Buying a car is usually the highest-value purchase after a mortgage, so it is imperative to haggle for the best possible price. Somewhat you know the best time to buy a car is the last quarter as retailers drop prices to attract customers to clear their stock as much as possible before the beginning of a new year when new cars become a year older, a big reason to put off many people to show interest in buying them.
However, chances are you cannot wait that long. Do not worry; you can get your dream car at other times at discounted prices. Before you fathom the right time to buy your car to make the most of your purchase, you must discover the worst time. This is the period from January until April.
Salespeople will not be fighting so hard to achieve their sales target in these months, so you will be unlikely to succeed in getting a good bargain. Weekends are no better times, either. However, holiday weekends make an exception.
What is the best time to buy a new car?
If you are looking to buy a car at a lower price, you should choose one of the following time periods to make a purchase:
· Yearend sales
A yearend sale is the best time to see “stormy” savings in your budget. The prices start to fall from the month of October, and a sharp decline is seen during the Christmas season. Salespeople are highly motivated and pressured to achieve their targets. One of the reasons is that they have to clear the stock of previous models occupying the space.
As the New Year starts, even the latest models will be considered older by a year. Since a car is a depreciating asset, its value keeps declining over time. New models are flushed into the market, and then people will be keener on buying them.
Of course, it makes sense to clear older stock as soon as possible, as the older it is, the lower demand it will have. When you buy a new car during Christmas, you are likely to get a discount of up to 6%.
· End of the month
The first quarter of the year might not be the optimal time to buy a car as hardly any retailer will offer you cars at discounted rates. Fortunately, things began to improve after the first quarter. Salespeople are given higher targets, and they might be ready to offer discounted rates. Do not stop to haggle for the best prices, even if you are offered a discounted price.
Chances are a salesperson can clinch a deal at a price you asked for. However, there is no guarantee that you will get a car at the best price at the end of every month. Sometimes, targets are met in the middle of the month, so they cannot be bothered about your purchase.
Bear in mind that salespeople cannot always offer discounted rates just because they have to achieve targets. This is what is not in their hand to decide. It means you will have to do some research to gauge the present scenario of the market.
· End of the model year sales
If you are struggling to get a car at a discounted price at the end of the month, you can look to buy a car when end-of-model-year sales begin. New cars often start arriving in October, so from September through December, you can think of buying an older model at a lower sticker price.
As new cars flood in, people are usually keen on buying new models. In order to clear the stock of older models as soon as possible, salespeople will likely be offering those cars at lower prices. You can take advantage of this opportunity if you are not concerned about the model year.
What is the best month to buy a car?
From January to April, you will likely get the least discount offers on any car model. This is the worst time period if you are looking to buy a car on a budget. From May until September, you will get cars at better discount rates.
This is the best time if you cannot wait until the last quarter. Be careful if you need guaranteed instalment loans as you might not see a major impact of the deal on your budget because of interest payments. You should rather wait until the last quarter. You can get a car at the best possible price.
Which day of the week is best to buy a car?
Monday is the best time, not that you will be offered discounts for week-beginning sales. This is the first day of the week, so showrooms will be less crowded. Salespeople will be able to pay more attention to your needs.
They will have more clarity about your needs and preferences and will be able to introduce you to a suitable model based on that.
Other considerations to get the best car deal
Even though you are buying a car at the end of the year at the most discounted rates, it does not mean that it fits in your budget. Do not forget that you will have to take out car loans for bad credit online, which means you need to pay interest on top of the car’s value.
These interest rates could be higher or lower, depending on various circumstances. Follow the following tips to get the best car deal:
· Compare the deals between car dealers, lenders and credit unions.
· Try to get a pre-approved loan so you can get an idea of how much it would cost you.
· Improve your credit score. A good credit score is a must to get a good deal.
· Try to pay a higher deposit. This helps you get lower interest rates even if your credit score is bad.
The bottom line
There are times when you can get a car at a discounted price. The best time to buy a car at a lower price is undoubtedly a yearend sale, but you can also get it at a good bargain in the middle of the year. Try to avoid buying a car at the beginning of the year.
In addition, do not forget you will have to make efforts to get a car loan at a low-interest rate as well. Keep your credit score in good condition and compare deals. The best time to buy a car is when you need it, and you manage to make the most of your purchase.