“Timing is everything” is one phrase that touches all spheres of the globe. Of course, this includes the world of car purchases. In essence, one should not just hurry and get a car as soon as they attain the capability to do so.
No matter how long you may have waited, exercising a little more patience in car buying process wouldn’t hurt. In fact, it would serve your best interest. Basically, you will get to carefully assess the situation and buy the vehicle at the right time.
So when is the best time to buy a car? That is what we are here to talk about. Follow through our car buying tips, and you will get your answers.
Best Time to Buy
Below are some of the periods/timings you should look out for when you want to purchase a new or used car;
Near the End of the Year
Car dealerships are businesses just like any other. For that reason, they, too, have targets/yearly sales quotas they wish to achieve. The desire to smash these goals often makes them offer clients special year-end car deals.
Experts recommend that you pay dealerships a visit in the last weeks of December. This is because that is the time when these offers come up. However, it is also important to note that some firms offer car deals as early as fall. So watch out for such, as they tend to coincide with Black Friday, which is also a period you get to save a lot in your car purchase.
Different vehicles have different demand rates during various seasons. Let me explain.
Let us say you would like to buy a convertible. Typically, people buy and have convertibles out on the streets during summer. That is when the sun is shining, and they would like to experience the cool breeze as they cruise around the city. These same convertibles would likely not be out on the streets during winter. This is mainly because it is usually cold, and people just want to shelter themselves.
Now summer, in this case, is regarded as an on-season for convertibles. Therefore, it is not advisable to go for such cars during this time. This is because their demand is high, and so are the prices. Instead, you can purchase them during the off-season (winter) when the demand is low and the cars are not really moving/selling.
During such periods, dealers usually have them on offer. As a result, you can get them at a bargain and save money.
When New Models are Released
When new vehicles enter the market or are about to, all the attention is shifted to them. That is understandable, as those next year’s models often have a lot to offer. From new features to improved capabilities and technology, they have it all.
This is something that dealers all around the world, including Canada, know. That is why they tend to offer discounts to the outgoing car models.
For clarity, they are not letting go of the previous models because they are bad. All of these cars come from the same manufacturer, so they, too, pack some incredible set of items. Therefore, do not be discouraged from buying them. When doing so, you will enjoy a plethora of brand new car features at a heavily discounted price. Who wouldn’t want that?
Near the End of the Month
Let me keep you in on a little secret about the automobile industry. Many car manufacturers often give their best-performing dealerships huge bonuses. This performance is based on the number of sales they make. So the more they sell, the bigger the rewards. Also, these bonuses are offered monthly.
That is why some shops may sell their stock at a loss, knowing that the bonuses will take care of lost cash/profit.
For this reason, you should check car-buying sites often to see if there is any last-day sale you can pounce on.
End of the Lifecycle of a Car
As we have just seen, newer car models can be introduced to replace the older ones. There are also instances where a model may be discontinued in totality. This is referred to as the end of a car’s lifecycle.
There are two ways of looking at this. The first way is checking if the cars have been discontinued due to severe issues. Here we are talking about things like reliability concerns or even issues with the quality of the parts, like auto glass. If this is the case, it would be wise to stay away from them.
If this is not the case, the other option comes into play. In essence, you may find that a model’s lifecycle has stopped because the manufacturer wishes to adapt to changing trends.
An excellent example of such is when Ford stopped making a number of sedans in 2018/2019. The reason here was the fact that consumers loved SUVs more. So the manufacturing giant shifted focus to satisfy those needs/demands.
Now, that would have been the perfect time to pick up these sedans as the prices were lower than ever.
During Certain Holidays
Going to the car dealership during the weekend is a wise decision. Even so, a wiser one would be going there during the long weekends that coincide with holidays. Before we continue, here is a disclaimer; this does not apply to all holidays.
Okay, so which are the best holidays to buy a car in Canada? The answer is simple: Thanksgiving Day, Labor Day, and Boxing Day. Why, you ask? Well, Boxing Day, for instance, is celebrated towards the end of the month and the financial quarter. As we have seen, it is during this same period that you are most likely to get the best car deals.
Finally, once you pay for the car and everything is set, choose to pick it up after the long weekend is over. By doing so, you can get a bit of special treatment. This may include a proper walk-through of every feature the car comes with.
Sometimes, the shops may even offer you a discounted car loan or they’ll detail your new car so you can drive off with a sparkling clean machine.
It is a fantastic feeling to drive out of the lot with a new ride, and look forward to getting the best out of it. But what is better is the fact on top of that, you leave there knowing you got the best deal and saved yourself a few coins. Use the above tips, and you will be well knowledgeable on matters related to your next vehicle purchase in Canada!