If you’re in the market for a new vehicle, get serious about shopping now. December tends to deliver the deepest discounts of the year, with buyers receiving an average 7.7% off MSRP, TrueCar.com finds—vs. 6.8% in January, for instance. For an average buyer, that’s more than $300 in savings.

Why December? “Dealers and manufacturers are looking to meet their annual sales goals, so many offer rich incentives,” says TrueCar senior analyst Cari Crane. Meanwhile, prices are slashed on 2016 vehicles as next year’s models move onto the lot, says Brian Moody, executive editor at Autotrader.com. Follow these steps to drive down the price of your new vehicle.

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