When is the Best Time to Buy a Car?

Buying a car can be a big deal. Not only is such an investment a costly one, but the vehicle needs to accommodate the needs of you and your family. This is why buying the car at the right time can make all the difference.

Prices for new and used cars can vary at different times of the year, so it’s important to align your purchase with getting a potential discount. Car dealerships like us advertise offers throughout the year, so there are some big savings to be made.

In this article, we highlight when is the best time to buy a car, reveal if there is a particular month that’s better to make your new or used car purchase, and discuss if car prices are likely to drop in 2024. Read on to find out more…  

When is the best time to buy a new car?

When it comes to buying a new car, the best time to make a purchase can depend on the time of year. During certain months, new car prices can prove to be considerably lower than in other months of the year - and for good reason. 

The best time to buy a new car is in December and January, March and April, as well as during September and October. There are a number of reasons for this, which we explain below: 

December and January

At the end of every year and during the beginning of a new one, most car dealerships are trying to clear out old stock to make room for new number plate registrations in March. There are often good deals and incentives on previous year models to look out for in December and January especially.

March and April

Every year, new car number plate registration comes out in March, so dealerships focus their efforts on selling brand-new models fresh off the production line. Look out for money off the RRP and favourable finance deals to entice buyers during March and April.

September and October

Much like in March, mid-year new number plates become available from the 1st of September. Post-summer holidays and into October, it’s worth keeping an eye out for any pre-reg stock that may be heavily discounted to make way for newer registrations. Car dealerships will be keen to ensure that slightly older models are off the forecourt to make way for new ones.   

When is the best time to buy a used car?

The best time to buy a used car can vary slightly compared to new car purchases. New registration plates come out twice a year, whereas there is an abundance of second-hand motors all year round. 

When picking out a pre-loved car, the time of year can make a big difference when it comes to negotiating a good price. January through to March, late summer into early autumn, and the end of each month or sales quarter can be particularly beneficial when searching for a used car. 

Any reputable car dealership will be keen not to keep pre-loved stock on their premises for too long. Certainly, sales staff will be incentivised to meet end of the month, end of the quarter, and end of the year sales targets - an ideal time to secure a bargain buy! 

What is the best month to buy a car?

While there are deals to be had on new and used cars at various times of the year, there is one month in particular that could prove to be more favourable for buyers. The best month to buy a car tends to be in March - here’s why:

• March welcomes the first of two new number plate registrations being introduced, so car dealerships aim to clear out old stock to make room for shiny new models. it’s a great opportunity to seek out bargain prices on previous plate year models (known as pre-reg stock) to drive sales and older cars off the forecourt.
• Manufacturer discounts tend to peak in March around the plate change. Look out for too-good-to-miss finance offers, manufacturer contribution schemes, and extra incentives such as warranty and servicing packages on brand-new models.
• Many car consumers are already wise to the March deals. As such, anticipating this seasonal sales pattern brings more active buyers into showrooms which naturally creates competition between dealers - and with that comes reduced prices. 
• Because many motorists are keen to purchase cars with brand-new plates, dealers then have a higher volume of part exchange trade-ins during March. This increases used car options on the forecourts and an abundance of stock which means there are tempting offers to be had. 
• Sales staff working hard to hit quarterly targets are generally more flexible on pricing negotiations with buyers in March, as the end of Q1 approaches and commission calls.

Is Christmas a good time of year to buy a car?

If a new or used car is on the list this Christmas, then you may want to jump at the chance to purchase one during the festive break. Here are four reasons why the Christmas holiday period can be a good time of year to buy a car:

1. Slow Sales Period - Dealerships typically see fewer people in the showrooms during the Christmas holidays. To increase footfall, many dealers are motivated to offer better deals and incentives on both new and used cars to boost end-of-year sales figures.
2. Clearing Old Stock - Dealers may be looking to clear out older models from the previous registration year before new plate registrations arrive in March. Taking advantage of the Christmas spirit may prove dividends! 
3. Christmas Bonuses - Some car buyers have extra funds available due to year-end bonuses, last-minute commissions, and tax refunds, This makes big purchases more affordable and appealable - especially where finance options are concerned. 
4. Time to Buy - With more annual leave and days off during Christmas, buyers can invest more time researching their new or used car options. As such, consumers will search out the best prices to find the best deals - this makes more dealers open to negotiation. 

Will car prices drop in 2024?

Although we are unable to definitively state whether car prices will drop in the UK in 2024, there are several factors that could influence pricing in either direction:

General economic conditions can influence this either way; if the UK enters a formal recession in 2024, consumer spending may fall, putting downward pressure on car prices which means they will likely drop. However, a stronger economy could keep prices stable or rising instead.

Similarly, high inflation has driven up car prices during the course of 2023. If inflation cools in 2024, some downward price movement may follow which will be music to the ears of motorists. Let’s not forget previous supply chain issues either, which are still having an impact on the volume of new cars in production and causing increased waiting times. 

The global semiconductor shortage and other component issues have disrupted vehicle production over the last couple of years, although things are gradually improving. However, fewer available chips have resulted in manufacturers releasing more basic models at more budget-friendly prices, which may continue throughout 2024. 

New and used cars for sale at EMG Motor Group

Discover a huge range of brand-new cars from the world’s top brands and the most popular approved used cars here at EMG Motor Group in East Anglia. We are an official stockist of Kia, Mazda, MG, and Nissan and proudly boast all the latest models.  

In addition, we have almost 500 used cars in stock at prices you won’t want to miss. As such, we provide offers on our new and used cars all year round. Click here to view our deals on new Kia, Mazda, MG, and Nissan cars, and view our used car online showroom to search for the latest savings on our second-hand motors.