Knowing the best time to buy a used car can significantly impact both the selection and price of your desired vehicle. From year-end sales to the launch of new models, several factors influence when you can get the best prices. Additionally, events like auto expos and festivals allow you to avail of attractive offers and discounts.
By strategically choosing the purchase timing, you can maximise savings and find the perfect used car to suit your needs. Read on to learn more about the best time to purchase a second-hand car.
6 Points to Considered While Buying a Used Car
1. Launch of Any New Model or Car Variant
When a new model or variant is launched, it usually presents the
best opportunity to purchase second-hand cars of the older models.
During this time, dealerships and sellers may offer attractive
discounts and promotions to clear out existing inventory and make room
for the latest releases.
Furthermore, the introduction of new models or variants can lead to decreased demand for older models, resulting in even lower prices for used cars. It is, therefore, a great moment for you to take advantage of competitive pricing and secure a great deal on a pre-owned car.
2. Year-ending or Quarter-ending
One
of the best times to buy a used car is during the last few weeks
of a quarter or year, i.e., March, June, September, and December.
The reason is that many businesses, including car dealerships, are
under pressure to achieve their sales targets during these periods.
When dealerships focus on achieving their sales targets and sales teams put in their best efforts, customers like you benefit the most. This creates an opportunity to secure additional discounts and incentives on a used car purchase.
3. Festival Time for Offers and Discounts
Festive time is one of the best times to get exciting discounts
and deals on pre-owned vehicles. During the months of September to
November, i.e., from Dussehra and Diwali to Christmas, you can expect
significant price reductions on a wide range of used cars.
Additionally, dealerships often offer additional incentives like extended warranties, free upgrades, or even throwing in a set of new tyres or floor mats. Moreover, since competition is fierce during festivals, dealerships might be more open to negotiations, which means you might land an even better deal than you anticipated.
Also Read - 12 Essential Car Safety Features To Check Before You Buy A Car
4. When You are Financially Capable
To
buy a second-hand car, you could also wait for a time when you are
financially stable. This gives you more flexibility in choice. With
sufficient funds, you can afford a higher-quality vehicle, reducing
the risk of unexpected repairs.
Additionally, having financial stability enables you to negotiate better deals and explore a wider range of options. This allows you to invest in thorough inspections and maintenance, ensuring the longevity and reliability of your purchase.
5. During any Auto/Car Expo Exhibition
Auto or car expo exhibitions offer a diverse range of vehicles from
multiple sellers, which increases the chances of finding the ideal
model at a competitive price. Additionally, dealers may provide
special discounts or promotions during these expos to attract buyers.
You can also inspect and test drive several cars in one location, making the purchasing process more convenient and enabling informed decision-making.
6. When You Find the Perfect Lender
Selecting the right lender is crucial when buying a used car as it
impacts the overall cost and terms of financing. By researching and
comparing various lenders, you can secure favourable interest rates,
loan terms, and repayment options tailored to your financial situation.
This ensures a smoother purchasing process and helps you make an informed decision that aligns with your budget and long-term financial goals. When you finally find the perfect lender and favourable terms, you can make the decision to buy a used car.
What is the Worst Time to Buy a Used Car?
- Peak Demand Periods
Avoiding times when demand for cars is high is recommended, as increased demands often lead to a surge in prices. This includes the summer months when good weather leads to increased costs of borrowing in buying second-hand cars for vacations and trips.
- After a Natural Disaster or Economic Downturn
Avoid buying cars after major events like natural disasters or economic downturns. That is because, this time, the supply may be limited, and prices can be higher due to increased demand for pre-owned vehicles.
Also Read - Electric Car or Petrol Car - Decoding the Benefits and Drawbacks
Benefit of a Used Car Loan to Purchase a Second-hand Car
- High Loan Amount
A used car loan secures you a larger loan amount of up to INR 75 Lakh. This gives you more flexibility to choose a car with the features and quality you desire.
- Flexible Repayment Tenure
Get the opportunity to choose a repayment tenure that aligns with your repayment capabilities and extends up to 72 months.
- Competitive Interest Rates
Pre-Owned Car Loan interest rates are lower than Personal Loan rates, making it a more cost-effective financing option.
- Minimal Documentation
Availing of a used car loan from top financial institutions requires you to submit only the essential documents, saving you time and effort.
- Quick and Convenient Application Process
The application process for a used car loan is completely digital. This ensures a swift and seamless borrowing experience.
- 100% Transparency
Getting a Pre-Owned Car Loan from leading financial institutions ensures you 100% transparency about the cost of borrowing and other associated charges, providing you with peace of mind.
Also Read - Is GAP Insurance Necessary for Used Cars?
How to Apply for a Used Car Loan From Poonawalla Fincorp?
- Step 1: Click on the "Apply Now" button.
- Step 2: Enter your contact details, including DOB, PAN number, property ownership details, loan amount, employment details, etc.
- Step 3: Attach the necessary documents and hit the ‘Submit’ button.
Upon successful verification, the loan amount will be instantly credited to your bank account.
To Conclude
Timing is crucial when it comes to buying a used car. Whether capitalising on year-end sales, festival offers, or auto expos, selecting the right time to buy a used car can lead to substantial savings. By considering factors like financial readiness and lender options, you can make a well-informed decision and secure the best deal on your desired pre-owned vehicle.
Frequently Asked Questions
1. What are the factors I should consider while buying
a second-hand car besides the timing?
Consider
the economic changes in the market and the overall condition and
features of the car to make an informed purchase decision.
2. Should I consider a used car loan?
A used car loan allows you to spread out the cost of the car into
manageable monthly payments, helping you manage your finances better.
Moreover, making timely repayments can lead to an increase in your
credit score.
3. Where can I get amazing loan offers on a Pre-Owned
Car Loan?
You can access amazing deals with Poonawalla Fincorp’s Pre-Owned Car
Loan. Get higher loan amounts, attractive interest rates,
repayment flexibility and more.
4. What are some tips for buying a used car?
While buying a pre-owned car, you must check the condition of the
vehicle, compare the prices and features of different car models, and
identify opportunities for negotiating the car price.
