It’s a new year with plenty of opportunities on the horizon. Sometimes this involves introducing different things into our lives and for some people that might be a new vehicle. New doesn’t necessarily mean fresh off the production line. There are plenty of used cars on the market that can fit the bill without the massive depreciation costs associated with a brand new car purchase. Many people find the idea of buying a used car a bit daunting, so we’ve put together a 2-part series on buying a used car, focusing on the best time to buy a used car and what to look for when you are shopping for a pre-owned vehicle.
When is the best time to buy a used car?
Think about the type of car you want.
If you are in the market for a pre-owned car, think carefully about the type of vehicle that interests you and try to purchase your vehicle off-season for that particular type. The least expensive time of year to purchase a 4×4 is in the summer, as there is a higher demand for this type of vehicle in winter months. If you’re in the market for a convertible, this type of car is extremely popular in the warmer summer months, so tend to be slightly more affordable in the winter.
Pick a time when car sales are slower.
December and January tend to be fairly quiet months for used car sales, however there is often not much stock available as larger dealers sometimes stockpile cars for January sales. The choice may be limited, but because December is a slow month it can be a prime time to get a deal.
Take advantage of dealership clear outs.
Equally, July and August are associated with dealership clear outs in preparation for new models and new registration vehicles, so if you’re not looking for a car at that time of year there may be a deal to be had.
Cash-in on times of high supply.
In March and September, there tend to be lots more pre-owned cars available because of part exchange offers on new registrations. A good time to take advantage of supply and demand where pricing can be in the consumer’s favour.
