labor Day such an ideal time to purchase a car? If you’re in the market for a car now, is it really worth it to wait for all the way until Labor Day in hopes of getting a better deal on your next vehicle? Keep reading to learn why Labor Day is known as one of the best days to buy a car and determine whether digging in your heels and waiting for the upcoming holiday is worth it for you.
Holiday Deals vs. End-of-Month Deals
There is no doubt that Labor Day is consistently an affordable time of year to buy a car. However, many drivers are doubtful of whether these special deals at the end of August have more to do with the Labor Day holiday weekend or the approach of the end of the month.
Market patterns demonstrate that car prices consistently drop at the end of every month of the year—not just when Labor Day weekend hits as August comes to a close. So are the special deals on Labor Day due to the holiday itself? Or are they just one example of a pattern that happens every month? The most probable answer is both.
While car prices do tend to drop at the end of every month as car salesmen race to meet their monthly sales quotas, many car dealerships also offer special holiday deals over Labor Day weekend on top of lower end-of-month prices. The bottom line is: you’ll probably get the best deal if you wait until Labor Day to buy your car, but you should at least try to time your purchase at the end of the month even if it doesn’t coincide with the annual holiday weekend.
Buying New vs. Buying Used on Labor Day
Whether or not you should wait until Labor Day to purchase your next vehicle depends on whether you are purchasing a brand-new car or a used model. It just so happens that the last quarter of the year—which begins right around the time when Labor Day hits—is when many major automakers finally unveil their brand-new vehicles for the upcoming model year. This means that, in August and September, car dealerships are highly incentivized to clear their lots of all models from previous years in order to make room for the brand-new cars that will be hitting the market in the near future.
If you’re in the market for a used car or a new car from a previous model year, consider waiting for Labor Day deals to buy a car make your purchase. Vehicles from previous model years are significantly more affordable on Labor Day due to the several factors discussed above, and the deal you’ll get will most likely be worth your wait.