Are you looking to buy a new car? If so, it is likely that one of your top concerns will be how you will finance this large purchase. Looking for lenders who will offer financing to individuals with lower credit scores can be tricky and this is where Canada Drives can help. If you need a new car, yet suffer from bad credit, do not hesitate to contact Canada Drives to find out more about how you can get a car loan from one of our affiliated loan providers, without all the hassle
Now that the issue of financing has been resolved, there are some other important questions to consider as these will also greatly impact your buying decisions. One of the main considerations is to be aware of when may be a better time of year to buy the car. In many cases, if you choose your timing wisely, you may be able to lower the amount you will have to pay overall. Here are 4 scenarios that can provide you with some food for thought on when it may be the best time to buy a car.
1) End of Year Sales
Historically, one of the best times to buy a car is during end of year sales. As dealers, in particular, look to meet their specific sales quotas, lower car prices will typically arise. In order to boost sales, these sales are likely to begin late in the Fall and continue throughout the December holiday season. Canadian car sales may also coincide with the American Thanksgiving Black Friday sales and ultimately, help individuals save quite a lot of money on the overall vehicle price tag.
2) Late Summer/Early Fall
Just a few short months earlier, it is also common for car sales on cars to take place. Late August and throughout September can be a beneficial time to take advantage of discounts and lower car prices as this is the general timeline that newer models are added to a dealership’s inventory. At this time, dealers are likely to begin reducing vehicles prices from the previous season, thus making this an ideal time to pursue car shopping. Ultimately, if you do not have your heart set on buying a 2015 model, then buying a brand new 2014 can help you achieve some added price flexibility and save a great deal of money overall.
3) End of Month/Quarter
The end of month or end of quarter also is a great time to snag a deal. Often times, dealers’ sales projections will reflect a monthly-cycle and if you decide to shop for a car towards the end of the month, the likelihood that you can catch a salesperson who is still looking to meet their sales quota for that month or the end of that particular quarter will be higher.
In instances like these, you may find you have some room to negotiate lower prices on cars and can end up driving away with a ton of savings. Additionally, even if sales quotas have been met, often dealers still have the potential of earning a special bonus if they can exceed these sales quotas and as a result they are more willing to drop the value of the car to meet these larger goals.
4) Off-Season Shopping
This final scenario can also help you save money on the purchase of a new car, if you are in the market for a specific vehicle type. While late Fall and December can also be a good timeframe for earning discounts on a variety of models and body types, it can also be a good time of year to shop for a car, such as a convertible. Car-shopping statistics have shown that prices for these types of cars are lower during the winter months, as there is typically more demand for them during the warmer weather months. If a convertible is the vehicle for you and you are able to wait until a specific time of year, then the prices that you are more likely to see during the winter may be worthwhile so you can save some money.
In life, you will often hear the phrase – ‘timing is everything’. This statement can also apply to shopping for a car. Once you have determined when is the best time to secure the most suitable car prices, with some negotiation tactics thrown in, you can improve your chances for saving even more money on the purchase of a new car. Let Canada Drives help you with your car loan needs, by making sure this important step is a more positive and enjoyable experience.