A leading motoring expert has revealed the best time to buy a second-hand used car, with an expert warning that “timing plays a huge role”. Kazimieras Urbonas, Supplier Excellence Manager at Ovoko, stressed there are better months to secure a second-hand petrol,diesel or electric vehicle deal.
Urbonas explained that the sweet spot for second-hand sales tended to run from October to December. He said that several factors, such as stock clearances, freer buyers and number plate changes means the Autumn was the ideal period to look for a swap. It means holding on to your current vehicle for just a few more months over summer could pay off with the best deals likely to be around the corner.
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Urbonas explained: “Most people think car buying is just about finding the right vehicle at the right price, but timing plays a huge role that's often overlooked.
“There are certain months when dealers are practically begging to do deals, and others when you're fighting against the market.”
Firstly, Ovoko warned that October to December tended to be stock clearance season with dealers often facing mounting pressure to shift inventory before the end of the year.
According to the experts, dealers are motivated, finance managers are flexible, and there's often a genuine urgency to get deals done.
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Next, the experts highlighted that dealers are keen to sell in the Autumn as there are often fewer buyers.
People are usually more focused on Christmas spending and planning holidays for the year ahead so swapping a car is not at the top of their priority list.
Next, Ovoko warned that the September plate change tends to “trigger a cascade effect that benefits used car buyers”.
New car sales tend to rise in September which in-turn leads to a surge in trade-ins that dealers then have to pass on.
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Urbonas added: ”The key to timing your purchase right is understanding car depreciation cycles. Most people don't realise that cars depreciate fastest in their first year, then the rate slows considerably. This creates predictable patterns in the used market that smart buyers can exploit.
“What we see across our network of thousands of dealers and dismantlers is that seasonal supply and demand trends are incredibly consistent.
“October to December is when the entire market dynamics shift in favour of buyers. You've got maximum supply from September trade-ins, minimum competition from other buyers, and dealers facing year-end pressures.
