As you may already know, there is something called the ‘law of supply and demand’ that will often dictate and influence the price of many things – and this includes cars. The price of vehicles can be steady, especially when there is a particular demand for them, but when the demand decreases, then prices will most likely decrease as well. Here’s one thing you should know from the start: cars that are in high demand will not usually come with a discount, but car dealers may be willing to negotiate the prices of other models that are less popular. So what else should you know when purchasing a vehicle, and when is the absolute best time to purchase a new one? Let’s find out.
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Figure out when a vehicle model is due to be updated or replaced
One thing you can do is figure out when a vehicle model is due to be updated or replaced. If you are already checking out various models, try to find out the current model generation and when it was launched or introduced, or if an update is in the works. Vehicle manufacturers usually completely replace a vehicle model once every six to seven years, and they may also have a facelift about halfway through the six or seven-year period.
Keep an eye on ‘run-out’ discounts and specials
You should also keep an eye on ‘run-out’ discounts and specials, which are new levels of trim introduced near the end of the vehicle’s sale period that help increase sales at the end of production. They may come with a standard kit, for instance, or have loads of features that are offered as extras that are included for free.
Know the ideal times of the month
Just like other companies that sell high-end or high-value goods and products, car dealerships will work with a sales target. These targets may run per month or quarter, so if you shop for your vehicle near the month’s end – particularly if it’s near the end of months like March, June and September as well as December, you may have more flexible managers and salespeople who are willing to give discounts. The time between the months of October and the Christmas month of December are also good because dealers often have a slump in sales in this period when more people are focused on spending for the Christmas season. You may very well be able to take advantage of the best new car deals from dealers at this time, especially if you buy the vehicle outright with cash.
Learn about the best holidays to buy
Here’s another time when it’s best to buy a vehicle: Black Friday as well as bank holidays. Car dealerships can also have sales every once in a while, and bank holidays are a standard time for different sale offers and events. December’s Boxing Day is also a good time for sales, not to mention the infamous Black Friday that came from the US but is now done by many UK retail and motor companies. Black Friday is the day following the Thanksgiving holiday in the US, which is on the last Thursday in the month of November.