Getting a new car is a really exciting time! If you’re currently searching for a new or used car, have you considered if now really is the right time to get your next vehicle? The time of year that you decide to buy a car can have a big impact on getting the best deal possible. if you don’t need to get a car right now it may be worth waiting and seeing how you could make the most of your next car. There may be different path to take if you’re looking for a new or used car too. Read our guide below to find out more.
Should you buy a car now?
If you need a car quickly, you may not have time to wait for the best deals but if you are planning on buying a car in the next few months, there may be some more options available to you. Your budget also may restrict the type of car you’re looking for. If you have the time to wait till you get another car, you can also spend this time saving for a car finance deposit or having more cash to put down for your next vehicle. If you’re not sure how much you can afford to spend on a car, you can use a car finance calculator to check how much you could borrow so you can find a car within your budget.
Best time to buy a used car
If you’re in the market for a used car, there could be benefits to the time of year that you are looking to buy a car and its worth considering the current used car market.
New registrations
New cars come out in the UK in March and September every year. You could bag yourself a great deal on a used car by buying around this time. Many people who buy a new car, will also have a used car to trade in, which could benefit you! Car dealers may want to shift the stock they have acquired whilst selling new models and you could help dealers meet their targets whilst finding your perfect used car!
Buy at the end of the month
Each month and each quarter, car dealers will have targets to meet. If dealers haven’t yet met their targets for the month or quarter, you could get a bargain by buying a used car at the time. Research also suggest thar buying a car on a Friday can help you get a good deal before weekly targets are met.
Availability
Depending on the used car market, it can be worth waiting to get the best deal. In 2022, used car prices are at an all-time high but with more people returning to the office instead of working from home, the demand is also high. This means there may be less availability and also high costs associated with getting a used car now. There have also been long delays with car manufacturing so it may suggest that there won’t be as many used cars on the market. Research suggests that prices of used cars could come down as we go through 2022.
Best time to buy a new car
If you’ve got the budget, it’s no brainer that you may want to get a shiny new car. As mentioned, brand new cars are released at two points in the year, but it can be better to buy at a different time.
Dealer incentives
Dealers save their best offers for when the new registrations hit the market. In these two months of the year, two-fifths of all cars are sold and it’s easy to see why! As the 2030 Diesel Ban approaches, you may also be able to benefit from getting an electric car on finance or hybrid car to contribute to the UK’s NetZero initiative. More manufacturers than ever are releasing electric cars or hybrid car alternatives to help tackle the rate of climate change.
Release of new models or updates to existing cars
If you’re in the market for a new car, you could check out the latest models that are coming out that year. The launch of a new model or a well-loved model that has had a facelift will have high sales expectation and if it doesn’t, you could benefit. If you’re going to get a new car, you might as well get the most out of it and get one with the newest registration. A newer model usually benefits from big improvements such as better fuel economy and more technology included as standard.
