The time of the year can affect the price of many purchases from clothes to electronics – and this includes cars. Whilst you won’t get the usual Black Friday deals that you will with other commodities, there are still periods for seasonal discounts that could save you a lot of money. Here are just a few tips for timing the purchase of your vehicle right.
Buying a new car
You’re always going to pay a premium for a new car compared to an old car, but that doesn’t mean that you can’t still try to knock a few quid off.
March and September are when the new number plates come in and so can be pricier times to buy cars due to the added newness. If you choose to buy a month before the new licenses come in (e.g. February and August), you may find some great deals on new cars. That said, these older plate cars will depreciate faster, which could affect the value that you eventually sell this car for.
It’s worth also considering the type of vehicle you’re buying. Four-wheel-drives tend to be pricier in autumn and winter due to the worse weather and higher demand. Convertibles meanwhile are more expensive in summer. Buy out of these seasons and you could find some good deals.
Buying a used car
Some of the same rules that apply to new cars also apply to used cars. You should avoid autumn and winter when looking for 4x4s and avoid summer when looking for a convertible. You may also find similar deals in February and August.
That said, the real time for deals on used vehicles is December and January. With everyone focused on Christmas, demand for expensive purchases like cars is at an all time low. Dealers are more likely to offer competitive discounts around this time in order reel in buyers. This isn’t so much of a case with new cars, which seem to remain steadier in price throughout this period.
Is there a good time to insure?
Statistics show that December through to January – whilst it may be a cheap time to buy a used vehicle – may be the most expensive time to insure. This rise in costs seems to simmer down by February, so if you’re looking for a deal you should insure your car now. The rest of the year isn’t as affected when it comes to insurance prices – just try to avoid December/January if you can.
The best time to sell your car
As for making the most profit when selling your car, take what you know about buying cars and reverse it. If you want to make a good sale on a convertible, sell in summer when most people are looking for one. If you’re selling a 4×4 and want to sell in high, aim for autumn/winter. You want to sell when there’s the biggest demand so that you’re not having to compete with lots of other sellers over a handful of buyers.