For many car owners, their car is their pride and joy. From everyday commutes to work to errands to everything in between, it can be easy for people to get attached to their car. However, when circumstances change, or maintenance becomes too much to bear, it may be time to consider buying a new car. But knowing when to buy a car may not be as straightforward as you think!
So, when is the best time to do this? Is there really a best time of year? And what should you consider before upgrading your car? Let’s take a look.
What Impacts The Prices Of Cars?
Knowing when to buy a car means understanding what affects its price. In most cases, the price tag on a car’s window is only the starting point. There are many more factors to consider when you’re considering the best time.
For example, slower dealership days may increase your chances of getting your car at a better price. Or, if you walk in during a time when new models have just arrived. Though you’re unlikely to get a deal on a brand-new car, you may be able to grab a previous year’s model for a reasonable price as dealerships try to get rid of stock.
In most cases, the peak season for buying and selling vehicles is spring and early summer. Though this may mean a wider selection, it may also mean you’re paying higher prices. Due to this, the Fall may be the best time to look into buying a new vehicle.
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What Time Of The Year Is Best To Buy A Car In Ontario?
Just like car insurance, there really is a best time of the year to purchase your car. Purchasing your car at a certain time can help you keep some money in your pocket.
Whether you’re searching for a brand-new vehicle or going the used route, timing is everything when it comes to upgrading your car. By shopping at the right time, you can save yourself thousands of dollars as well as provide yourself with more options to choose from. You may even unlock better financing terms.
In Canada, knowing when to buy a car is influenced by multiple factors. These factors include new model releases, consumer demand, dealership sales targets, seasonal trends and manufacturer incentives. Knowing the best time to upgrade your vehicle is crucial to getting the best deal you can!
October – December Offers The Best Discounts For Cars
If you’re thinking about when to buy a car in Ontario, you may want to do so between October and December. Generally speaking, these months are widely considered the best time to buy a new car in Canada. This is especially the case for those looking for a bargain. But why is this the case?
1. Sales & Dealership Incentives: By October, unsold models from years prior must go. To help move inventory more quickly, dealerships will run sales, often stacking rebates with other dealership discounts.
2. Holiday Sales: There are a handful of holidays that fall between October and December. Black Friday and Boxing Day are generally two dates when multiple industries will have sales, auto included! You may even be able to find discounts towards upgrading your car on New Year’s Eve. This is because it’s a rare occasion that ends on the end of the month, quarter and year, creating massive incentives for dealers to close sales.
3. Tax Saving For Businesses: For those who are self-employed, upgrading your car before December 31st will allow you to claim depreciation earlier, creating a tax advantage.
Purchasing Your Car In September May Also Lead To Savings
If you’re unable to wait to upgrade your vehicle, September may also be a good option for you. This month ranks among the most overlooked for car shopping. This is because new models begin rolling into showrooms in September. When this happens, dealerships may start discounting previous-year models to create space for new inventory.
By upgrading your vehicle in September, you also allow yourself access to a better selection of trims, colours and features. You may also find that when purchasing in September, you unlock a bit more negotiating power. In most cases, dealers realize that buyers are after newer models of vehicles. This means they may be more willing to make a deal on previous models. If you’re unsure when to buy a car , it is recommended to begin your hunt in September!
Wait Until The End Of The Month To Buy A Car In Ontario
If you’re unable to wait until the Fall or Winter to purchase a new quarter, it is recommended to at least wait until the end of the month. This is especially the case if you are looking for some sort of discount when upgrading your vehicle. But why? Sales quotas drive dealership behaviour, and salespeople and managers often need to meet specific monthly and quarterly targets to earn bonuses.
What Day Of The Week Is Best To Buy A Car?
Figuring out when to buy a car goes beyond buying in the correct month. Believe it or not, finding the right day of the week to buy a car may also help you save money.
As mentioned above, you may want to attempt to go to the dealership on a day that is not too busy. Weekends, for example, may result in a packed dealership. This won’t work in your favour, since salespeople will likely be in demand and unlikely to offer you any discounts.
Looking for the best deal? Try to plan your visit for early in the week. Mondays, Tuesdays and Wednesdays are likely to be the quietest, so sales staff have more time to focus on you and your needs. Suppose you can, try to go at the end of the day or near closing time. Who knows, a salesperson may agree to a lower price simply so they can squeeze in one last sale before wrapping up for the day!
When Is The Right Time To Buy Used Vehicles?
So, you’re looking to get a new car, but a brand-new one off the lot is not in your budget. Knowing when to buy a used car can be just as crucial, but may involve different timing.
When it comes to new cars, you’re going to want to start shopping during the Fall due to incoming new models and the dealerships need to sell older ones. Used cars, on the other hand, will follow a slightly different pattern.
With used cars, the best deals will often appear during January or February. This is because many people trade in their older cars during the fall season, thereby increasing the supply of used vehicles come winter. Similar to new cars, you’re going to want to keep an eye out for holidays such as Black Friday or Boxing Day, as deals for used cars may arise then as well!
Final Considerations Before Buying A Car
Knowing when to buy a car in Ontario can make a massive impact on just how much you pay for your vehicle. However, it is only the first of many when it comes to considerations. Whether a car is new or used, there is much to consider, and everyone’s situation is different. As a result, the best time to buy a car might simply be when you find one you like at a price you can afford. Regardless, if you have any questions about car insurance, don’t hesitate to reach out to us at isure.
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