Drivers are being urged to save more than £1,000 on their next vehicle purchase, with a motor finance expert informing motorists that they could save within weeks.
Millions of drivers could be looking to upgrade their cars in the coming weeks and months, with electric vehicles, in particular, becoming more popular.
One motor finance expert has called on drivers to start looking around for a car that suits them, as the best time to save could be around the corner.
Lorna Macpherson states that the best time to save when buying a new car is the last week of June, when motorists could save over £1,180.
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Drivers could save more than £1,000 if they look to buy a car before the end of this month
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She claims that it is one of the cheapest times of the year for drivers to get their hands on a car, as salespeople will be looking to hit quarterly targets.
The motor finance expert, from Ocean Finance, said that the majority of car dealerships work to quarterly sales targets. Since June is the end of Q2, motorists could get a deal so the salesperson can achieve their bonus.
Macpherson said: "That often leads to better finance rates, discounts, or extras like free servicing or longer warranties.
"If you're looking to buy, don't hang around - the sweet spot is usually the last 7 to 10 days of the month."
She added that June and July are also strong months for exchanging parts and even selling a car privately.
There tends to be more demand for cars during the summer as people prepare to go on holiday or travel longer distances for a staycation.
Macpherson said that these factors push the price of second-hand vehicles up, adding: "If you’re trading in your current car, you’re more likely to get a better deal now than in the winter."
The latest data from Auto Trader shows that the average price of a used car was £16,825 in May, representing the second consecutive month of flat retail prices.
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This follows more than 18 months of price contractions as drivers look for the best deal while navigating the cost of living crisis.
It also showed that consumer demand for older vehicles increased. Interest in cars between five and 10 years old rose by 4.5 per cent, while those older than 10 years jumped by 10.4 per cent.
Drivers could also see discounts across different fuel types. Demand for second-hand petrol cars fell 0.5 per cent year-on-year, while diesel plummeted 9.7 per cent.
The price of a used car costs an average of £24,370, which is a year-on-year fall of 7.4 per cent, while petrol and diesel car prices grew by 0.5 per cent and two per cent.
Some older electric vehicles now cost less than petrol equivalents
GETTYAn electric car between three and five years old is currently cheaper (£18,266) than a petrol vehicle of the same age (£18,731).
Marc Palmer, head of strategy and insights at Auto Trader, said: "Retail prices are stable, demand is healthy, cars are selling at pace, and on our platform, we’re seeing huge volumes of highly engaged car buyers.
"For those retailers able to source sufficient quantity and quality of in-demand stock, this is proving to be a strong combination, with overall transactions ahead of where they were last year.
"The market may be very nuanced, but there are clearly areas of profit potential available."
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