Used car buying - it’s all in the timing
Some purchases are naturally seasonal: the bikini = summer; the scarf and woolly hat = winter. Shoppers looking for bargains will wait to the end of each season and then buy in the sales, taking advantage of the seasonal drop in demand. With this in mind, HPI urges buyers to use seasonality to their advantage when it comes to buying a used car. Clever buyers can save thousands of pounds on the asking price.
“If you look to take a holiday in peak times, you would expect to pay more,” says Nicola Johnson, Consumer Services Manager for HPI. “However, when buying a car, some consumers forget that timing can be just as important.”
The winter months can be quiet for used car sales, particularly in the run up to Christmas, so this is a good time for buyers, as there can be many bargains to be had. Other trigger points affecting used car prices can include the plate changes in March and September which generally result in an influx of used vehicles on to the market, bringing prices down.
Having said that, car buying habits over the past 12-18 months have been affected by both the scrappage scheme and the recession, so traditional car buying activity has not been as predictable as it once was. That said, it makes sense to consider the time of year when looking at certain vehicle styles. Based on vehicles checked with HPI during 2010, checks against 4x4’s showed the greatest activity in February/March and October/November whereas checks against soft-tops and cabriolets showed the most activity April through to August.
If the season can potentially influence the car’s value, used car buyers should consider shopping for convertibles and sports cars in the autumn and winter when demand is lower and a bargain more likely. Conversely, the current cold weather is likely to be leading to a greater interest in 4x4’s, so bargains are more likely to be found during the warmer months, when demand is not so great.
No matter what time of year it is, used car buyers need to remember to look beyond the price of a vehicle and be aware of the risk of the fraudulent seller who will often sell dodgy vehicles at what appears to be a bargain price. With more vehicle information than anybody else, HPI will confirm the vehicle description, whether it is currently recorded as stolen, has been written-off by an insurance company or is subject to outstanding finance. The HPI Check offers a financial guarantee, offering added peace of mind to used car buyers at a time when finances are tight. In addition, HPI’s National Mileage Register now contains over 130 million readings, giving buyers extra assurance that a vehicle checked by HPI has not been clocked.
Nicola Johnson concludes, “There are certain times of the year when you are more likely to drive yourself a bargain. Although it’s tempting to pick up a convertible when the sun is shining, if buyers plan ahead, they can pick up a dream car with a dream price tag to match.”
To conduct an HPI Check, visit hpicheck.com.