When you’re in the market for a new car, getting the best deal is undoubtedly a top priority. No one wants to pay full price, only to discover it was on sale recently or will be discounted shortly after. The world of car purchasing is a dynamic one, with discounts and incentives often amounting to substantial savings. Therefore, knowing the right time to buy can significantly impact your bank account.
A multitude of factors influence car prices, both across the board and from one dealership or seller to another. These factors range from market conditions, where manufacturers may incentivize dealers to clear unsold stock, to bonuses for salespeople who meet their targets. Changes in consumer behavior and occasional supply shortages can also lead to price fluctuations.
As a general guideline, some of the best and most predictable discounts on new cars tend to surface during the two months leading up to each year’s new registration plate launch. For used cars, the golden periods often fall in the months following. Additionally, year-end deals can be quite appealing, as dealers strive to meet annual targets, sometimes even selling at a loss to secure bonuses. Thus, regularly checking prices for reductions is a savvy move.
However, there are specific circumstances when your desired vehicle may cost even less at other times. Read on for more details, or if you’re eager to embark on your car-buying journey.
The Ideal Time to Purchase a New Car
New Registration Plate Discounts
In the UK automotive industry, March and September hold paramount importance. These months mark the introduction of the latest UK number plates, traditionally associated with a significant surge in new car sales. For instance, all new cars sold since September 2021 feature 71 plates, whereas starting from March, new cars will bear 22 plates.
These two months witness a staggering 40% of all car sales, prompting dealers to reserve their best offers for this period, as the competition is fierce. Typically, these offers commence two months before the plate change, allowing time for orders to be processed in anticipation of receiving a brand-new car during the first week of the plate change.
If you choose to buy during these peak periods, expect enticing extras like free finance deposits, insurance coverage, additional equipment, and generous deposit contributions that lower your finance payments. Moreover, these periods often coincide with model updates, making it an opportune time to explore the latest offerings.
End-of-Quarter Target Discounts
While deals may be less abundant outside the new registration period, dealers still strive to meet quarterly sales targets. As a result, you may find temporary price reductions during the last weeks of March, June, September, and especially in December, marking the year’s end.
Individual Car Discounts
For those flexible in their model preferences, fantastic deals are available year-round. Staying informed about car news and new model launches can be advantageous. By keeping an eye on anticipated new car releases, you can decide whether to invest in the latest model at a higher price or wait for the older version’s price to drop significantly.
It’s common for outgoing models to be offered substantial discounts and incentives as sellers aim to clear stock before the arrival of a new model. This approach is ideal if having the absolute latest model isn’t a priority, as it can lead to substantial savings. If you’re considering parting ways with your old vehicle, whether for an upgrade or simply to clear space, remember that scrap my car offers hassle-free vehicle removal and recycling services. They’ll ensure that your old car finds a responsible and eco-friendly end of life, all while putting some extra cash in your pocket.
Additionally, if a factory produces more cars than it can sell, one-off discounts may emerge. During such times, you might come across discounts of a third or even more for a limited duration as manufacturers seek to reduce excess stock.
The Optimal Time to Buy a Used Car
March and September aren’t only pivotal months for new car sales; they also witness many buyers trading in their vehicles, leading to an influx of used cars. Toward the end of these months, a vast selection of used cars becomes available, intensifying competition among sellers and often resulting in reduced prices.
For less particular buyers, waiting until April or October can be advantageous, as some less in-demand cars may remain unsold. In such cases, sellers are motivated to move these vehicles quickly, potentially leading to further price reductions.
With these insights into the ideal times for car purchases, you can make more informed decisions and secure the best deals for your next vehicle.