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Buying a new car is both exciting and daunting. Exciting part: a shiny new set of wheels. Daunting part: the high price tag. The sticker shock is quite understandable, as "USA Today" reports that the average price for a new a car hit more than $33,560 in April 2015.

With that kind of money on the table, most people want to get the best possible bargain on their new purchase, which inevitably leads to the question When is the best time to buy a car?

Most experts agree that late summer is a great time to look. Many manufacturers are releasing their new models, so their dealerships have an incentive to clear the lot of the old inventory. Cash-back offers, low interest rates on loans and other sweeteners can significantly reduce the cost of a purchase made during this time.

As the weather turns colder, the deals can get even better. Not only do dealers want to finish selling the current year's models, but they are also looking to fill sales quotas for the quarter and the year, making this a good time for bargain-hunting.

Shopping at the end of the month is another good strategy, as salespeople seek to meet their month-end goals. Interestingly, some dealerships extend their sales schedules into the first few days of a new month, counting any sales toward the prior month's total. If you can't get to the car lot by the 30th or 31st of a month, the 1st or 2nd may be a good choice, too.

Even the day and time you choose to buy a car can make a difference. Car dealers are at their busiest on weekends and during lunch hours, as these are the most convenient times for most folks. Going in during the middle of the week, either when the dealership opens in the morning or just before it closes, is likely to result in better service, as the salespeople have fewer customers to talk to (and fewer chances to make a sale).

Perhaps of equal importance is the timing of when you shouldn't buy a car. Much like homebuyers, car shoppers often come out in the spring: The nice weather make people more active and willing to spend time outside, which includes walking around lots looking at potential new rides and dreaming of summer road trips. Weekends are also popular times to shop. More people in the market for cars means that salespeople have plenty of prospects, which in turn reduces the amount of time they can spend with each potential customer, not to mention their incentive to negotiate. If you want the best possible service at the lowest possible price, avoid this season and these busy times.

While saving money is the most significant factor in the car buying equation for most people, it's not the only one. Sometimes your current car stops working and you discover that the cost of repairs exceeds the value of the vehicle. When you need a $1,000 worth of work on car that's worth $300, you may decide that the cost-benefit analysis compels you to buy a car right now. Other times, life events are the driving force behind the decision to buy. For example, if you are about to become a parent, the practicality of replacing that two-seat sports car with a roomy minivan may drive the timing of your new purchase. Similarly, if you or a member of your family suffers a disabling injury or the effects of aging, trading in that high-sitting SUV in favor of a comfy sedan or wheelchair-accessible van may be a necessary move that can't wait for those end-of-year sales.

Before heading out to the car dealership, think about and research your impending purchase (even if necessity is driving you to buy now). What type of vehicle are you seeking? How do you plan to use it? Is it merely basic transportation to get back and forth to work and the grocery store, or do you need it for heavy-duty activities, such as hauling a trailer or transporting a softball team? Is it a vanity purchase to celebrate a professional success or (admit it) to appease a midlife crisis? Are there options and features (such as a sunroof, heated seats and fog lights) that you just can't live without? Consider all these factors. Popular websites such as Edmunds and Kelley Blue Book can help you evaluate the cost of your dream auto before you even leave home.

Next, it's time to think about your budget. How much car can you afford? Will you be able to pay cash? If not, what's the largest car payment that you comfortably afford? A call to your insurance agent can also provide some insight into how much your insurance bill is going to increase (though this may be just a ballpark figure: see 12 Car Insurance Cost-Cutters). Armed with all this information, you should be well prepared to evaluate what you find on your shopping expedition.

Now you're on the lot and it's decision time. Could you live with a scarcely driven floor model? Do you just have to have that SUV even though the gas mileage is terrible? How much of a compromise are you willing to make on the road between dream car and great deal? If you have the flexibility to purchase an unpopular make or model, a vehicle painted an unusual color or one that isn't loaded with the latest and greatest bells and whistles, it can go a long way towards minimizing the impact on your wallet and your budget.

One more point: As a responsible investor, you should keep in mind that a car primarily serves as transportation, and not much more. While there is a market in certain vintage motors (see 5 Tips for Vintage Car Collecting), never attempt to use – or even think of – your car as an investment. New automobiles depreciate over time, so they are generally viewed as liabilities, not as income-generating assets. Buying A Car: The Worst Investment offers more insight.

You can save hundreds, possibly thousands, of dollars by carefully planning the time of year, week and day that you purchase a new vehicle. With just a little bit of research and thought, you can get wheels that meet all your needs at a price you can live with.

For more on the subject, see our five-part series, The Complete Guide to Buying a New Car.