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When Is a Good Timing to Buy a Car?

BY Team Loanstreet

Updated 04 Apr 2023

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If you’re having a hard time buying a car, you’re not alone. It’s not easy, it’s a big financial decision and requires a lengthy amount of time to consider a lot, from the car models, pricing, and other options on offer before putting down your money. 

Once you’re done deciding on that dream ride, comes the key question, when is the best time to buy a car?

Source: Tenor

Lai, we give you some tips. Free of charge.

What's covered in this article?

Buy at the End of the Month

Every dealership and sales executive have monthly targets to meet and it is most likely  that when the end of the month is approaching, they could offer you a deal especially when they need to hit their target.

The type of deal will vary from either discounts or freebies such as petrol vouchers, car peripherals or even free after-sales service for an agreed duration.

Source: Carsome

Yeah, not just a free umbrella this time. 

If you need time to consider your options, you may consider test driving the car you’re interested in at the beginning of the month, then make the purchase at the end of the month when a special deal is being offered.

Buy During the Festive Season

Most of us look forward to the many festivities celebrated all year long in Malaysia, and dealers share the same excitement. They usually run promotions during almost every major celebration, from Chinese New Year, Hari Raya, or even Merdeka!

For instance, Carsome is running their Chinese New Year promotion and the sales offer during these festivities is worth considering when planning to buy a car! 

Source: Flickr

Huat ah!

However, if you are not in a rush, you can push your car purchase plans until the end of the year as even better deals might turn up.

Buy at the End of the Year

If making a purchase decision in a month is a little too rushed for you and you’d rather spend your festive season with family and friends than thinking about that dream ride, you can afford to relax. 

Every dealership will have their year-end targets to hit and they might just throw an even greater discount so they can be entitled for the lucrative year-end bonus.

Source: tenor

So don’t forget to nudge your bro from the dealership come end of the year, yeah?

You might even chance upon great deals on older models as dealers are mainly keen on displaying the newest cars on their lot. If you are flexible on the colour options, you may get very good deals on outgoing models especially if the dealers plan to replace them soon. 

Their “trash”, your treasure. 

Gonna buy that car? Hold up!

It’s important to have an idea on when you will need to get a car, be it because you have a growing family or your existing car may be reaching the end of its life. Here’s a really important tip; plan ahead. Buying your car too quickly, and you leave yourself vulnerable to mental pressure, which could push you towards making a bad financial decision.

Source: Carsome

Talk about buyer’s remorse...

It doesn’t help that the ongoing pandemic has impacted the automotive market leading to  decreased production which means you will have a longer waiting time to get your new car or pay more for a new car. 

Proper planning helps you make better decisions and manage your budget well. Otherwise, buying a used car might be the way to go, with the car being more affordable, and you don’t have to wait long

We know, we know, new is always better, but hear us out. 

How is buying a used car better?

There are times when we are just too caught up with the daily affairs of life to plan about a car purchase despite the financial commitment that it comes with. Sometimes, it might be your peers telling you getting a new car is better than dealing with the cost of upkeep for used cars. 

We’re here to say: there’s nothing wrong with buying a used car!  

If you have to opt for buying a used car because you need to cope with your current financial situation, or the waiting period for a new car is just too long, be sure to find a reliable dealer or online platform that can provide you with a hassle-free experience.

Source: Carsome

Platforms such as Carsome offer monthly promotions for customers. Aside from special deals, it is important to use a platform that offers you strong after-sales support or quality assurance on the car that you will be buying. Here is a list of services to look out for:   

  • Fixed price – No hidden or miscellaneous charges to ensure the price you see on the listing is the actual full price of the car. 

  • Professional inspection that covers 175 points to ensure the car is free from major accidents, frame, fire, and flood damage.

  • Five-day money-back guarantee so that if you happen to change your mind, you can return the car within five days and get your full amount back.

  • One-year warranty – Make sure your car is provided with an extended warranty for the first year to ensure your vehicle is covered.

Be sure to do extensive research before purchasing your car, new or used, to avoid any painful circumstances for the long run. And don't forget to get car insurance. If anything happens, it will usually cover the cost. We don’t want your wallets to bleed too much, you know. 

*This article was repurposed from "Is There a ‘Best Time’ to Buy a Car?”, first published on Carsome.  It is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the articles.
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About the Author

Team Loanstreet

Run by a professional human-sized team, get resourceful tips & guides from our very own library of financial articles that can help improve your financial lifestyle & make a well-informed money decision. We strive to provide you with the best service in helping you to get the most out of that DUIT!


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