Getting a good deal on a new or used car can depend on the time of year you buy it. Make sure you keep an eye on the calendar so you can take advantage of seasonal factors affecting the car trade and take advantage of the best month to buy a car. So if you are looking for the best time of year to buy a car, here are some dates to bear in mind.
Best time to buy a new car
Choosing the best time of the year to buy a car could potentially save you thousands of pounds.
Here’s what to bear in mind:
- Convertibles are more desirable in the summer, so there might be bargains to be had in the winter.
- At the end of each quarter – particularly the end of June and December – dealers might be keen to hit their quarterly sales targets and more likely to offer you a good deal.
- Demand for four-wheel-drive vehicles usually peaks during autumn and winter because of poorer weather, so you might get a bigger discount in the summer.
- In February and August many dealers offer some real bargains, while sales are slow as buyers wait for the new number plates coming in March and September. But If you take advantage of this lull, your ‘old’ number plates will make your car seem older than it really is, so it will depreciate faster.
- Find out when new models or ‘face-lifted’ existing models are due out, then buy the previous version during its last few weeks in the showroom. Dealers will be want to shift this stock and be more likely to offer you a good deal. But remember an older model will depreciate faster than the new arrivals, even though it’s roughly the same age.
- Showrooms are quieter on weekdays so drop in on a Friday – when the dealer will also be keen to meet their weekly target. This gives you an advantage when bargaining with the salesperson.
- Wait a few months after launch before buying a new model – by then there will be less showroom buzz about it so the dealer might well offer you a better deal.
Best time to buy a used car
Seasonal trends in sales of new cars have a knock-on effect on the cost of used cars.
Time your purchase right and you could get a real bargain:
- Avoid buying used convertibles in the spring or summer – wait until winter, when demand is much lower.
- March and September are the peak months for sales of new cars, often through part-exchange deals. So dealers will have lots of used cars to sell, which puts you in a strong position when negotiating.
- Dealers are also often keen to clear out used cars in July and early August in readiness for new models and the registration plate change on 1 September.
- December and January are quiet months for the used car trade. Cars aren’t on people’s minds around Christmas and the New Year so dealers and private sellers are keen to make a deal.
- Buy four-wheel-drive vehicles in the summer – demand peaks in the late autumn and winter because of the poorer weather.
When the time comes to buy a used car, there are many financial factors to consider. Perhaps your budget will narrow your used car choices, or you may not be aware of the payment options available. We are ready to show you some ways you can pay for your vehicle and to show you that the make and model you desire most may well be within your reach if you plan carefully.
Consider the Time Frame
As you consider payment options, one of the first factors you might want to think about is how long you will be paying for your car. Whether you secure a loan through the bank or choose in-house financing with us and depending on your credit, your loan could be as brief as two or three years or as long as five. It is important to understand the exact terms of the length of your loan before you sign off on a vehicle.
Give Yourself Time
Even if you find yourself needing a new vehicle for your commute to work or school, you should avoid jumping into a deal right away. Take the time to consider your options, as this may help you avoid hefty payments that might be hard to handle later on. For example, ask yourself whether your current car is a valid trade in or if you can secure a down payment that may help lower the cost of a vehicle.
Review Your Budget
One mistake many people make when they shop for used cars is to miscalculate how much they can afford to pay monthly. To avoid this error, you will need to factor more than just the car payment into your auto ownership budget. The cost of insurance, gas and other taxes and fees that will need to be paid when you purchase a vehicle should all be included in your budget to ensure you do not overextend it.
Buying a used car can be a challenge, especially if you are unsure of your payment options. However, being prepared and asking the right questions can help you get the car you want at an affordable payment.
Buying a vehicle is never easy, but buying a used vehicle is downright difficult. You will get your hopes up numerous times by an ad that seems too good to be true, only to be let down when, in fact, it was too good to be true. Someone might advertise their car as “Like new! Mild wear and tear! Runs great!” when in actuality, it is very much old, has extensive wear and tear and doesn’t run at all. Yes, it happens. That is why, when shopping for used cars, you should know where to turn and how to negotiate. Don’t fall for a scam and bring home a lemon, and use the following advice to help ease the pain of your search:
Go to a Dealer
Sure, you know someone who found a great deal on Craigslist, or are even friends with that lucky person who bought a car on Ebay ten years ago and it’s still running great today. However, those people are the exceptions to the rule that states that you should never, ever shop for used cars online. Not only is it impossible to tell the true condition of a vehicle without actually seeing it, but also, you’re risking spending thousands of dollars a car that may take a dump on you ten minutes after purchasing it. Then, because there is no warranty, you’re stuck with an old car that doesn’t run and no money to fix it.
Find the Car You Want
Before you head to the dealership, know what you’re looking for. If you head to the dealership without a clue, you may end up purchasing a vehicle that is over your budget and all wrong for your needs. Identify the traits you need in a new used car: good gas mileage, three rows, ample storage space, etc. Once you do this, set a budget and head to the dealer.
Negotiate Like a Pro
Negotiating for a fair price might be the most daunting part of the car buying process, but it’s necessary. Dealerships expect you to negotiate and price their cars accordingly. Use all the knowledge you have regarding the vehicle to bring the price down.
Use the tips above when shopping for used cars to get the best your money can buy.
Every car buyer wants to get the best financing rates possible. With banks, credit unions, and financing companies all competing for loan business, it can difficult to know what lender will provide the best loan terms. If you are searching for car loans, you might be surprised to find out that often the dealership offers the best option for automobile financing. Here are four advantages of getting a loan from the car dealership.
Dealerships frequently offer promotional deals that other lending institutions don’t. If you can take advantage of one of these programs, you can save a tremendous amount over the life of your car loan. For example, a dealership might offer zero percent interest for the first year. That kind of deal can save you thousands of dollars.
Most dealerships sell many cars each year. Most of those cars require financing. Because they are in the business of selling financed cars, most dealerships now exactly the kind of loan terms they can offer and accept. This can help you get a better deal, even if you have shaky credit.
If you secure a car loan at the dealership and later decide that you can obtain better financing elsewhere, you have the option to refinance. That’s because dealerships do not bind you to sticking with their loan. Many buyers find this flexibility to be a major draw when purchasing a vehicle.
Financing your vehicle at the dealership offers a tremendous amount of convenience for busy buyers. With separate financing, you might have to visit several lenders and complete many different applications. When you work with the dealer, you can take care of financing during the sales process.
When shopping for car loans, every buyer wants to get the best loan terms possible. Financing at the dealership offers many benefits for most buyers.