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A new car purchase is probably one of the biggest personal expenses for anyone. However, if you can time your purchase correctly, you could end up saving a lot of money in the process. So when is the best time to purchase a new car?
We feel the year-end probably makes for the best time to purchase a new car. Customers will be able to secure the best deals during the year-end. This is because, with sales usually running relatively lean during this period, dealerships often provide large discounts to attract more customers, which helps them achieve their sales targets as well.
Here are some of the benefits you can expect, when purchasing a new car at the end of the year.
Year-End Discounts & Offers
As mentioned before, customers looking to purchase cars at the end of the year can get the maximum savings. Almost every brand will offer large discounts, benefits and other offers, which can be capitalised by the customer at the time of purchase.
Discounts and benefits at the end of the year, usually range from a few thousand and go up to lakhs of rupees, especially for popular models. These huge benefits include both brand-approved offers and other multiple dealer-level discounts.
Apart from offering large discounts and benefits, carmakers also introduce many special-edition models. These models are usually identical to the standard variants but come with additional accessories offered at a slightly discounted rate.
These special-edition models are usually priced identically to the standard models, if not a few thousands extra. If you are looking to accessorise your new car, then you can look at such special-edition variants, which already come packed with a number of accessories, offering better value-for-money when compared to having them fitted as extras on the standard versions.
Skip Price Hikes
As mentioned before, carmakers usually face a leaner sales period during the year-end. Hence offer discounts and benefits to push sales. However, with the arrival of the new year, many carmakers hike prices of their models, ranging usually between 2 to 3 per cent, depending on the brand and model.
Customers who end up waiting for the new year, will now suddenly find themselves having to pay that extra amount. Hence, it makes sense to purchase it before-hand itself.
No Major Changes Between Models
If a car has been introduced in the market fairly recently, it is unlikely that it will receive any significant changes or updates in the new year. Hence, customers may as well, go ahead and make the best of the discounts offered and purchase the car at the year-end itself.
It only makes sense to wait for a newer model, if there is a significant update expected. Almost every carmaker usually brings a significant ‘facelift' on car models, once every two years (roughly). Hence, as long as there are no major updates expected on the model you want to purchase, you can just go ahead and buy the car at the year-end.
Insurance & Extended Warranty
In order to push sales during the year-end, many carmakers tie-up with insurance companies to offer better schemes to customers. This can be beneficial to customers as it gives them a wider range to choose from. Also, some tie-ups offer personalised insurance schemes which add to the customer's benefits. Carmakers to sweeten the deal will also add in extended warranty either at a discounted rate or as a free add-on to ensure the purchase.
So, go ahead and get yourself the new car you have been wanting to purchase, as this is the best-time for it. Make sure to speak to dealers to ensure you can get the maximum from all the discounts and offers currently available.