August and car buying

This month is the best time to buy a new car, according to TrueCar, but you better get to the car lot because some models are going so fast there's a shortage.

Historically, data for August auto sales shows the month typically has the lowest average transaction price compared to any other time of the year. The average price of a car drops 2.4 percent in August compared to other months, according to TrueCar.

Dealers want to clear their lots in August to make way for new models, so you'll find many sales and incentives around town. TrueCar found deals from a majority of auto manufacturers including Acura, Audi, Chevrolet, Dodge, Ford, Hyundai, Infiniti, Jeep, Kia, Mazda, Nissan, Ram, Toyota and Volkswagen. Most of these car-buying incentives expire Sept. 2.

Not just this month, but the whole summer has seen a good deal of auto sales, according to USA Today. Last month, 27 different models spent an average of fewer than 30 days on a lot, and some models aren't even making it to the lot because of presales - the vehicles are picked up by the new owners right after delivery to the dealer.

While the demand is for a range of models, Land Rover SUVs and the LR4 top the list. Dealers are also running short on Ram pickup trucks, Jeep Grand Cherokees and Wranglers, Cadillac Escalades, GMC Yukons, Chevrolet Tahoes and Corvettes, according to USA Today.

If you've been debating a new car all summer, now's your chance to find the best deal. Shop around for dealers offering incentives on the models you're interested in.

Additionally, don't forget to do some comparison shopping for your auto insurance. Whether you take the plunge and buy a new car or decide to stick with your current vehicle, it never hurts to see how your auto insurance rates compare to other prices offered in your area. Use CoverHound to determine your insurance options and to make sure you're getting the best deal around.

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