best time to buy?

I have a friend (male) who's been riding his old old old WalMart bike to work almost everday for the last 2 months. He's concerned that it's falling apart and is beginning to look into buying a new bike.
Based on forum searches and what I've read, I *think* I can help him choose which type of bike. He isn't looking for anything grand, and I suspect he isn't willing to pay more than a grand, but he's wondering when to buy. So, is my memory correct and new bikes come out in the fall = fall is a good time to buy last years, or is that theory wrong?

thanks

Now is the time to buy as prices are going way up in the USA for the '09 bikes.

If I remember correctly, according to Running Mommy one should not expect significant sales on the 08 leftovers because there aren't that many left, and due to the price increase it wouldn't make sense to discount everything...

Thanks, Grog.
and I just saw the almost identical thread in the other forum, so now I'll move it on over there and read those replies. :cool:

Yes- things going WAY up! I have my Felt rep here right now and WOW.
If you can find anything in stock right now, move on it. I wouldn't expect to see many year end blow out sales like in years past.
Even the shops that over booked. They are transferring stock to dealers like me who are out of bikes.
Tho I did hear that Specialized has a glut of bikes. I'll take that at face value tho as it came from a rep of a competitor. I know they were running a big tdf sale?? So maybe they have good stock??