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Important factors to consider before buying a car now – or wait until next year

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Judging by last month’s big slump in new car sales (down 17.3 percent), many people will wait until the New Year to get started.

However, demand for August purchases should still be there – if only dealers could get enough vehicles.

While some brands report decent stock levels, others bemoan the fact that they could sell a lot more if they had any.

From my point of view there are a number of things that you should probably decide in the next few days if you are looking for a new car in the short or medium term.

You must now decide when to part with your money. It’s a big challenge, but August is a bit late to buy new ones. Retailers are taking orders as early as 2023, I bet.

Crucially, your answer may dictate a number of other important areas.

For example, it could mean that you either get a major overhaul/service on your existing car, if you have one.

But remember, you should always make sure – regardless of the date of sale – that the car is safe and roadworthy for you and others.

Also ask yourself if you feel like you’re getting all the new car you want and are you content with only having this year’s registration for four or five months?

You’ll have time to think about such things with this move if you postpone the purchase until January.

Otherwise, the decision will be made for you, and good luck with it.

It can also affect how you plan your finances. Money is relatively cheap right now, but with interest rates rising across the board and more hikes expected, it might be worth looking around to see where you can get the money you need at the best January rate if you decide waiting .

This may involve making a deal with your credit union or bank, or something specific like a PCP agreement (some institutes also do PCP for used cars) for the new vehicle you are ordering.

Make sure you can always afford the repayments. The lender will check as best they can, but you should be honest with yourself and err on the conservative side in case of an unforeseen expense.

Your decision to buy or not to buy now may also give you time to change your mind about what kind of car you should buy.

For example, you may have planned a petrol engine for now, but in case you don’t go ahead this month or this year, should you consider electric? Or hybrid and take the first step?

Are you sure you know the year of the new car you want to buy? Check that it is really the latest version (facelifted or brand new) and not an earlier version as can often be the case.

You might read or hear about the new X, but it might not be here until October or November for the 2023 market and what you’re buying is the older version.

Even if you have ordered one, you should ask your dealer.

Buying secondhand is a different game altogether, as you probably know, and sales are more evenly spread throughout the year, although there’s quite a lack of good stock.

If you decide to wait until next year, try to follow the general new-car route just outlined, with one added exception – always buy from a trusted source.

Dealers often know about a good trade-in months in advance. Enter your name now.

https://www.independent.ie/life/motoring/car-talk/key-factors-to-consider-before-you-buy-a-car-now-or-wait-until-next-year-41886529.html Important factors to consider before buying a car now – or wait until next year

Fry Electronics Team

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