Whether your family car has run its course or you want to give your child a gift for passing their test, buying a new car takes some planning. Don’t rush into the first deal you find. Sometimes a little research and strategic timing can save you money.
There are certain times and situations you can get a car for cheaper than you usually would. Be prepared to negotiate, as you might be able to knock a big chunk of cash off that expensive new car.
When Sales Are On
Obviously, a good time to buy is when dealerships have their best offers on. A good time to shop around is at times everyone else is shopping. Christmas, January, and Bank Holiday sales are common for all sellers, including car dealerships.
Realistically, you could find a sale at any time of the year. There are resources online to help you find the best deals. For example, Nissan retail shows some of the deals on offer all year round. Look around and see what you can find.
Many factors determine when dealerships hold sales. Sometimes prices will get reduced when newer models are coming. February and August often have sales, as new number plates arrive in March and September.
When Dealers Need To Hit Targets
Before buying a car, consider how car salesmen get paid. Salespeople often work off commission, so they’ll do whatever they can to sell you a car.
Sales targets are also a huge deal in the culture of car sales. Dealers have set targets they need to meet. This means that if you visit on a Friday, you might be able to negotiate a better deal. After all, salespeople will want to hit their weekly target.
An even better time is when dealers need to reach quarterly sales targets. This means buying at the end of March, June, September or December. Purchasing when sales targets are looming will give you better leverage in negotiations. Dealers will be much more willing to bend to reach their target.
When Demand Is Low
Demand for different types of vehicles often fluctuates throughout the year. When demand is low, you’re likely to get a much better deal.
For instance, convertibles are hugely popular in the summer. But you shouldn’t buy them when everybody else does. Holding off buying until winter comes around can result in a much better deal, if you’re willing to wait. Similarly, SUVs are often bought during the autumn and winter. Therefore, it might be better to wait until summer to find a good deal.
Consider Financing Options
In addition to the timing of your purchase, consider different ways of paying for your new car. Dealerships know that buying a car is a significant investment, so flexible options are often available.
Most dealerships will let you trade in your new car. The value of it will go towards paying for your new car, giving you a better deal.
You can also pay off your car monthly. You may prefer to lease a car rather than own it. When the lease is over, you give the car back and simply start renting a new one. This way, you don’t have to worry about your car’s value depreciating.