When is the best time to buy a car? The months of the year that could save you money

Martin Lewis gives money-saving advice on VED car tax

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According to experts from Motorparks Volvo, a lot of this is to do with the number plate your new vehicle is sporting.

Typically, cars that have a newer number plate will carry more value – but will also be more expensive to purchase brand new.

However, the same model but with a slightly older license plate could be the key to saving some money.

A spokesperson from Motorparks Volvo explained: “New number plates are issued twice a year in the UK.

“This happens once in March and then again in September.

“Number plates from the start of the year will take their numbers from the last two digits of the year.

“After September, 50 is added to these digits to differentiate when the car was registered.

“Therefore, in 2021, cars registered after March will have a 21 plate, and a 71 plate after September.”

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According to car experts, the “best” time to buy your new motor depends largely on what tops your list of priorities.

If saving money is key, then waiting until just before new number plates come out could be the answer.

The spokesperson said: “A newer number plate carries some prestige, and increased demand may lower your chances of saving money.

“If you’re not interested in sporting the latest number plate, buy a car just before March and September instead.

“You’ll have an immediately older number plate, but you may have a heavier wallet left to buy any little extras for your car.”

However, depending on how you plan to use your car, or if you intend on selling it in the near future, a newer number plate may be more beneficial to you.

The car experts explained: “The average car building a mileage of 10,000 miles per year will lose about 10 to 40 per cent of its value in the first year, and then 50 per cent of its value over three years.

“Therefore, waiting for the new plates to be released can give you some more selling power.

“You may have to wait just a month, but your car could be classified as up to six months newer.”

Dealerships may also have seasonal sale periods, where there are a number of buying incentives to take advantage of.

According to Volvo Guildford: “These periods usually fall in line with what we would expect from sales: they often take place on bank holidays, on Boxing Day, and on other retail holidays such as Black Friday.”

The spokesperson added: “Incentives may also be offered more towards the end of the year when sales quotas are closing.

“You may be able to find a great deal on a new car and take advantage of incentives during this time as dealerships try to meet and exceed their targets.”

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