A CAR dealer with over four decades of experience has revealed the exact time you should buy a new motor in the New Year to get the best deal.
Ray Shefska took to his YouTube channel to explain how the “car market correction” is set to benefit drivers in the near future.
YouTube/CarEdgeRay Shefska urged drivers to hold off on buying a second-hand car[/caption]
Along with his son Zach, Ray explained that the latest figures from valuation service Black Book have shown a decline in the wholesale prices of second-hand cars consistently over the last several weeks.
Zach explained: “We’ve talked about it on this channel before, what happens in the wholesale market will impact the resale market one, two or three months into the future.”
Based on the decline, Ray advised anybody looking for a second-hand car to hold off for between 60 and 90 days until the cut in costs in passed down to customers on forecourts.
Ray added: “The statistics bear you out.
“Ultimately we will see some drops in the retail asking price.
“Even if the dealer hasn’t dropped their asking price, it doesn’t mean they’re not willing to negotiate.
“There should be some more negotiability going forward.”
The pair also revealed which types of vehicles have seen the largest decline in wholesale price and, therefore, the ones which are likely to endure the largest cuts in the near future.
The data suggests that full-size vans have seen the steepest drop, followed by luxury SUVs and compact cars.
The latter is good news for motorists as smaller motors tend to be on the cheaper end of the spectrum anyway, so the latest developments could see some real bargains on the market by February or March.
Social media commenters loved the handy tips.
One wrote: “I’ve saved a lot of money watching these videos.”
Another added: “I was able to buy my first car with a little less stress thanks to you guys.”
It comes after a woman who lives in her minivan shared the sneaky trick she uses to save money on water.