The Best Time of the Year to Buy a New Honda
We are sure you’ve wondered when is the right time and the best time to buy a new car. You likely have been told by the media, family, friends, ads or even articles that the best time to buy a vehicle is when it’s the best time for you. Period.
We understand that it’s a major decision to buy a vehicle. This could be a result of a various factors: perhaps an accident causes you to write off your vehicle off; or your car needs a major repair that just isn’t worth the cost. Perhaps you even have the want and the need to upgrade your current car because you want the newest technology, features and benefits. You very well could be the planning type where you always like to replace your vehicle every few years regardless of its condition.
Whatever the reason is, it all comes down to the best time for you. If you are reading this and you belong to any of the above and have luxury of time in making a vehicle purchasing decision, you’ve already considered when is the best time to buy a new car. But it isn’t as easy as it is.
There are several factors to keep in mind as you try to figure out the right time of year to buy a new Honda.
So back to us helping you:
1. The Honda Model Cycle: The newest model year on many Honda’s is released in the fall like the 2020 Civic (Canada’s #1 Best Selling Car), Accord, and bestselling Honda CR-V, but that’s not always the case. Every so often, a new model year, or even a brand new model or redesign – gets released in the spring. Take the HR-V and the Fit for example; both were released in the springtime. But for the most part, the best interest rates, discounts, rebates, and incentive offers are available right before the end of the model year…which is NOW. Better yet, deals are aggressive when the outgoing model year overlaps with the incoming model year. But there is a drawback to waiting until the end of the model year: sometimes the availability of colours, packages, and even entire models could be limited or even sold out.
2. Sales Events: Sales Events rise with trends as much as holidays, special events, and seasonal changes. While the best interest rates and deals are often found at a model year clear-out, aggressive best deals happen when you make your way into the store. Again, when it’s the best time for you, dealership’s are ready to make things happen for you.
3. Lease Rates and Incentives: We love leasing. We love the advantages of leasing and all the benefits our clients get. If you’re considering leasing your next vehicle, there are even more factors to consider. Along with negotiating the best deal, the lease rate and residual value at the end of the lease term come into play. Residual values and interest rates sometimes decrease over the course of the model year. What you need to keep in mind is: lower the residual value at the end of your lease, better the chance of buying it out but it may not play a role in your decision to lease if you don’t plan on keeping it once your lease term is through. A misconception is that a lease payment may be lower later on in the year. That may not be the case because, while the interest rate could be lower, you’re paying off more of your car over the lease term because of a lower residual rate. Often, throughout the model year, there are aggressive interest rates for leases to be had if you keep an eye out…and right now with Honda Canada, lease rates on all models are very attractive.
4. Trade-in: This is a huge variable when it comes to buying a car at the right time. First, you want to buy something new before your current car needs repairs. One of the most common trends buyers get caught in is waiting too long to buy a new vehicle, and putting money they’ve saved for a new vehicle into repairs for their old, deteriorating one instead. Secondly, it’s best to buy before your vehicle is another year older. Every time a new model year comes out and your vehicle adds another year to its age, its value decreases. If you are looking to get the most out of your vehicle, we always recommend completing a complimentary valuation form, like we have at Okotoks Honda. Follow that with a chat with a Used Car Manager as dealerships are always looking to grow the Used Car Inventory.
5. Financial Situation: Like we’ve said a few times now, thee decision to buy a vehicle is best left to when it is a good time for YOU. While certain times of year are better than others, the Calgary marketplace for new vehicle sales is always attractive and of course, making your way outside of the city yields best deals. Car manufacturers like Honda always want to keep their vehicles moving and generating fantastic reviews and loyalty, so naturally they will have incentives to make sure of it, so no matter when you’re ready to buy, you’ll be able to find a good deal in the city and the best deals outside the city, like Okotoks.
So to conclude, you’ll find the best deal on your new vehicle at any time that’s best for you and naturally manufacturer incentives help at the end of a model year when it’s clear-out time. The deals are even better yet if the clear-out is before a re-designed model or it’s the final year of a model. Just don’t wait too long or your selection may be limited. Lucky for you, inventory is always available at Okotoks, so the best deals are guaranteed no matter when you buy.