When Is The Best Time Of Year To Buy A New Car?
Whether you are looking to purchase your first car, upgrade from your old family motor, or simply treat yourself to a new ride, buying a new car is a big occasion and requires you to consider a range of fees and expenses. Furthermore, those costs can vary greatly, depending on when and where you buy your next vehicle. You might also need to consider your credit score, opting for bad credit score car finance if your credit score is low.
With so many choices and expenses to weigh up when buying a new car, deciding what time of year to purchase your motor may be just another one of the tricky tasks involved.
This is why our team here at Car Finance Genie decided to put together this handy guide on the optimal time of the year to purchase a new car.
End of the financial year – the spring
With the end of the UK financial year traditionally being April, this could be an ideal time to go searching for a good car deal. After all, it is at this time that businesses may be likelier to give you a good price so that they can seal the deal, and thus generate as much profit from sales from the financial year as they can.
So, going shopping for a car in the spring could be an opportune time for deals, as dealerships may be presenting some tempting offers to help them either end the financial year on a strong note, or start the new one in style.
Number plate changes – avoid March and September
New number plates are launched every year in March and September in the UK, resulting in many motorists wanting to have the newest number on their registration plate. This leads to large volumes of customers swarming to car dealerships.
We therefore advise that you avoid dealers at the start of these two months and wait until later in the month or a different month entirely. This way, you can avoid the crowds, and benefit from a more personalised customer service experience.
Consider the car dealers
Car dealers tend to receive their greatest bonuses at the end of each quarter. In the months of March, June, September and December, dealers do not have as much pressure to make sales and meet targets, as these months stand as the start of each quarter.
However, dealers may be very eager to sell you a car before their deadlines in the preceding months. This could enable you to receive a better deal as a result of their desire to sell as many cars as they can.
If a dealer can’t find enough buyers for their new cars, and they are likely to miss their targets as a result, they are allowed to register cars in their own name. After this, they will store the cars for three months and be able sell them on to the public at a discounted price after this period.
Vast amounts of pre-registered car models go on sale in the months of June and December, three months after the months of March and September. This is because dealers experience the most pressure to sell during March and September due to the surge in drivers wanting the latest registrations, resulting in an increase in dealers pre-registering.
Christmas cash in
The quietest month of the year for vehicle dealerships is often December, because buyers are more focused on Christmas shopping, with this being a costly time of year. Because of this, car dealers usually offer better deals around the holiday period in an effort to boost their overall sales.
Another option is to wait for the Boxing Day sales, or consider purchasing your car on Black Friday, which occurs in late November. These sales occasions are huge dates on the retail calendar, and so you will always see many car dealerships and showrooms offering exclusive special deals.
Depending on the time of year, certain models of cars can become cheaper or more expensive. Traditional types like family hatchbacks and city automobiles are less susceptible to price changes, but those that flourish in specific seasonal conditions can command a premium at the appropriate time of year.
Convertibles are more appealing in the summer, for instance, thus prices climb proportionally, while 4x4s, on the other hand, establish their worth during the icy winter months. Therefore, if you are looking at purchasing a 4×4, you should consider making your purchase in the summer. Similarly, for convertibles it can often be more cost-effective to buy one during the winter.
Overall, there are many tips and tricks for the best time of the year to purchase a new car. With this guide to hand, you can be confident of finding your dream car for a better price, just by considering the time of year. Apply for a competitive car finance deal through Car Finance Genie, and your ideal new set of wheels could become even more attainable!