Purchasing a used car can be a daunting task: ‘when, where, what, how, and why?’ are all questions that emerge. Don’t worry though – this short guide will explain what factors to consider when buying used cars. Let’s first explore how seasonal trends may affect the value of a vehicle.
How does time of year affect car resale value?
Put simply, it depends. Public holidays or vacation seasons do seem to be the obvious choice but never assume that these are necessarily ideal occasions to buy a used car. Festivals such as Diwali where families tend to unite are ones to avoid, as typically dealerships will be understaffed, lacking the necessary resources to handle customer footfall. However, other times like Holi may actually be favorable, as staff also need to achieve their targets.
This also holds true for a holiday or extended weekends, as typically other consumers sell their cars in exchange for newer or upgraded spec/sized models, hence supplying an influx of used cars for other potential buyers to select from. Always remember that the value offered for any car sold may be lower than expected or desired.
Be it lease returns or auto auction refurb preparation – dealers will incentivize buyers with offers to liquidate and clear their excess stock to create space for more. Oh, and don’t forget month, quarter, and annual end when financial closing occurs, as this is a perfect time to stretch your money for that best second-hand car. It’s a matter of having ample supply yet low demand – this is what you should always endeavor to find. Who knows – you may even receive a complimentary extra or extended warranty? This is always welcome and checking out the current trends helps to accommodate such requests too.
Sales and promos are always worth checking out, although being financially sound can help to find lower repayment rates when applying for finance with a better credit score. CARS24 always has something running, so do visit this link to find out more about Best October Car Offers 2021 – Deals & Discounts
Interest on loans may be lower during periods such as car shows – be vigilant for them, as these encourage other potential buyers to try out newer models, upgrading from their existing car. This creates opportunities that are perfect to capitalize on. Even off-season months can yield a good buy. Late autumn or winter months tend to be better, as fewer buyers wish to be mobile and there could be less demand for used cars.
Essentially, Nov, Dec, and Jan tend to be good months to buy second-hand cars. Brighter days empower you with further visibility to inspect and negotiate discounts, rather than discovering dreaded (concealed) cosmetic damage later. There tend to be more private party sellers on such occasions as well, preparing their inventory well. Certified Pre-Owned Cars (CPOs) are a good start, as their history is also available, especially when new models launch, creating a market for earlier ones.
If you already own a car and looking at buying a used car, it makes sense to start searching prior to your present car giving up on you. This also ensures that you are better equipped to make informed decisions, rather than a rash one in desperation when stranded somewhere, for instance.
Although the aforementioned all holds true, here at CARS24, we always ensure that you get the best price when buying a used car. By a transparent online auction, we offer competitive pricing, meaning that you will receive the value for money – every time: and that is GUARANTEED! Be rest assured.
Conclusion
So, whether you intend to buy a used car on either side of the year, always be mindful of the best periods or at the very least, time of the month to invest. Doing so can end up saving you a considerable amount of money in the long run!
