March is often viewed with caution by those looking to buy a new vehicle, fearing higher prices due to the arrival of new registration plates.
Contrary to this belief, March could be the best time for both buying and selling.
Opting for a vehicle with the latest registration plate not only enhances its resale value but can also positively impact your finance terms if you’re leveraging a loan or finance plan. This makes the idea to “sell my car and buy a new one” particularly appealing during this period.
Considering an upgrade? Explore trading in your vehicle with us for a newer version.
If the newest registration isn’t a priority, March still offers value through discounts on pre-registered vehicles. However, keep in mind, the savings now might influence the future selling price.
Navigating the Best Transaction
Understanding the fine details, such as deposit requirements, mileage limits, and the final payment, is essential. Evaluate the overall expense before finalizing your decision. With current low-interest rates, securing a loan for an upgrade might be more beneficial than ever. However, watch out for hidden fees in any Personal Contract Purchase (PCP) agreement and calculate thoroughly.
The Diesel Consideration
With fuel prices relatively low across the UK, diesel hasn’t seen the same price drop. Furthermore, price stability remains uncertain.
Post-“Dieselgate”, the market share for new diesel vehicles has declined. Anticipate stricter emissions testing across the industry, which could increase new vehicle prices, particularly for diesel. For diesel loyalists, acting before these regulations take effect might be advantageous.
What Else to Keep in Mind
When planning your March purchase, don’t overlook emissions and fuel economy, as the cost of driving is unlikely to decrease. Insurance rates for new cars are on the rise, influenced by various factors.
An increase in insurance tax and the more frequent presence of younger and older drivers on the road, who statistically face higher accident rates, are driving up premiums.
These factors are crucial when considering a new car purchase this March, especially if you’re looking to capitalize on registration deals and the sentiment to “sell my car.” If an upgrade is on your mind, why not check out our user-friendly app?
HonkHonk simplifies the car selling process, making it straightforward to place your car in front of a vast network of dealers ready to buy. Direct dealing with dealers means a better selling price for your car, providing more funds towards your new purchase.
