As another season of sunshine and warmth is about to come to a close, the vibrant Fall colours will shortly be all around us. One new adventure that may be on your mind this Fall is buying a new vehicle. While there are many opportunities and reasons to buy a car at various other times of the year – there are also some specific reasons why buying a car this Fall is definitely worth strong consideration.
Here are 4 situations that may make this time of year the right time to jump at the chance to buy that new car.
1) Seasonal Factors
Buying a car in the Fall, as opposed to other times of the year can present some benefits to you as a driver. For example, if you reside in one of the many Canadian provinces which typically experience harsher weather conditions and wintery roads, then perhaps it is a good idea to get use to your new vehicle before you are required to navigate these oftentimes slippery and treacherous terrains.
Not only does this give you the chance to break in your car and see how it handles on the roads, buying in the Fall can also provide you with a bit of time to determine which winter safety features you may require for you car, such as snow tires, more durable wipers, and so on. Ultimately, buying in the Fall can give you enough time to prepare for all that will be entailed with driving your vehicle across all of diverse Canadian seasons.
2) Lower Interest Rates
If you are able to take the step towards buying a new car at this time of the year, this means you can also take advantage of the lower interest rates, set once again by the Bank of Canada this July. While the Central Bank lowered their prime rate down by another 0.25 percent, many of the major Canadian Banks followed suite, and reduced theirs as well, whether that was at least by 0.10 or 0.15 percent.
All in all, if you are looking to get a loan for your car then now may be a beneficial time to do so. As a result, you may be able to save money on your overall loan – also lowering your monthly payments. As a general consensus says that the interest rate is as low as it will go – then taking advantage of the these all-time low rates is worth looking into, as you consider when it is best to buy a vehicle.
3) Turnover of Cars
Another reason that Fall can be best to pursue your vehicle interests, has to do with the fact that this is a time of year that new models are starting to be released. With many 2016 models soon to be, if not already rolling onto lots all across the country, this of course means that dealers will be looking to move the 2015 and older models even more actively.
So, what you are likely to then find is that dealerships will offer special deals and incentives that are designed to entice individuals to come and buy a new car. As a result, you may just find a really great deal that can save you a far bit of money if you opt to buy a slightly older model.
Furthermore, these vehicles are even likely to be brand new and never driven off of the lot either – so while they may not exactly have the latest technology that the 2016’s may come equipped with, they are still likely to be very close to the previous model and can also still provide you with that new car feel and experience, if that is what you are looking for.
4) Knowing Where your Annual Budget Stands
One final reason that perhaps makes Fall an ideal time to finally make that vehicle purchase, is that buying at this time of the year provides you with many months prior to re-evaluate your budget and devise a plan for how you will afford to pay for your new car. You can also use this time to track your spending and get an overall sense of how much you typically spend over the course of a year – or at least the majority of the year.
If you decide to make this purchase this September or October, this means that you have had about 3/4 of the year to prepare for this purchase and make sure you know what your price range is and what your monthly income and expenses can enable you to do moving forward. Therefore, you can make the best course of action possible about the specific vehicle and the issue affordability can thoroughly be taken into account and factored into your decision.
When all is said and done, making a large purchase like this is very much a strategic move that requires planning ahead, as well as paying attention to the time-sensitive issues of buying at various times of the year and what each season has to offer you as a new car owner.
Perhaps now is the time to buy your new car and enjoy your time behind the wheel, as the colours change and and the Fall driving season sets in.