CHICAGO (FOX 32 NEWS) - It's nearly Labor Day Weekend, and minds are already racing around thoughts of barbecue, swimming and relaxation. But if you're in the market for a new car, you might want to set aside some time for shopping.
Industry analysts said thanks to a number of factors, there's never been a better time to get a good deal on a brand new car.
“Every August, September, October is the best time to buy a car,” said Brian Weinberg, general manager at Grossinger Autoplex.
Weinberg said manufacturers are offering near-historic incentives to move the 2017 models as the 2018's roll off the assembly line.
"They're throwing some big dollars, some big incentives to move the ‘17's. Cash incentives, finance incentives, unlike anything we've seen around here lately,” Weinberg said.
Auto industry watchdog Edmunds said it has been tracking record incentives on new cars nationwide.
"This is an anomaly. Incentives are in the 20 percent range greater than they were at this time last year. And last year they were pretty strong, so this is not just run of the mill discounts,” said Matt Jones, a writer for Edmunds.
For instance, Jones said Honda is discounting its 2017 Accord by about 5,700 dollars on average and Ford is knocking about 12,000 dollars off its 2017 Expedition.
It is still a supply-and-demand market. Last year was a record year for car sales in the United States with 17.5 million units sold. But 2017 has not been as kind to these dealerships, leading to prices so low, Edmunds recommends considering moving up that purchase you planned to make a year or two from now.
"If there's nothing really stopping you, maybe go ahead and get it now,” Jones said.“It's better to have the opportunity to get this great fantastic deal as opposed to betting on what's going to show up a year and a half, two years from now."
Weinberg concurred that it is a buyer’s market.
"I would shop a couple different models and see what manufacturer has the best incentives,” Weinberg said. “And go into a local dealer, any dealer, test drive them. Get your prices and I would definitely shop it online and compare it to other dealers."