The increase in the purchase of used cars is one of the best news since the pandemic. Sales of used cars have increased by 20% according to iseecar.com and most times increases up to 30% during the special seasons. The global economic recession made it difficult to forecast how the car market would move. However, there are generally 6 best times to buy a used car. Keep reading to find out when these times are.
Best Times To Buy A Used Car
Towards the end of the month, quarter, and year.
Towards the end of the month[/caption]Car sales representatives work on targets aimed towards the end of these periods. They are more likely to close deals and make sure targets are met, as compensation is often tied to meeting a goal. Salespeople are likely to work harder to make the sale. And this may help you get a larger discount on the car or a better deal on your car loan.
Following the last day of the month, quarter, or year, there will likely be more used cars on dealership lots from trade-ins and lease returns. You want to try to hit the sweet spot between the big rush on new vehicles and the time dealers send their excess stock to the auction.
Best times to buy a used car: Sales Trend
Sales Trend[/caption]When car sales are falling, dealers are keen to move excess stock and you will get more for your money. Certified pre-owned vehicles (or CPO cars) are frequently available with manufacturer-supported financing incentives. They provide buyers with interest rates that are well below the average in the marketplace. You will often see heavily advertised sales at used car dealerships.
Take those sales with a grain of salt, as the entertainment value from the inflatable dancing figures on the lots is often the most tangible benefit of the sales. Before you buy any used car, you'll want to have a good idea of what the car is worth and what you should be paying. Just because the sign says it is a deal, it doesn’t mean that it is a bargain.
Most people have a special relationship with the weather and that affects used car deals too. People assume that the spring and summer seasons are the best time for automotive dealerships. People are getting out of school, they’re going on vacation, and they’re spending a lot of their spare time on the roads. Meanwhile, winter is likely your best chance of getting a bargain.
Nobody wants to be slogging across dealer lots or driving across town to test drive a private party used car in the dead of winter, so demand (and prices) tend to be lower in the winter months. Many vehicle sellers offer better deals over the winter for two main reasons. Because spring and summer are busier months in terms of overall vehicle sales, private sellers and dealers are well-advised to offer cost-savings in the off-season to help keep their inventory moving.
Also, getting close to the end of the year means that new models are being released.
When a new model of a car is out
Whenever there is a new model or re-design of cars there is usually a spike in sales. Buying a used version of a recently redesigned model can save you serious money. Since many buyers seek the latest and greatest technology, car prices for outgoing models naturally take a dip when new models arrive. The greatest supply of used cars will reflect the sales peaks of new models.
As buyers will trade in their old cars and dealers will need to move them on. The best time to buy a used car, however, could work out differently. A new registration period can cause a car to appear “older” overnight, lowering its value in the process, so you might just find bargains in January and July.
Buy used cars during holidays
Some holidays provide an opportunity to buy used cars at a lower price. Especially days after a huge weekend sale, buyers will likely find car lots stuffed with vehicles awaiting refurbishment or shipping to auto auctions. Most dealers would prefer to sell those used cars to you. Rather than at the deeply discounted price they're likely to get at an auction.
The best holiday to buy a used car from is Black Friday (which is the day after Thanksgiving). Prices are most likely 31% better than normal Christmas Eve and veteran’s day, which are all part of holiday marketing. Holiday weekends are popular times of the year to buy new cars, generous incentives, and big sales on car lots. There are loads of vehicles coming back to the dealers as trade-ins or lease returns
When financially comfortable
Finally. It means taking the time to know your credit score and get a pre-approved financing deal in place before you start shopping. Make a research about the used car you are interested in, then start saving towards it. The best route to saving money is to be fully prepared before your car-buying odyssey begins. When you are fully prepared, you can wait until the perfect time to get a great deal on just the used car that you want.
Make sure you’ve got your finances in order, including the additional costs of tax, insurance, and other necessities. Set a budget and stick to it. You can check out these five key steps to help save for a car to get you on your way.
