The end of the year can be a time of wasteful spending, but it can also be a time when you can find some pretty good deals. If your budget or your. have managed sinking funds so that you have money left over in November and December, there are a few things to look out for. Remember, just because something looks like a bargain or is on sale doesn't mean you have to buy it. Consider your needs and wants within your overall budget before purchasing any of these items at the end of the year.
Buy a car
Traditionally, the end of the year (November and December) is considered the best time of year to buy a car. This is true for several reasons. First of all, many sellers and manufacturers are trying to hit their quarterly and year-end quotas. That gives them an extra incentive to try and get a deal. In their excitement about completing the sale, you can often find deals that you wouldn't find earlier in the year.
The end of the year is not only a good time to buy a car for new and leased vehicles. Every fall, most manufacturers release the new version of each of their car models. If the 2022 models are introduced in late 2021, it means that all 2021 models will need to be evacuated to make room. Likewise, when people lease or buy new cars, they are trading their old cars. This combination can lead to excellent savings even on used cars.
Electric car and other tax breaks
Speaking of cars: There are also many tax breaks when buying electric cars. These tax deductions and credits can be available at the federal, state, and local levels and often change every tax year. So if you've been saving up towards an electric or hybrid car, make sure you know what credits you might be eligible for.
Not only electric cars sometimes have tax breaks – many types of renewable energies are tax-eligible. This could include buying or installing solar panels or using wind or geothermal energy. And if you are expecting a new child, please note that a child born on December 31st has lived with you for the whole year for tax purposes. That could mean an additional tax deduction and Child tax deduction compared to a New Years baby.
Start of a new lease
While moving in the middle of the winter and holiday season might not sound like the most fun adventure, it may be worth it to you. This is because nobody else likes to move in the middle of winter, which is why landlords and management companies often have an above-average vacancy rate and are more willing to make good year-end offers.
If you are considering move across the city or across the country, take a look at the leasing offers and see if there are moving offers that you could benefit from. You may receive a discount on your first month's rent or a lower security deposit. Even if you don't really want to move, you may be able to take advantage of this phenomenon when your lease has expired or you have a monthly lease. Show your current landlord the other options you are considering and see if they can get you a deal.
Offers after Black Friday
As most of you know, the weekend after Thanksgiving (Black Friday and Cyber Monday) is probably that biggest shopping weekend of the year. But while there are often very amazing Black Friday deals out there, most of the really great sale prices are extremely limited in quantity. If you're not one of the few, you can often still find some of the same deals in the run-up to Christmas.
It's an open secret that a lot of Black Friday sales aren't that fantastic. There might be a doorbuster or two designed to get you outside the store or on the website, but most of the other things included in the offers listed will continue to be available on Cyber Monday or all of December be. The end of the year is a great time to get deals on electronics, home appliances, headphones, and entertainment, among other things.
The bottom line
For many people, money is tight during the holidays and at the end of the year. But if you've done a good job budgeting and still have extra cash to spare, the end of the year can be a good time to look for bargains on certain things. Buying a new car (or new one just for you), getting a new rental agreement, or getting deals on electronics and home appliances are just some of the things you can get deals on in November and December. Stay within your budget and make smart financial decisions and you will be well on your way to a successful holiday season.
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Dan Miller (87 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free / cheaply. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.