When is the best time to buy a car?

Whether you're thinking of buying your first car or even just buying a new car, you might wonder when you should do it. The truth is buying a car at certain times of the year or even days of the week can provide additional benefits. Let's dive into the best time to make a car purchase.

The ideal times to make a car purchase

When you're on the hunt for the best possible deal on a new or used vehicle, there are a few dates to look out for. Once you know about these days, you can strategically plan when to visit your local car dealership to purchase a new vehicle.

If you buy your car at certain times of the year, you'll get the best bang for your buck. It can help you save hundreds or even thousands of dollars on a new vehicle. Here are the best times to buy a new or used car:

Near the end of the calendar year

One of the best times to purchase a new car is toward the end of the calendar year. Why? Several car dealerships have end-of-year sales. When the year is close to ending, car dealerships are under a lot of stress to meet their annual sales quotas. This leads to plenty of deals and offers being made at this time. End-of-year sales can begin as early as the late fall and end in late December.

Close to the end of the month

If the end of the calendar year is a long time away and you can't wait to buy a car, start shopping around the end of the month. Similar to how Canadian car dealerships have yearly sales quotas, many also have monthly sales goals to hit. That's why visiting the dealership at the end of the month is a good idea. You might get a better price on your new or used car because the salesman wants to improve their sales record or meet a goal.

When new car models are released

Consider purchasing a new vehicle when the latest car models arrive at the dealership. The majority of manufacturers release new models as early as August or September. As the new models arrive at dealerships, the previous year's models get discounted. Even though they aren't the latest model, these new cars still boast plenty of fantastic features. A new car is what you make it.

Remember, this method is only effective if you are comfortable purchasing last year's models. If you want the new car, you should wait until the end of the year or the end of the month. Although it's common for new cars to be released in the early fall, it isn't guaranteed. If you are set on purchasing a specific make of car, keep up with the brand's latest releases. Sometimes, they can come in early spring.

During the off season

Shopping for a new car during the off season is a good way to get a brand new car at a reasonable price. The definition of off season will vary depending on the type of car you're looking to purchase. If you are interested in buying a convertible or sports car, the off season for car sales would be in the winter since convertibles aren't typically driven during the winter months in Canada.

If you're interested in buying a 4-wheel drive pick-up truck or SUV, the summer is the off-season because buyers purchase this vehicle to deal with hazardous road conditions. Using this method can work, but it's all about the type of vehicle you're looking for. It's an effective way to get a better price because the demand for certain types of vehicles will vary depending on the time of year.

What is the best day to go car shopping?

Whether you're looking for new cars or used cars, certain days of the week are better days to shop around. Data suggests when you buy a car on certain days of the week, you can get a better deal. Car sales are interesting that way. Let's learn about the best days of the week to purchase a car:

Mondays

Generally speaking, a car dealership gets most of its customers on the weekend. On the other side of things, early days of the week, such as Monday or Tuesday, are usually, when the dealership isn't as busy, you will have a better overall experience. That's because the staff will be more attentive when answering your questions and have more time to take you for a test drive. Additionally, it increases the likelihood of you getting a new car or used car for a lower price.

Long weekends

Long weekends, or three day weekends are also ideal times to buy a car. This may come off as counter-productive as we already mentioned weekends are the busiest time to shop for cars, but hear us out! If you are looking to buy a car, a holiday weekend is a good time to scope things out. Many dealers offer special and exclusive sales on weekends. For example, Canada Day, Labour Day, Black Friday, and Boxing Day might have special promotions.

Labour Day is a good weekend to buy a new car because it's around the time that brands release new vehicles. In turn, car lots will drop the prices of last year's models. Black Friday and Boxing Day are known for their sales, and they are close to the end of the year. If you're looking to buy a car at a lower price, these holidays can help you out. Dealers will be trying to meet their quotas.

The best time to buy a new car is before you need one

New and used cars have varying prices. That's why it makes sense to buy a car before you need one. It's not a good idea to wait until close to the end of your car's life cycle to buy a new one. This can rush the purchase process. Buying a car is a huge investment. You should give yourself plenty of time to explore your options and go on test drives before making a decision. Purchasing a car quickly can lead you to take out an auto loan for a car you don't love, leading you to regret your purchase later.

Additionally, if a car dealer knows you're unprepared or desperate to walk away with a car, they could refuse to negotiate and force you to pay the manufacturer's suggested retail price (MSRP). That's why you should buy a car before your current car lease or loan is up or before your vehicle is undrivable or unrepairable. Do your own research online before heading to dealerships.

Car prices can go down if you opt to trade in your old car for a new one. You will get a higher resale value if the vehicle is in good condition. This is another reason to not run your car into the ground before purchasing a new one.

