Okay, so I have the triathlon bug, which means that either next season or the following one I will need to buy a new bike. I am currently riding a hybrid that is good for me now, but I know that I will eventually want/need (I say need, my husband says want :) ) a road bike. My question: Is there a time of year when the "old" models go on sale to make room for the new models? (Like happens with clothes and cars?). If not, is there a generally better time of year to buy? I love to get a good deal :) Thanks!

I've been working in a bike shop for past 3 months (so I don't know what the yearly pricing cycle is) but I have seen a couple things. We still have some '05 tri bikes and road bikes on the shelves (and even 1 or two '04) road bikes. They tend to be either small or big sizes, bike shops are probably more likely to get stuck with these since they don't move as quickly. My boss would really like to move these as we are just starting to get a couple '07 in. So based on this here is what I would suggest (it may or may not work): figure out if you want a tri or road bike, go to a bike shop and have them figure out what size you are. Say you were wondering if they had any '05's left in stock in your size. Give any your interested in a test ride, if you are still interested ask to talk to the manager (he'll be most willing to give you a deal on the price) and tell him you might be interested in this bike and was wondering if there was any room to move on the price since it's an '05 (there might not be movement on the bike itself but there might be deals you could get on merchendise). If it's a deal you can pass up, take advantage of it. If it's not that great, say you'll think about it. Call other bike shops in the aread and ask if they have any '05's still in stock in your size (you now know your size from going the the bike shop, if you don't already know) If you already know your bike size your looking for you can skip the going to the bike shop to get sized up step and start calling to see if they have any '05's. If they do you can go and see what the deal is (again when it comes to price ask to talk to the manager). You might frustrate several sales people (I've dealt with some very frustrating customers, but that's what I get for working retail), but that's ok.
For example we have a '05 tri bike that was originally $2699, that's marked down to $1999 and the manager has told me that if someone's interested in it there's room to move with the price.
Keep in mind that your size for a tri bike will general be one size smaller than for a road bike.
Hope this is helpful to everyone.
We picked up our '04 road bikes in the Feb/Mar timeframe in 2005 and were able to negotiate even better prices than the sale price. So, I'd think that starting after Labor Day, and moving into winter you'll find a broader selection of '06 bikes at good prices, than as Tri-Hard said, waiting until now and getting bikes that at this point are almost 2 model years old and are only in the smallest and biggest sizes.
i.e. Do your research over the next few months, and suggest to your husband that it would make a *great* Christmas/Hanukkah present. :-)
you can always haggle on price and pay cash , that also will support a better deal. just remember though bike mark up is not all that great anyway so saving 5-7% on a bike is a good deal.