When is the best time to buy a car?
When is the best time to buy a car?
By Ricardo Lazo for Automart.PH
Shop around for manufacturers' incentives
Consider that the best time to purchase a car is when there are rebates, incentives, promos, or financing deals from the dealerships. In addition to keeping an eye out for dealer specials, you should be aware that the automakers themselves frequently provide a combination of one-time and ongoing incentives that may be relevant to you. These incentives available could mean a better time to buy:
- Rebates or cash back
Consumers get new-car rebates from the manufacturer through the dealership via purchase allowance. They are short-term promos that are based around the holiday period but not the same across manufacturers or locations and tend to have eligibility requirements.
2. Low to no-interest financing
Some dealers provide loans at a low or zero % introductory rate for a specific period-usually between 60 and 72 months, which can save you thousands on interest alone. Manufacturers require that eligible buyers should have a strong credit rating and borrow money from their financing company to qualify for the promo.
Best time to buy a car
A great time to buy a car is toward the end of the year when most people will start to close their books. It’s almost guaranteed that you will find some sort of discount on the dealership's car selection. Late December is the ideal time to purchase an automobile because this is when monthly, quarterly, and annual sales targets all coincide. It might make sense to sell such cars at breakeven or better if that is what it appears like a dealership needs to do in order to unlock many tiers of incentives from the automaker.
Luckily, there are some other ways to shop wisely throughout the year. Buying at the end of the month is almost always a good idea, as dealers work double time to meet their monthly sales quotas. In some cases, sales agents have financial bonuses assigned to their monthly sales quota. Purchasing a car during this period like at the end of March, June, September, or December often leads to better deals than buying at the end of the month, as dealerships are trying even harder to hit their sales goals.
In the Philippines, the best time is December or towards the end of the year because most consumers have available funds generated from their 13th month of pay and Christmas bonuses.
The best holiday to buy a car
The final months of the calendar year are usually the reasonable time to buy a car, that is between October and December. These are the months when dealerships start to get new model year vehicles and they need to clear out the existing models, so they are more incentivized to discount the outgoing models.
Holidays are normally busy times due to the well-advertised deals available. Shop around to narrow down the choices before you set foot on the dealer’s lot. Experts believed that the best holiday to purchase a car is New Year’s Eve because the timing is perfect on the last day of the year, the end of the month, the end of the quarter, and a holiday when you may find attractive promos on top of being the best possible time to buy, and also, holiday incentives normally extend through the first couple of days of January.
The best time to buy a used car
The best time to purchase a used car, much like a new one, is between October and December. These months also coincide with the dealerships' busiest time for new car sales, so there are more used or trade-in cars for sale at better pricing. It has also been observed by industry experts that the end of the financial year in April is also a good time to go for a used car dealer, as businesses are keen to make as much out of each year as they can.
Not rushing to purchase and spend the money on your pre-loved car can help you get an even better deal. Shopping in December is to find the possible lowest prices. Towards the last quarter of the year, you can get good prices on used cars and also get a great selection due to the influx of trade-ins that dealerships often see at the end of the year from drivers or owners buying new cars and trading in their old ones. Buying a used car can also be fine at the start of the year.
Dealerships strive to start the year with a boom in used car sales while trying to conclude the year with a boom in new car sales. This is primarily due to the enormous influx of used vehicles that occurs in January and February as consumers trade in their old vehicles. Holiday deals and new car incentives usually don’t apply to use models.
In any case, there are lots of chances all year long to obtain a fantastic price on a car. The optimum time to get a new car is ultimately when you need one and only after you have finished your research. Here at Automart.PH, you get your money’s worth, especially for repossessed and used cars as they come at reasonable yet affordable prices.