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Year-end is here and automobile manufacturers and dealerships are rolling out irresistible offers on their cars. So, is the year-end the best time to buy a new car or should you wait until next year to get the next year model?
The answer is simple yet slightly complicated. This is because it will depend upon a few factors like the purpose of your car, how long you plan to own the car, the offer, price hike, availability of next year models, it even depends upon the car itself and a few more.
Speaking about the year 2022, it is clear that many manufacturers have already announced the price hikes for the next year due to the ongoing chip shortage crisis. This is despite several automobile manufacturers already increasing the prices of their cars more than a couple of times this year.
Though the chip shortage situation has improved, it is said that automobile manufacturers in India still have a long waiting list to cover up. This situation has again forced automobile manufacturers to hike the prices of their cars to meet their production demand.
Maruti Suzuki has also announced a price hike on select models that will come into effect from January 2022 onwards. The statement from the Japanese car manufacturer said "The increase shall vary for different models. On an average the material cost accounts for 70 per cent of our overall cost structure."
Tata Motors is also likely to hike the prices of its cars and Shailesh Chandra, President of Passenger Vehicles Business, Tata Motors said, "Prices of commodities, raw material and other input costs continue to rise. An appropriate price hike to at least partially offset this increase in costs seems inevitable in the near to short term."
So, the price hike is certain and inevitable. Now, if you are planning to buy a car for your company, this is the right time. You can push the dealership for further discounts and get the best price.
However, if you are a person who travels a lot in your personal car and plan to change the car in under three years, it is better to wait for next year model or at least push the registration to the next year. This way, you will be getting a better price for your car when you are selling it after three years.
Another instance is if the model is getting a facelift or generation change next year, in most cases, it is probably worth the wait even if the price hike is significant. However, if it is for company purposes, it is better to stick with the better price deal.
In general, the best time of the year to buy a car is between October and January. This way, you can get the best benefits from the manufacturer and dealership. If you are planning to buy in December it is even better as you will be able to register the car next year.
It is also worth keeping in mind that manufacturing takes some time and next year models will only arrive at showrooms at the end of January or the start of February. In some cases, it can go up to mid of March month.
Thoughts About Buying A Car During The Year-end
The popular opinion in the automobile industry is that the best time to buy a car is during the year-end. However, at the end of the day, you are the one who is buying the car.
So, if you like the particular car and the deal offered by the dealership, it is better to close the deal as you are buying a car and not the offer.