5 Reasons September Is The Best Month To Buy A Car
We might not like to admit it but it is September already. This means Autumn is just around the corner, the sun is setting earlier and despite holding on to every last bit of sunshine we can, it is less frequent and not as hot as it has been. Not just that but the kids are returning to school and the summer holidays are long gone, but all is not lost.
You may be surprised to know that September is actually one of the best months of the year to buy a car, and not just because you’re trying to cheer yourself up after the summer. Read on to find out the 5 reasons why September is the best month to buy your next car:
There Is More Choice
With the first of the month signalling the new number plate change, more people are looking to buy or collect their new car. As a result of the increase in new car sales, more cars are part exchanged and therefore there are more available on the market. Not only does this mean more of the model you are looking for are available, but crucially more are likely to have just the right specification you are looking for. With more cars available it is likely that the prices will be more competitive as there are more examples on the market.
Dealerships Are Feeling The Pressure
The end of September is the end of another financial quarter and car dealerships are under pressure to meet targets whether they are main dealers, franchises or independent dealerships. This means that they are looking to register as many new cars as they can before the end of the month and as such often go to greater lengths to ensure they can seal your business. This puts the opportunity for negotiating in the buyer’s court and the dealership is much more likely to offer greater incentives to guarantee a sale, whether this is through a deposit contribution, a saving on the list price or including must have options for no extra cost.
Franchises Pre-Register Cars So They Can Achieve September Targets
In order to ensure that targets are met for the financial quarter, dealerships will often pre-register any of their leftover new car stock. This means that any unsold cars are sitting on the forecourt at the risk of depreciating costing the dealership and potentially the manufacturer money. Not only that, but the existing used stock they already had on the forecourt is also sitting there depreciating causing excess cars in stock, storage problems and a need to offload them as soon as possible in order to balance the books. The pressure to achieve targets and the fear of depreciating cars in stock is enough to ensure that dealerships tend to be open to offers or have ‘events’ to make it look like they are doing the customer a favour with ‘great deals’. September can really be a ‘buyer’s market’.
The End of Summer
Dealerships have spent the summer stocking up on sports cars, supercars and convertibles to tempt people for the summer months. Now that summer is on its way out and autumn is approaching they will be looking to sell as many of them as they can so they aren’t stuck with the stock all winter. Pricing for these types of cars will be more appealing as the month rolls on and you might be lucky that if we get an Indian Summer, you might be able to enjoy a convertible in the late summer sun.
Beat The Price Rises
For the same reason that sports cars, supercars and convertible prices are falling, it won’t be long until SUV prices begin to rise as the weather gets worse and the nights draw in. The dealership world is very reactive to the seasons changing as demand rises for a particular type of vehicle and they will already be looking to change their stock for more suitable offerings for the winter months. All of this means that you are in a great position to secure an SUV for the winter months before the prices begin to rise by the end of September.
The Current Climate
A bonus point as this is specific to recent times, but how much longer are the interest rates likely to rise? Many financial experts feel we are nearing the peak of the Bank Of England Base Rate and as such although mortgage rates had begun to fall in the property market, many car finance lenders, especially main dealer ones, have actually increased their rates further. As a car finance broker we are in a position where we have ‘locked in’ rates with a number of our panel of lenders and as such can offer bespoke finance packages for you and your circumstances that many dealerships cannot. Read more about how to Beat The Rate Rises by reading our blog post HERE.
These are 5 reasons why September is the best month to buy a car (or 6 including the last bonus point), and whilst the economic climate at the moment might be portrayed as doom and gloom, your dedicated Oracle Account Manager is here to ensure that your car finance is something you don’t need to worry about. With over 1,800 Trustpilot reviews and a overall rating of 5 out of 5, and as four-time consecutive award winners of the Best Specialist Car Finance Provider award from 2020 through to 2023, you too can find out why thousands of people trust us time and time again to find a smarter, tailored funding solution when looking for your next dream car.
Get in touch with us today to discuss your car finance options by clicking HERE.