The end of the year is nigh and it’s one of the best times to snag a great deal on a vehicle that will be perfect for your driving pleasure.

Many manufacturers will be having Holiday sales events or year-end car deal programs. Let’s take a look at how much you can save at the end of a model year.

Better to wait!

Those interested in buying a new car will definitely benefit from waiting until the end of a model year. This is because dealers may offer larger discounts as they clear out their inventory for the upcoming year’s model.

Great December deals

Throughout the month of December, we’ll continue to see deals available similar to those on offer on Black Friday, such as 0% interest, and dealers enticing buyers to purchase a model. There are also other incentives dealers are eager to offer on end of the model year cars, such as cash-back offers and great lease deals.

Drawbacks?

Before you go ahead and sign the papers, however, it’s helpful to be aware of a few possible drawbacks. Remember your car is 1 year old when you buy it, and although brand new, never driven, and new to you, experts suggest it may hurt your resale value when it comes time to sell. Also, your design is instantly outdated as the newer model may have some added extras, new technology, and features that the older model does not have.

This won’t matter to a lot of buyers, but some people do prefer to have the cutting edge design and would rather spend the extra to be completely up to date. This also helps if you want to trade or sell after a short time as you’ll have the latest gadgets and the car will be worth a little more.

But if you’re planning on keeping your car for many years, it’s a very good idea to buy at the end of the model year, as you’ll save money and the depreciation and the possibly outdated features will not matter as much if at all. It just depends on why you need the car, your budget, and your general preferences.

Do your research!

Remember before you even think of buying, do your research and decide on the make and model you really want, and plan your financing before setting foot on the lot. Then contact your local dealership and see what kind of deals they have going on right now –there may be a perfect car waiting for you right there.