It can be hard to gauge the best time to buy a car, particularly if you’re interested in a luxury or imported model. One month to keep on your radar if you’re looking to buy this year is October. That’s when many experts are thinking that car prices might drop, including European manufactured cars.
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But why October? Jamie Mitri of Cumberland Hill Auto Sales and Service, has a few ideas.
“One of the things that we are seeing as a used car dealership is lower interest rates on auto loans,” explained Mitri. “This always happens before and during an election. But after seeing high interest rates for years, this is big.”
In other words, if you’re on the hunt for a European car, this fall might be the month to strike while the weather is cool, but the iron is hot. Here are four European cars in particular that are expected to see significant price drops.
BMW 3 Series
The BMW is a classic European car, known for all its bells and whistles, as well as a high price tag. That could, however, change this October.
“The rise of electric competitors such as the Tesla Model 3, alongside shifting consumer demand, might impact the resale value of traditional luxury sedans like the 3 Series,” said Shawn Miller, the senior writer at Modified Rides.
Dean Bosworth, the founder of DB Car Keys, agreed. “The luxury market tends to experience price fluctuations due to depreciation, but with inflationary pressures starting to ease and the demand for luxury imports softening, we may see more aggressive discounts.”
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Volkswagen Golf GTI
Models like the Golf GTI are known to be pricey, as are many Volkswagens, but this fall you could get one for much cheaper than usual.
“With more performance-oriented cars entering the market and transitioning toward electrification, traditional hot hatches like the GTI might see price adjustments,” said Miller.
As European manufacturers push their electric vehicle lineups, traditional internal combustion engine (ICE) models are starting to feel the squeeze, according to Daniel Vasquez, auto expert and the owner of Dynamic Auto Movers.
Vaquez also pointed out how with the growth of EV adoption, “… ICE models may see discounts as automakers focus on clearing out inventory to meet rising demand for electric alternatives.”
Audi A6
Miller called the Audi A6, “a luxurious mid-size sedan that might see price drops due to the increased focus on EVs and hybrid models in the European market.”
Bosworth also estimated that the demand for fuel-efficient cars, inflation stabilization and the continued rise of electric vehicles are likely to drive this market shift, bringing down the price of a European made vehicle like the Audi A6.
Mercedes-Benz GLC
A Mercedes-Benz is synonymous with luxury, not to mention the expense that comes with it. Only now, this fall, you might not have to be a millionaire to finally own one.
“The competitive luxury SUV market could see a downturn in prices for gasoline-powered models like the GLC as hybrid and electric versions become more popular,” explained Miller.
Moreover, Bosworth added that “rising repair and maintenance costs for older European models often discourage second-hand buyers, further driving prices down.”
Get Prepared To Buy
While there is no clear cut way to know if European auto prices will actually take a dip in price come October, there’s a good chance they will and when it happens, you’ll want to be ready at your local dealership.
“The fall season is often a key time for dealerships to adjust pricing as they prepare for new models to arrive and aim to hit year-end sales targets,” said Bosworth.
Better yet, “… a potential economic slowdown could impact consumer spending, pushing car dealerships to offer steeper discounts,” he added.
As a final note, Mitri advised potential car buyers to take advantage of the lower interest rates. He said, “It’s not necessarily the initial car cost that will be lower, but if you opt for an auto loan, you will save money in total with the lower interest rates.”
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This article originally appeared on GOBankingRates.com: 4 European Cars That Will Have Massive Price Drops in October 2024