Lastly, new vehicles come with a lot of paperwork. Registering your car or getting car insurance takes time and shouldn't be rushed through. If you need car insurance, BrokerLink can help. Our licensed brokers can provide expert advice to find the best types of coverage for your needs.

What should you do after buying a new or used car

Congratulations on your new car! Next, you have to take the important steps of purchasing a policy and registering your vehicle with the transportation authority in your province. Remember you need to buy or update your car insurance policy before you leave the lot. You can find out more about insurance grace periods in Alberta and young drivers insurance here.

What should you consider when buying a car insurance policy?

When it's time to buy car insurance, you have a few things to think about. After all, you need to have the right coverage to protect yourself and legally drive on the roads. Here's what you need to know:

Buy from an insurance broker or insurance company

Who do you want to buy your car insurance policy from? In Canada, you can purchase car insurance from a company or broker. Both options are great. However, when you work with a broker, you have someone to shop around for you. A broker can compare quotes from a network of insurance companies to determine the policy that suits your needs and budget.

Budget how much you want spend on your policy

You should also consider how expensive of a policy you can afford. Car insurance policies can get expensive depending on the amount of coverage you have. Your budget will decide the amount of coverage you get, as well as your policy limits and deductibles. Contact BrokerLink to keep your car insurance rates low and save money on your premium. If you are concerned about your car insurance premium, get a quote on your insurance before you purchase the vehicle, that way you can make an informed decision whether or not you will go through with your purchase.

Get mandatory auto insurance for your new car

It's illegal to drive without auto insurance. Coverage requirements vary between provinces. Let's use Ontario as an example where the following four types of coverage are required by law:

Third-party liability coverage

Liability car insurance pays for the cost of an accident if you are at fault. If insurance companies deem you to be at fault, you can file third-party liability claims to pay for any associated expenses.

Expenses can include legal fees, repair bills and medical costs. In Ontario, drivers need at least $200,000 worth of liability coverage in their car insurance policies. In most cases, drivers opt to get more than the minimum amount of coverage.

Accident benefits coverage

Accident benefits coverage helps pay for rehabilitative care if you get injured in a car accident. This comes into effect if you seek medical attention for an injury and some medical expenses are covered. These include prescription medications, physical therapy and rehabilitation. You may also be compensated for lost wages and funeral fees.

Direct compensation coverage

Direct compensation coverage helps pay for property damage repairs if your car is damaged in a collision. However, for this coverage to be applied, you mustn't be at fault for the accident.

Uninsured or unidentified automobile insurance

Uninsured automobile insurance protects drivers who get into hit-and-run accidents with at-fault motorists without car insurance or who flee the scene of an accident, making them unidentifiable. It also applies when the driver doesn't have enough insurance to cover the cost of the collision.

If you drive your car without updating your auto insurance policy or buying a new policy, there are serious consequences. If caught driving without insurance, you can face fines between $25,000 and $50,000, have your vehicle impounded, and your driver's licence suspended for up to a year.

Registering your new or used car

Next, you have to register your car in your province. In Ontario, the local government body is the Ministry of Transportation, but this will vary depending on where you live. Car registration isn't hard but requires some key documents and information. Bring the following with you when you register your car:

• A valid driver’s licence
• A completed used vehicle information package (if applicable)
• Proof of purchase, e.g. a receipt or bill of sale
• Proof of car insurance from an insurance company that operates in Ontario
• The original vehicle permit from the seller with the transfer portion completed
• The licence plate portion of the permit, if you have the licence plates already
• The Vehicle Identification Number (VIN) number (learn how to check your VIN number here)

Once you have all the necessary documents, visit your nearest registration office. You can make an appointment online or wait in line. Once you fill out the necessary paperwork, you will have to pay a registration fee. Costs will vary between provinces, but it pays for new licence plates and a vehicle permit.

If you purchase your car from a dealer lot, they might complete this process for you. However, you are likely on your own when purchasing from a private seller.

Contact BrokerLink to learn more about car insurance

Plenty of planning goes into buying a car. However, if you buy your vehicle at the right time of the year, you might be able to get a deal. Sometimes it's worth the wait.

Once you buy a car, you'll need car insurance coverage. If you know how much car insurance is per in Ontario, you know how winter car maintenance and regular car maintenance can reduce your rates. There are multiple types of coverage that include the following:

• Liability car insurance
• Accident benefits coverage
• Direct compensation coverage
• Uninsured automobile coverage
• Accident forgiveness coverage
• Comprehensive car coverage
• Collision car insurance
• Waiver of depreciation
• Loss of use coverage
• Roadside assistance coverage

Following our safe driving tips will keep your insurance rates low. What are you waiting for? Contact BrokerLink to insure your new vehicle today.

Get an auto insurance quote 1-866-724-2372