When is the worst time to buy a car?

09/28/2018

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When your income is not enough to cover the ownership cost or when you in an urgent need of a car are all bad timing for car purchase.

1. At the beginning of the year

Pricing is often changed by car manufacturers at the beginning of the year in the event of the new product launch. In addition, at this time, taxes and fees are also enacted, causing the car price to soar dramatically. The market supply also becomes scarcer as the market demand rises as a result of customer's increased income with bonuses.

a car show

Buying cars at the beginning of the year might not be a sensible choice

2. On the first days of the month

Typically, the turnover cycle at the dealership is usually 30 days. Therefore, in the first one or two weeks of a month, sales staff are not under sales target pressure, so they are often "relaxed" and hold the price to earn as much commission as possible. This is not a good time for you to buy cars as you are likely to overpay by millions.

3. At the weekend

According to experienced buyers, buying a car at the weekend is also horrible. Although it is convenient to do the shopping on the days you have more free time, it is more disadvantageous than you think.

At this time the dealerships are often very crowded so one salesperson might need to support 2-3 customers at one, making the negotiation much more difficult. This is what you should do: spend the weekend shopping around at several dealers to decide which model you will go for, and return at the beginning of the week to negotiate the price. The chance you can buy the car at a cheap price will be higher.

4. In a rush

Buying a car is a significant purchase to most Nigerian which needs careful consideration before deciding. Take time to equip yourself with knowledge of vehicles, prices, then compare cars in the same segment to pick the best one for you. You may overpay and feel regretful about your decision to buy a car if you buy the vehicle in a hurry.

a man testing car

Cars are a big asset to most people today

5. When income is insufficient to cover car expense

It is recommended that you should have at least 20% of the price of the car to consider buying it by installments so the monthly financial pressure is affordable to you.

Besides the cost of buying the car itself, you should also consider ownership costs. You will have to pay extra for parking fees, fuel costs, regular maintenance and other stuff for your dear vehicle. Of course, it will cost you a bit more if you purchase the car for business purposes.

>>> You may want to read: Car hire purchase in Nigeria guide: hire purchase contract and company list

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