Year end is a bad time to buy used cars? No longer true today
- Get higher discounts now to offset future depreciation
- Buyers have greater leverage over sellers in negotiation
- Attractive maintenance and warranty packages
As we approach the end of the year, we will soon be bombarded with news of year-end sales and deals, but this does not just apply to the retail industry, there is no better time than now, to buy a used car as well.
The year’s end brings forth great used vehicle deals and value-added packages as dealers try to ramp up sales before the end of the year.
However, there is a common misconception that buying a used car at the end of the year is a raw deal as prices will drop even further the following year.
This isn’t quite true, savings today can far outweigh depreciation, which typically only applies when you resell later on. These are some of the reasons why you should be in the market for a used car right now.
Get higher discounts now to offset future depreciation
As we are just days away from the last two months of the year, dealers will be pushing out discounts to offload existing stock as they hope to refresh their inventory. In many cases, these discounts can add up to a 2 – 5 percent drop in price.
Perodua Myvi
These discounts alone basically offset the year-on-year depreciation of the vehicle, almost equating to the same price even if you purchase the car at the beginning of 2023. Additionally, starting your search now simply means you have access to more deals and can get to drive your dream ride now, instead of later.
Check out some superb discount deals on Carsome here.
Buyers have greater leverage over sellers in negotiation
Besides great prices, year-end promotions also commonly include value-added packages to sweeten the deal. These aftermarket packages typically include free tinting, detailing, and other vehicle accessories to further upgrade the vehicle.
Getting these upgrades can add up to a further RM 3k – RM 5k if done later on. Thus, take advantage of this period to score some great add-on packages.
Attractive maintenance and warranty packages
Extended warranty packages are a popular add-on package for recon vehicles
In certain cases, used car dealers may also offer maintenance or warranty packages towards the end of the year, which in some cases, adds additional peace of mind for a prospective used/recond car buyer.
Honda CITY
Be sure to ask about extended maintenance or warranty packages for used cars that are past their manufacturer warranty periods as this can potentially save you money down the line.
Browse some of the hottest deals on Carlist right now.
Conclusion
If viewed holistically, buying a used car at the end of the year offers quite a few benefits. Whilst yes, used cars do get cheaper as they get older, attractive discounts and packages in many cases offset these losses and present a better overall value proposition to the buyer.
There’s no use waiting for next year, if it means losing out on the perfect used car for you
Perhaps most crucially, do not forget that whilst you may be looking for the best deal, it’s also important to buy the perfect car, thus holding out on your purchase might even mean losing out on a great condition vehicle that’s been snapped up by someone else.
