If you are planning to buy a new car, you must have come across some common car buying myths, such as buying a car at the end of the month is the best time to make a profit. Before making a major purchase, read these common new car buying myths.

For the middle class, buying a car is a major investment, sometimes even a one-time investment. Many everyday car buying myths need to be busted. People who are about to buy a new car should know both fact and fiction. When you’re buying a new car, you should make the most of your investment and avoid confusion when entering the market.

Myth 1. The best time to buy a new car is at the end of the month

The best time to buy a car is at the end of the month. This is the most common myth among car buyers. The roots of this myth cannot be traced back. The reason for this myth is the belief that all car dealers have a goal and at the end of the month, in order to achieve their goal, they offer massive discounts to attract customers. Now think about the logic behind this. Do car dealers affect the rules of supply and demand? Are they to give deep discounts? no way! They may offer some small discounts, but never big discounts.

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Myth #2: Buying a car during closing hours will make you a profit.

This myth is very similar to the myth of buying a car at the end of the month. The idea behind this myth is that during closing hours, the staff are eager to go home and will sell you the car for any good price. However, this is not always true. While some salespeople are in a hurry to get home and give you some discounts, others may get annoyed at you for letting them go past their working hours without negotiating any price with you. So why do you wait until the last hour for things to go smoothly?

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Myth 3: The rainy season is a good time to buy a new car at a discount

Once upon a time, this myth was true. Go ahead and buy a car at a reasonable price, as long as you buy it at the selected price, this myth of buying a vehicle in the rainy season isn’t entirely ridiculous. It is said that during the monsoon season, the car business slows down due to the heavy rain and no one wants to leave the house. So the car dealer decided to offer some discounts to sell the car. But because of its breadth, many people started visiting car showrooms on rainy days, and instead of being vacant, the showrooms started to fill up. Therefore, buying a car at a discount was canceled and became a myth.

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Myth 4: Paying cash when you buy a new car will make you a profit

While paying in cash can bring you a lucrative deal in some cases, buying a car isn’t one of them. Sometimes dealers are more inclined to finance the car because they can make more money if you choose to lease or finance. Few dealers will give you some discount if you the full amount in cash.

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Myth 5. Buying a red car is a losing deal because it will cost you more in insurance

This myth makes no sense and is utterly absurd. For insurance companies, color doesn’t matter. What matters is the model’s make, age, engine size, year, body type, etc. Because of this widespread myth, people started to avoid buying red cars. This resulted in car dealers actually selling red cars at a discount.

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These are some well-known myths that we’ve all surely heard at least once in our lives. However, never believe these myths. They are called myths for a reason, and they are necessarily invalid. These myths lack sufficient evidence and beware of them. Always make sure to research and buy a car at the right time based on your family size and budget. The car buying process is not rocket science and shouldn’t be done that way.

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