As with any industry, when an asset, in this case a car is bought, the decline in price happens immediately – what could not be expected is that used car prices would begin to rise in value.
We are left in a situation now where the world is wondering when the price of used cars will drop? And when is the right time to buy a used car?
When Will The Price Of Used Cars Drop?
There are conflicting views on the answer to this question among those that are considered to be experts in the field, which is leading to a lot of confusion from consumers on when it will happen and when the best time to buy is.
There are a lot of factors that are to be considered when looking at the used car market and making predictions, the supply chain coming back into swing, the soaring fuel costs that are sweeping the UK and the uncertainty of the stability of the economy.
With new car sales becoming obsolete due to production halts, and the soaring used car market, we want to take a look at the evidence.
Some experts are of the thinking that the rising household bills and the looming uncertainty of another lockdown and the impact that will have on employment is set to slow the market. Despite these facts being true, there are very conflicting views from other experts and some big names in the automotive industry of the thinking that the market is showing no signs of slowing down anytime soon.
With over 1.5 million car sales not made in 2020, there is a lot left to give in the market according to Auto traders data and insights director.
When Is The Right Time To Buy A Used Car NI?
In every industry there are good and there are bad times to buy, and the same applies to used cars, with February/March and August/September predominantly being the best months to splash the cash on a new car.
These are months where a lot of changing hands occurs in many ways. Car dealers Belfast and further afield in Northern Ireland find themselves with a wealth of used cars that they might want to part ways with in order to make room for the incoming ‘new’ stock of used cars that will see them through the year.
Looking at previous figures and sales, this would jump off the page as the best time in the year to buy if you are looking for the lower prices, although the choices on vehicles may be diminished slightly.
The bottomline is that there is a lot of volatility in the used car market at the moment, with huge wait times on people waiting for new cars, they are instead opting for used cars and therefore creating increased competition in attaining the used car they are looking for.
There are also stagnant warnings to purchase from trusted car dealers Belfast and further afield Northern Ireland as private sellers are seeking to cash in on the unexpected increase in value of their previously depreciated asset. As always when buying a car, make sure that the proper checks are carried out if you are going private and if you are looking for a fast, easy and trusted platform to buy a used car from a reputable used car dealer, then Carlover is the site for you.
If you are a used car dealership looking for a partnership then get in touch below.
