It's time for a new car. You weigh your options, research makes, models, and dealerships, and check every dealer website within 100 miles of Broward County for the latest deals. And then you check your bank account and realize that buying used would probably make more sense. Now the question is, “buy now or wait?” Is there a right time to buy a used car? And how do you know if you're getting a good price? High Q Auto has answers.
Best Times to Buy Used
As it turns out, there's a lot of advice out there, most of it contradictory. For example, you'll find that you should buy a used convertible in September because demand is lower, except you shouldn't, because winter is coming, except — news flash — this is Florida. Buy the convertible whenever.
Supply and Demand
Our tongue-in-cheek example above notwithstanding, supply and demand do play a part. This can vary from dealership to dealership, and some used car dealerships can find themselves with a freak glut of certain makes and models, which can drive prices down. As a rule of thumb, though, it's worth bearing in mind that you'll usually pay more for vehicles everybody wants, like a Ford F-150, a Toyota Camry, or a Jeep Cherokee. Want to save money? Find something that's just as good, but not quite as popular.
Age of Inventory
When the model year turns over — usually around mid-year — it's prime time to buy a used car. That's because there's old inventory that needs to be moved off the lot to make room for new trade-ins, and it'll often go for a better price than it did when it first arrived.
Factors like a natural disaster or the closure of a big business in the area, can mean economic ripples that mean fewer people buying and leasing cars, which means that dealerships struggle to make their quotas. However, people still need cars, so that means used car dealerships' inventories can take a dip and prices can rise. Pay attention to what's going on in your community, since those factors can end up changing the price you pay.
Advantages of Buying a Used Car
Now that you know how to get a good car deal, what are some of the advantages of doing so?
Here's a tip you won't hear often: there's really no such thing as a bad time to buy, and you don't have to wait for the right deal to come along. Dealers have quotas, and they're motivated to hit their targets, so there's often a way to work something out.
Bad Credit/No Credit
You can still buy or lease a new car with subprime credit. But it's going to cost you more, since a brand-name dealership's advertised rates are for those with prime credit ratings. In contrast, HighQ Auto specializes in car loans with bad credit, or for drivers with no credit history.
You may be constrained in what you can do with a new vehicle, especially if you lease. You can't drive long distances or make modifications without the potential of penalties. You may have warranty issues if you don't service at the dealership. The ability to pay off and own quickly also means a shorter repayment period, or an escape from the endless cycle of car leasing. There are many restrictions you simply won't encounter with a vehicle you own.
Your Local Used Car Dealership
If you've read this far, it's entirely possible that you have as many questions as answers. That's fine — that's what we're here for. Call 855-336-4650 or visit High Q Auto at 747 N State Road 7 in Plantation, FL and we'll get you on the road to (and in) a vehicle you can afford.