Buy a used car now or wait?

blue999

Hi,
I need to buy a used car in the next few weeks and I am thinking of getting an approved used car from a dealership.
This is going to be a first car purchase so I have absolutely no experience of how they operate,I am also looking for finance too.
Is next week going to be a good time to get one or do you think I'll be more likely to get a better deal in a couple of weeks?
Thanks

motorguy

I think there will be an initial flurry of activity and used prices will remain relatively firm initially.

It could be post summer before we see any sort of a drop (if a noticable one at all).

Find the right car at the best price in the first place.  Better to get £10 off a car at £10,000 than £1,000 off the same car at another dealers at £11,000.

Watch the interest rate you're being quoted on any deal.  Its not unusual to see 10.9% or 11.9% APR on used car finance.  You can get a cheap loan online from around 2.5%.  The difference can amount to £,£££s.

molerat

I bought a car in December.  I have just had a look at some of the large dealership sites and prices are not really any different, likely actually worse as the cars are a bit older / higher mileage than when I was looking.

Kattekwaad

You have two weeks to look at the market and find out what you should be paying so you will know a good deal when you see it.

Kattekwaad

molerat said:

I bought a car in December.  I have just had a look at some of the large dealership sites and prices are not really any different, likely actually worse as the cars are a bit older / higher mileage than when I was looking.

That's because they have all been closed and probably edged prices up so any fall looks better.

molerat

On BBC news this morning.  They suggest that people are wanting a car instead of using public transport so demand is going to outstrip supply of quality used vehicles for quite a few months so prices will stay firm.

AdrianC

molerat said:

On BBC news this morning.  They suggest that people are wanting a car instead of using public transport so demand is going to outstrip supply of quality used vehicles for quite a few months so prices will stay firm.

It's certainly true to an extent. A friend of ours lives in Bermondsey-ish, and works just outside the South Circ. She's buying a car, because she does not want to continue using the train.

Jonesya

I doubt a few weeks will make much difference, but what you should be prepared for and protect yourself against is that it's value could fall quite a bit over the next year or two.

It may not, prices may hold firm, but it could fall quite a bit, so buy and borrow accordingly. Don't assume the car will be worth much in 3 years, or you'll have lots of equity in the car to fund another purchase in a few years.