When’s the best time to buy a used car?
It goes without saying that the time when you buy a used car affects its price. Generally speaking, the best time to purchase is at the end of the month, when dealers are keen to meet their sales targets.
Also, shopping during the winter months or right after the release of the new model of the used car you’re looking at, can offer better deals as inventory changes and prices drop. Keep an eye on seasonal promotions and market trends for optimal savings.
Read on to learn more about how timing impacts the price of second-hand cars.
- Understanding the best times to buy a used car
- Comprehending how dealers think
- The best times to buy different car types
- Understanding market fluctuations
- FAQs
Understanding the best times to buy a used car
The impact of new number plate releases
New number plates, typically released in March and September, influence the used car market. Older models become less attractive, leading to a drop in their value.
Dealers may offer better deals on pre-plate change vehicles to clear space for newer stock. Buyers looking for savings can benefit from this period by securing lower prices on models with older plates as demand shifts to the latest ones.
Seasonal trends and their effect on used car prices
Seasonal trends play a crucial role in used car pricing.
🌨️ Winter often sees lower prices as demand decreases and dealerships face slower sales.
☀️ Spring and summer see a higher demand for cars during these warmer months.
Also, specific trends like end-of-year clearances or festive promotions can impact prices. Consider these seasonal trends when buying a used car for the best deals and savings.
End of financial quarters
Dealerships are often eager to meet sales targets and clear out inventory at the end of financial quarters in:
🌧️ March
☀️ June
🍃 September
🌨️ December
This urgency can lead to significant discounts and better negotiating opportunities for buyers. Dealers may offer promotions or be more flexible on price to boost their quarterly numbers, making it a prime time to secure a good deal on a used car.
Holiday periods
Holiday periods like Christmas and Easter can be an excellent time to find deals on used cars. Dealerships may offer special promotions or discounts to attract shoppers during these slow periods.
Also, many buyers are focused on holiday festivities rather than car shopping, leading to less competition and potentially better prices. Keeping an eye on holiday sales events can uncover hidden bargains and advantageous deals.
Comprehending how dealers think
How bank holidays influence dealer inventory and pricing
Major public holidays can significantly impact dealer inventory and pricing. On these days, dealers often hold special promotions and discounts to attract buyers, aiming to boost sales during quieter periods.
Plus, with fewer customers visiting dealerships, inventory may build up, leading to potential price reductions as dealers seek to clear stock. This creates an opportunity for buyers to find bargains and negotiate better deals.
The quieter periods in the used car market
Quieter periods in the used car market, such as during major public holidays or winter months, offer distinct advantages for buyers. With fewer people shopping, dealers may be more willing to negotiate on price and offer better deals to move inventory.
This reduced competition can lead to lower prices and more favourable terms, allowing buyers to secure a good deal on their next vehicle.
The best times to buy different car types
When to buy a convertible or family car
Convertible cars are usually more popular in spring and summer when the weather is perfect for driving with the top down. The best time to buy a convertible is towards the end of summer or early autumn when demand decreases, and prices may be lower.
On the other hand, demand for family cars peaks during the back-to-school season and the winter holidays. Therefore, the best time to purchase a family car is during quieter periods, like late winter or early spring, when the deals are more favourable.
How the seasons impact specific car models
The different seasons significantly affect the pricing of specific models. Depending on seasonal demands, buyers can benefit from lower prices, get better deals, and know when not to look to buy particular used cars. For instance:
🚙 Four-wheel-drive vehicles and SUVs may see higher prices during winter due to increased demand for their capabilities in adverse weather.
🛻 Sports cars and convertibles, as mentioned, typically experience a rise in demand during warmer months, leading to higher prices.
Understanding market fluctuations
Are new model launches a window of opportunity for used car buyers?
New model launches often present a prime opportunity for used car buyers. When manufacturers release new models, older versions typically depreciate in value as buyers focus on the latest offerings.
This can lead to significant discounts on used cars as dealerships strive to clear out older inventory. Savvy buyers can take advantage of these shifts to find better deals on high-quality, pre-owned vehicles.
How economic trends influence the used car market
Economic trends, such as inflation and interest rate changes, significantly affect the used car market. Higher interest rates can increase financing costs, reducing demand for new and used cars.
Additionally, inflation can drive up the prices of vehicles, including used ones. These economic factors create a challenging environment but also potential opportunities for buyers to find deals as sellers adjust their pricing strategies in response to economic pressures.
FAQs
What’s the cheapest month to buy a car?
December is typically the cheapest month to buy a car. Dealers aim to meet end-of-year sales targets and clear out inventory before the new year, often resulting in significant discounts and promotions for buyers.
Are used car prices falling in the UK?
Yes. Used car prices in the UK generally fall due to increased inventory and a reduction in high demand. Factors such as economic uncertainty and changes in supply chain dynamics contribute to this trend, offering buyers potential savings.
Thinking of buying a used car?
Got your eye on a second-hand car but not sure you know all you need to know about buying it? Worry no more! Our guides on purchasing used vehicles will help you avoid getting stung when it comes to handing your money over.