If you’ve been looking to buy a car, the end of the calendar year could offer some good deals.
In the weeks leading up to the New Year, car dealerships will try to clear out 2017 stock and make room for new models.
A year-old model is generally harder to sell as the New Year approaches because buyers know there will soon be another, more current, model on the market, supporting the latest technologies.
Often car dealerships are more open to negotiation in order to clear the year-old models.
For car buyers who don’t mind buying a year-old model, this is good news, and a great time to buy.
However, if you do purchase a new car at the end of the calendar year, come January 1 your car will be consider 1 year old.
That may hurt your resale value when it comes to sell.
Another drawback is potentially missing out on a new design which is just around the corner. This means foregoing new technology and features offered in a newer model.
That said, when and what you choose to buy depends on your personal situation.
If you plan to have your car for several years, you will likely not mind the depreciation in value or the potentially outdated features. At the end of the day, you will save yourself money.
On the other hand, if you replace your car on a regular basis, say every two to three years, you are better off purchasing a new model car, to improve your resale price.
Regardless of your decision, it is important to be wary of offers and sales tactics such as zero per cent car finance.
They sound good on the surface but they can create a false sense of urgency and there may be underlying costs and conditions.
Therefore, you should do your research and never be pressured into making a purchase.
At Mortgage Choice in Mudgeeraba, we can take the guesswork and hassle out of buying a car and help you find the ideal loan solution for your needs. Click here to read our Car Loan Cheat Sheet.
In addition, we offer a car-buying service for new cars, which allows us to do all the dealership negotiations on your behalf.
Call Mortgage Choice in Mudgeeraba on 5559 2563 today to discuss our services when it comes to buying your new wheels.