Car Finance Advice – When is the best time to buy a car?
Fluctuating prices throughout the year can make deciding on the best time to purchase a car, whether using car finance or not, increasingly difficult. Some of us will find that the price of the car we wish to purchase is above our budget – thus, it is important to mark our calendar on certain days and take advantage of the existing promotional offers, potentially saving yourself thousands of pounds.
Continue reading to understand the best times, dates and circumstances in which to purchase a car in the UK.
The best time to buy a car
Early in the week
Mondays, Tuesdays and Wednesdays are optimal times to shop for a car as there is less customer traffic at the beginning of the week, which means you will have more time to discuss any queries and there is a higher chance of negotiating a better deal with the salesperson.
Avoid visiting your local dealer on the weekends as it is a busier period, resulting in less time to converse with the salesperson and may lead to difficulty in agreeing on a deal.
Late in the year
October, November and December are generally the best months to buy a car. At a car dealership a salesperson will have monthly, quarterly and yearly targets that they need to achieve – keep this in mind as they might be willing to offer you a better deal in order to reach their goal.
Make yourself aware that sales deadlines are not always at the end of the calendar month and can be a few days earlier. Therefore, visiting a dealership on the last day of the month may not always guarantee that a better deal will be offered. Purchasing a car between the 20th – 25th of the month will lessen the chance of disappointment.
It is important to consider that the salesperson may have already met that month’s target, meaning they will not be under the same pressure to offer you a discount regardless of the period when you decide to visit the dealership.
Every March and September, new number plates are introduced onto the market. Timing your purchase so that it doesn’t fall within these months is a wise choice to make, as you can potentially save some money. Although you won’t get a new number plate on your car, it will cost significantly less than a new car with a new number plate.
Some car types can be cheaper or more expensive to purchase, depending on the season. For example, convertibles are more in demand during the summer, so they will be more expensive when the weather is hot. To find the best deal on this particular car, it is better to shop around during winter time.
Similarly, the demand for a 4×4 cars during autumn and winter is high, as this type of vehicle is more suitable for wet and slippery weather conditions. The same concept applies, better offers could potentially be found during the off peak summer period for this specific car.
Shopping for car models which were introduced this year will be cheaper when next year’s models arrive. As dealerships have limited space, they need to make room for when the newer models are out – in which case, the dealership will need to sell the older stock, usually at a discounted price. Manufacturers tend to release new models during the summer, so make sure you visit to your local dealerships at this time. Don’t try your luck by waiting until winter to make your move!
Specific calendar days may offer a more substantial discount on a car. Listed below are some of the prime days in the year to consider when you are looking to buy a new car.
Car dealerships also offer Black Friday sales, so shopping for a car on this day may help you find a great bargain. Black Friday is one of the busiest retail days of the year, so don’t be alarmed by the competition as everyone will be on their toes to bargain with the dealer.
New Year’s Eve
New Year’s Eve can be one of the best days to purchase a car, as salespeople usually want to achieve their yearly quotas in order for them to receive a hefty bonus. New Year’s Eve is their last chance to push car sales for it to count for that year’s sales period, so they may be more inclined to offer you a favourable deal.
While there are certain dates in which you are more likely to find a better deal, remember that there are discounts to be found all year round. Moreover, all types of people can now get behind the wheel by taking out finance on a vehicle, new or old, including those looking for bad credit car finance, or those who have CCJ’s, arrears or no credit rating at all.