Data revealed by automotive valuation specialists Glass reveals that the best time of year to buy a used car is November.
Car buyers hit the showrooms in September looking for a bargain following the registration plate change, as part exchanges flood the market.
But then business starts to tail off in October, and by November people are concentrating on things other than buying cars.
Head of valuations at Glass, Rupert Pontin, explains:
“This means there is less retail demand, more availability of stock on the forecourt, and so consumers are likely to get a better deal across the board – reductions in the car price, better finance rates, a tank of fuel thrown in and so on.
“The last two weeks in November are a particularly good time for car shoppers. As dealers get towards the end of the month they are striving to meet stock turn and sales targets.”
Surprisingly, as Christmas approaches, people then start to look at treating themselves to a new motor.
This means used car sales continue to spiral upwards throughout January – until credit card bills start to land on doormats and showrooms go quiet again.
Pontin added: “Of course, dealers around the country are always willing to strike a good deal and engage with the customer – but if there is any time to get that little bit of extra saving, the next few weeks is it.”