Maximizing Savings: The Ideal Times to Purchase a Used Car
Purchasing a vehicle often comes down to necessity, but if the goal is to score the best deal, the current season might present excellent opportunities to cut costs on a pre-owned car. The prices for used vehicles surged during the pandemic; however, they have seen declines this year, becoming more stable. It’s always advisable to search for the most favorable price before making a commitment.
A study from iSeeCars examined sales trends for used cars from 2023 through November 2024, aiming to identify the likelihood of finding discounts on various days, months, and holidays. Discounts can be found at any time, but some days yield better opportunities than others, and many of those days are just around the corner.
Optimal Times for a Used Car Purchase
This report reveals the most advantageous holidays to consider when buying a used vehicle. Remarkably, the chances of discovering a great deal on New Year’s Eve or New Year’s Day are approximately 50% higher compared to a typical day. Below are the top days to find savings on used automobiles:
- New Year’s Eve/Day
- Martin Luther King, Jr. Day
- President’s Day
- Christmas Eve
- Thanksgiving/Black Friday
- Halloween
- Columbus Day
- Veteran’s Day
In addition, the months of January, December, February, and November are identified as the best times to snag deals on pre-owned cars—making fall and winter particularly advantageous for buyers. This pattern may be attributed to a rise in new car purchases, resulting in more trade-ins and an increased inventory of used vehicles.
This pattern aligns with the typical end-of-year sales on new cars, as dealerships strive to meet sales targets and clear out inventory for incoming models. However, as noted by Edmunds, this trend hasn’t been as pronounced in recent times.
Times to Avoid Purchasing a Used Car
Conversely, summer months are typically the least favorable for buying a used car if you aim to find bargains. Key holidays like Father’s Day, July 4th, and Memorial Day generally offer fewer discounts, with June, May, and July following this negative trend.
Lastly, while in the market for a used car, it’s essential to be vigilant about warning signs that may indicate potential issues.
