The best and worst times to buy a car depend on local inventory and demand. However, as a general rule, avoid buying a car in late to mid-year, and try to buy one toward the end of the month or the end of the year.
You have completed the survey and budget calculations. You’re finally ready to spend some money on this fancy new or used car for sale at a nearby property. But before you take out a loan and hit the dealership, checking your calendar is recommended. The price of the car fluctuates depending on the time of purchase. If you can hold out a little longer, the price of your dream Toyota Corolla might drop even lower.
It’s a bad time to buy a car if you don’t have enough income to cover operating costs or if you need a car urgently. When is the best time to buy a car?
Beginning of the year
Automakers often change prices at the beginning of the year for the introduction of new products. In addition, taxes and fees are also exempted during this time, so car prices jump significantly. As market demand increases as a result of increased income from customers with bonuses, market supply also tightens. It may not make sense to buy a car at the beginning of the year.
First day of the month
Usually, the turnover cycle at the dealer is usually 30 days. So during the first week or two of the month, the salesperson is not under the pressure of sales targets, so he often “relaxes’ ‘ and holds prices in order to earn as much commission as possible. To do. This is not a good time for you to buy a car as you are probably overpaying by millions.
On the weekend
Buying a car on the weekend is also a nightmare, according to experienced buyers. Shopping on days when you have plenty of time is convenient, but it’s more inconvenient than you might think.
Nowadays, dealerships are often very crowded, so one seller has to support 2-3 customers at the same time, which greatly complicates negotiations. Here’s what you should do: scours a few retailers over the weekend to determine which model he prefers and returns early in the week to negotiate a price. You are more likely to get a good deal on your car.
Tips for buying a Cheap Car Whether you’re buying a used car or not
If your income is not enough to cover the cost of the car, having at least 20% of the car’s price is recommended. Buy in instalments to help manage monthly financial pressures.
In addition to the purchase cost of the vehicle itself, maintenance costs must also be considered. There are separate fees for your car, such as parking fees, gasoline costs, and regular maintenance. Of course, buying a car for business purposes will cost a little more. You should be aware of when dealers are motivated to clear their inventory.
Typically, this happens at the end of the month (when sales reps receive bonuses for meeting monthly quotas) and at the end of the year. In the new car market, dealers also tend to remove current models just before a new model hits the market.
Wait until the end of the year. Dealers that serve both the used and new car markets are more likely to boost sales in the last month of the year. This is not only because stocks are getting better before the New Year, but sellers also want to take advantage of holiday shoppers.
Browse used car listings. Local car inventories are still recovering from the pandemic’s chip shortages and increased demand, so keep an eye out for used car listings to get a better grasp of inventory and offers. We recommend that you do this online from sites such as Carmart.ng to get the best prices.
Conclusion
Purchasing a car in a hurry is a significant purchase for most Nigerians and should be carefully considered before making a decision. Take your time and gain knowledge about vehicles and prices, then compare cars in the same segment to choose the one that’s best for you. If you buy a car in a hurry, you may regret overpaying for it.
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