There are different times in our lives for other things, and the same is true when deciding when the right time is to buy a car. As they say, timing is everything, and to get the best deal; there's a right time of the year – even the correct month or day! – to buy one. But there's also the fact that you have to determine when is the right time for you – perhaps you got a promotion and would like to get a new set of wheels, or your old car is experiencing too many breakdowns. Whatever the case, there is an ideal time for you – and a perfect time for getting the best possible deal. So here's what you should remember.

How to know if this is the best period for you to make a car purchase

The first question you might like answered is whether or not this is the best period for you to buy a car, whether you're looking at something new or used. To answer this, you need to ask yourself some crucial questions. For instance, what does having a vehicle mean to you? In other words, is it for status or convenience? Will it be an extension of yourself and your self-image, or will it serve a practical and helpful function?

If you are a realtor, salesperson, or professional looking for a vehicle that fits your persona, then it's a non-negotiable – it's time to get a car immediately. However, if you are any other individual and you'd like to buy a vehicle, what is the state of your existing one, and is it still reliable? Does it have good fuel economy, or you'd rather have another to help you save on gas? If this is the case for you, you may want to purchase a vehicle sooner rather than later.

How to know if it’s the best period to purchase a car

Now that we've presumably answered the first question, let's move on to the next – is it the right time to shop for a car? The quick answer to this is while you have to factor in several things, the truth is that it matters what time of the month you make a purchase, as used and new car specialists such as are quick to confirm.

To start with, spring is arguably the best season of the year to take advantage of a great deal because there's a lot of stock in dealerships, and spring is also seen as a season where dealerships often make it or break it just before the summer. Meanwhile, the fall season is another good time to purchase as the current stock is getting cleared out to make room for new stock. But unfortunately, the fall also sees a definite plunge in cars' resale value, and depreciation becomes steeper.

There's more. In general, as trusted car websites and experts say, the best advice when buying a car depends on several points: every month's end is better for making a deal, and the weekend holidays give you the best opportunity to strike a good deal well. Don't forget that the best time to shop is Mondays (especially in the morning) as the week is just beginning and dealerships are anxious to make a sale.