Common mistakes people make when buying a car
Not knowing the vehicle
Making a car choice without knowing enough about the car hits differently. Because we are in a time when we can access any information at the go on the internet. A quick google search can literally generate thousands of pages worth of information. Secondly, modern cars are very user-friendly, Manufacturers are smart enough to know how to tell you your vehicle needs fixing. Even if you can't figure out what's wrong.
Some will send you a little message in plain English (or the language of your choice) right on the dashboard. Telling you something is wrong, while others will give you a simple check-engine light. Either way, a quick online search about your potential vehicle, coupled with any problems or error messages you see will give you a wealth of information about it.
Once you have settled on your car choice, research your car thoroughly. Contact a good service manager at a reputable dealer who will be more than happy to discuss the vehicle with you. And, may even give you some pointers on what to look for. A wide-eyed approach can also leave you more susceptible to a salesperson's tactics to get you to pay more than you should.
To determine which vehicle is best for you, you should set emotion aside. Focus on doing your homework, comparing different models, and assessing your real wants and needs. However, it can be a bit demanding to work all these out. So, we took our time to prepare a checklist that tells you what to know about before buying a used car. Want to buy a used car ASAP? You need to read that article!
Unnecessary payment extras when buying a used car
Car dealerships love to pile on unnecessary extras that they use to run up the amount of money you pay for a car. This fact hasn’t stopped many car dealerships from trying to sell their customers on rustproofing as an “option”. People get worried about protecting their new expensive purchase and are often tricked into paying. They can include rustproofing, fabric protection, paint protectant, and VIN etching.
In which the vehicle identification number is etched onto the windows to deter thieves. Don't accept those unnecessary services and fees. If you see those items on the bill of sale and you haven't agreed to them, simply cross them out and refuse to pay for them. Vehicle bodies are already coated to protect against rust. And recent CR reliability surveys show that rust is not a major problem with modern cars.
You can treat upholstery and apply paint protectant yourself with good off-the-shelf products that cost only a few dollars. If you decide you want VIN etching, you can buy a kit to do it yourself for less than $25, instead of the $200 that some dealerships charge.
Buy car based on looks
The majority of those that buy used cars tend to fall under this category, Becoming infatuated with a particular model will blind you to alternate automobiles that could be ideal for your requirements or make you skimp on studying the scores, feedback, durability, or facts regarding the protection and costing of a vehicle in detail. A broad-eyed attitude can often make you more vulnerable to the tricks of a salesperson to get you to spend more than you would.
Avoidance of test running
When you don't test the asset you're purchasing, you run the risk of experiencing buyer's remorse. In the case of used cars, it's imperative to test drive a few before making a purchase decision. This protects against buyer's remorse and also ensures that the car is running properly.
A lot of vehicles look good on paper--especially in glossy brochure photos--but the test drive is your best chance to see how a vehicle measures up to expectations and how well it "fits" you and your family. You don't want any surprises after you've bought it. That's why it's surprising that many people give vehicles only a token test. Don’t do it! Get in the car and drive it.
It will tell you a lot about whether or not it’s the car for you.
Getting the best deal instead of the best car
This can save you money, but it's important to remember that any deal is only as good as the car that's attached to it. Just because you can get a good discount doesn't mean you should buy the vehicle. Despite an attractive discount, a vehicle with subpar reliability--and the possibility of hefty depreciation--might not be much of a bargain in the long run.
A related tip: Don't let a special incentive keep you from negotiating. Rebates and special financing are subsidized by the automaker, not the dealership. You should still negotiate the vehicle's price as if there were no incentives.
Having the car not checked by a mechanic
Condition is everything! Even the most reliable vehicle can turn into a lemon if it's poorly maintained. Before you buy a used vehicle, have it scrutinized by a repair shop that routinely does diagnostic work. A thorough diagnosis should cost around $100, but confirm the price in advance. A good mechanic should be able to tell if the car has been in a major accident or has a hidden but costly problem.
Buying a used car rather than a new one is a fantastic way to save money. Also, there are 6 traditional best times to buy used cars, and they include;
- Towards the end of the month
- During sales trends
- You can get a bargain in winter
- When new models are available
- During the holidays
- When you are financially comfortable