In many ways, it might seem obvious why the summer is an attractive time of year in which to buy a new car. After all, the skies are bright and sunny, and the daylight hours are more numerous, which makes the summer a pleasanter time to walk around those light and airy showrooms than the greyer and drizzlier months.
But if you want to be a bit strategic about exactly when you choose to upgrade your vehicle, there’s more to think about than just the above. So, let’s take a look at just three reasons why you might elect to make the summer of 2022 the time you switch to a new set of wheels.
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Used car prices are cooling a bit – but they aren’t in freefall
So much has happened in the car market and the wider world over the last few months alone – never mind the years since the onset of the COVID-19 pandemic – so we can understand you feeling a bit overwhelmed by it all. What’s happening to used car prices at the moment – and does the trend suggest this summer could be a good time to buy?
Well, yes, it does. You see, reports have been filtering through of used car values having fallen in March 2022, following the rather scary increases in prices over the course of 2021.
More specifically, according to vehicle valuation experts Cap HPI, for cars at the three-year, 60,000-miles mark, March saw a 2.1% drop in prices – but that’s on the backdrop of a past 12 months that have seen prices go up by nearly 30%. And in the words of the firm’s valuations director Derren Martin, the March drop likely represents a price “realignment” rather than the start of a sharper fall.
What does that mean for you as a would-be buyer? Well, it means that while the used-car price situation might have improved slightly for you over the past month, prices are unlikely to fall much more for a while. That makes the spring or summer of 2022 a potentially great time to buy, as you’re hardly likely to get a much better deal if you hold out until the autumn or winter, or even 2023.
The summer is a time when dealers are often very eager to sell
Of course, it’s important not to generalise too much here; so much depends on the specifics, including exactly when during the summer you intend to make your move, as well as what type of car you would like to buy.
If you know you want your next vehicle a convertible, for instance, the summer could be one of the worst times to look for one at a competitive price. But if it’s a more ‘winter-ready’ vehicle such as a 4×4 that you have in mind, the summer might be an excellent time to upgrade to one, as there isn’t quite so much interest in such vehicles from buyers during the hotter and drier months.
As for the timing of your purchase in the summer, dealers often have quarterly targets to reach for car sales – so turning up towards the end of the second quarter, which would be June, could be a good move if you are determined to haggle.
Indeed, with dealers also often having end-of-the-month goals, trying to buy a car towards the end of May, July or August may turn out to be similarly effective for you. That might be especially so as September also sees new number plate formats introduced, so the dealer may be looking to clear their forecourt in late August in anticipation of a fresh flood of part-exchanged vehicle stock.
We’re regaining our freedoms – so why not make the most of them?
Take a moment to think back to the spring of 2020, when all suddenly seemed so uncertain. The chances are that as the coronavirus pandemic and the associated lockdown measures took hold, you were spending a lot of time looking over your shoulder, wanting to protect what you already had: your job, your health, and even just your basic wellness. You might not have exactly been prioritising the purchase of a new car back then, even if you could afford it.
Fast-forward to the spring and summer of 2022, though, and so much is looking very different. The last UK COVID-19 lockdown is now a mere memory for many of us, and if there’s something you’ve been itching to do on four wheels – such as embarking on a nationwide or even European road trip – now could be an excellent time to do it. You may, though, need a new car for the job…
This brings us neatly onto the subject of the attractive click here for fantastic car finance deals in newcastle, Manchester, Essex, and other parts of the UK that we make available right here at Car Finance Genie. Basically, we’re saying that now could be the moment for you to ‘take the plunge’ on a suitable car finance deal for your needs – so why not apply to us today to discover what could be possible?