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Are you planning to buy a car, whether for your business or for personal use, in the near future? Of course you know such a transaction can cost you thousands, whether the car you choose is new or used.
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For example, according to data from Autotrader, the average cost of a used car in the UK in November 2020 was £14,041. If you are going for a new car, on the other hand, expect to spend about £17,000 on a small car or about £28,000 on a low-end SUV.
The model of the car and other specifications determine to a great extent the precise amount you’ll shell out to buy a car. Timing is also a crucial factor. This gives rise to a question prospective car owners often ask: When is the best time to buy a car?
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When Are the Best Times to Buy a New Car?
Knowing when to time your new car purchase can save you a great deal of money. This is because there are certain times of the year when you can negotiate and get a good deal. Here are some of the best times to keep in mind when shopping for a new car.
Buy a New Car Toward the End of a Quarter
Car dealers have sales targets to meet that often coincide with the end of the month and the quarter. As salespeople near the end of each quarter, they are often under pressure from management to meet their targets. As a buyer, therefore, you stand a better chance of negotiating for a sweet deal toward the end of the quarter.
Let’s say you’ve found a bargain price for buying a car, but you don’t have ready money to pay the deposit. In that case, you can quickly shop and apply for different types of loans to help you lock in the price.
Time Your Purchase for the Season of New Model Launches
The launch of a new model means less focus on and appeal for the outgoing model. For instance, the Toyota 4Runner has been changing models almost every year. With the 2021 model now launched, you can buy the 2020 model of that car at a slight bargain.
Therefore, it is worth keeping abreast of the motoring press for updates on new models. Look for dealers preparing to shift their stock so that you can get a good price. However, you also need to bear in mind that the outgoing models will have a faster rate of depreciation.
Look for Summer Deals When Buying a 4WD Car
If you are shopping for four-wheel-drive vehicles, summertime is the best time to buy your car. This is because autumn and winter are considered peak times for buying cars such as these. The poorer weather during these months increases the demand for these vehicles, making summer the best season for planning your purchase.
Conversely, if you are looking for a convertible, winter is the best season, as their demand is low then.
Buy Before New Plates Are Out
In the UK, number plates are issued in March and September. Because of this predictability, people looking for new plate numbers time their purchase to coincide with these months.
If a new number plate isn’t something you fancy but instead want to make a saving from your next car purchase, plan to purchase your vehicle in February or August. Dealers are under pressure to make a sale before the new number plates start rolling in. They can give you a discounted price when you buy a car at these times.
Give New Models Time
If you’d like to buy a new model, don’t go with the flow or buzz when it is immediately launched. The desire to drive a new model creates a huge demand that pushes up prices. The best approach is to delay buying your new car for up to two or three months following the launch of the model you are targeting.
Shop During Quieter Days
Dealerships are usually quieter on Fridays. This means the staff will be more attentive to your preferences and more likely to give you a good discount when you buy your car. What’s more, they will also be in a rush to beat their weekly deadlines. This could make negotiations less tasking.
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When Are the Best Times to Buy A Used Car?
If you are in the market for a used car, the dynamics will be a little different than when buying a new car. However, with proper guidance, you can get a good deal. Here are a few tips to help you time your purchase.
Buy When New Number Plates Are Introduced
Planning your purchase for March and September can be ingenious timing. Once the new number plates are introduced, the tendency for motorists is to exchange their used cars for brand new ones.
This means dealers end up with a huge stock of used cars they need to dispose of. Buying a car during this time gives you super bargaining power.
Shop for a Used Car in July and Early August
In preparation for the flood of new cars in September, most dealers rush to clear stock in the months before the new number plate and car models come out. You may check out the new Hyundai Tucson that might fit your style and budget. You can get quality used vehicles during this rush without bargaining too hard.
Buy a Used Car at the End and Beginning of Year-End Sales
If you are planning to buy a used car, December through January is one of the best windows. At the end of the year and around Christmas, people tend to be focused on other activities and purchases rather than on buying cars. So delaying your purchase and timing your car buying to these months can get you a good deal. With the demand low, you may drive away with a model that you could hardly afford during the rest of the year.
When buying a car, a few things usually come to mind. These include the car model and make, whether it is a used car or new, the mileage, and other factors. The goal of every buyer is to get the best deal when they buy, both in terms of price and the car model.
Knowing the best time to buy your car can save you a lot of money. For instance, timing your purchase immediately before or after new number plates are released could mean a sweet deal for you. Also, the end of the week or quarter gives you the advantage of getting deep discounts, as car dealers rush to beat sales deadlines and targets.
If you need a boost in financing your next purchase and you feel that the conditions and requirements for mainstream loans are increasingly onerous, apply for an instant guarantor loan today. With amounts of up to £15,000, you can finance the next car you buy 100%. Shop for the best lenders to get competitive rates.