By Kalea Hall
If you are in the market to buy a new car, one car- buying and selling platform says August has the best prices for consumers.
August has the lowest average transaction price of the year at $29,296, according to TrueCar.com data. This is attributed to the desire for dealers to get rid of the 2014 models to prepare for the 2015 models.
Manufacturers’ incentives on top of the dealer offerings can make for a cheaper price for the consumer, the website says.
“I truly recommend August,” said Chuck Eddy Jr., owner of Bob and Chuck Chrysler Dodge Jeep Ram on Mahoning Avenue in Austintown. “It is always a good selling and buying season. All the plants are going to be in the changeover, and right now the major players have inventory for you to choose from.”
TrueCar’s data were tracked year over year since 2009 to show the lowest average transaction price for each month. Traditionally, December was thought of as the best time to buy a car, but TrueCar’s data show December to be the most expensive with the lowest average transaction price of the year at $31,146 — $1,850 higher than August.
New car and truck prices during the past five years in August have averaged $169 lower than any other month.
Eric Lyman, vice president for industry insights at TrueCar, said automakers launch the incentive programs to discount the older models and make way for the new ones.
TrueCar also found the end of the month and the beginning of the month appear to be the best time to buy.
“Basically, you should be revving up for deals in the next two weeks,” Lyman said.
With a strong incentive mix among all manufacturers, Eddy believes it is a good month to buy a car.
“We want to move our inventories because right now the ’15s are being built,” Eddy said.
Overall, the Eddy dealership has had a positive summer of selling. He started with more than 1,000 in stock in March and now he is under 500.
He sees his customers looking at the 2014 models because of the deals available. He listed the Dodge Ram truck, Grand Cherokee and Dodge Dart as the top sellers.
Almost every month is a good month to buy a new car, Greg Greenwood of Greenwood Chevrolet in Austintown said. The Lordstown-built Chevrolet Cruze is the top-selling car at Greenwood.
“The late-model shopper wants a really good pick at a really good price,” Greenwood said.
Shane Lanigan, partner and general manager of Preston Toyota of Boardman, agreed that August is a good month to buy a car because of the manufacturer incentives on the 2014 models. The Toyota Camry is one model expected to roll out soon with its 2015 version.
“Typically, [customers] will go with the 2014 because the initial incentives definitely make it a better deal for sure,” Lanigan said.
Anthony Garono, sales manager for Sweeney Chevrolet Buick GMC in Boardman, said there are several model year-end rebates in August and there are good incentives available.
On most 2014 models, there is zero percent financing for up to 72 months. Sweeney does “very well” with the Cruze sales.
“It is a very good time to buy a car,” he said. “The Internet has changed our business completely. We price everything very aggressively.”