Current Moment Offers Optimal Opportunity for Purchasing a Used Vehicle at Discounted Rates
Current Moment Offers Optimal Opportunity for Purchasing a Used Vehicle at Discounted Rates
The optimal moment to invest in a car is when it's truly essential, but if you're in the market for a bargain, the present could be the optimal period to save the maximum on a pre-owned vehicle. Pre-owned vehicle prices surged during the pandemic, yet they've decreased this year (and developed more consistency), making it crucial to search for the best price prior to purchase.
A study from iSeeCars scrutinized used-car sales from 2023 to November 2024 to ascertain the likelihood of discovering discounts on specific days of the week, months of the year, and holidays. Although discounts can be found at any time, they may be harder (or provide less savings) on certain days—and some of the best deals are fast approaching.
When to secure the best deal on a used car
iSeeCars pinpointed the most favorable holidays of the year to explore used car deals—and it was discovered that you have nearly a 50% higher chance of finding a discount on New Year's Eve and/or New Year's Day compared to the average day. Here are the best days for deals on used cars:
- New Year's Eve/Day
- Martin Luther King, Jr. Day
- President's Day
- Christmas Eve
- Thanksgiving/Black Friday
- Halloween
- Columbus Day
- Veteran's Day
Similarly, the study revealed that January, December, February, and November (in that order) tend to offer the best deals on used cars—so if you're on the hunt for a vehicle, fall and winter are the seasons to buy. This could be partially due to an increase in buyers shopping for new cars and trading in old ones, thus boosting the supply of pre-owned vehicles.
This coincides with the overall trend of end-of-year sales on new vehicles as dealers strive to reach sales targets and make room for new models, though as per Edmunds, this hasn't been as pronounced in recent years.
When to steer clear of shopping for a used car
Conversely, summer might be the worst time to shop for a used car if you're after a bargain. Father's Day and July 4th, as well as Memorial Day, tend to provide fewer discounts than average, and the months of June, May, and July follow suit in reflecting this trend.
Lastly, when scouring the market for a pre-owned vehicle, ensure you keep an eye out for red flags.
When considering purchasing a used car to save money, the research from iSeeCars suggests that you may have a higher chance of finding discounts during holidays such as New Year's Eve/Day, Martin Luther King, Jr. Day, President's Day, Christmas Eve, Thanksgiving/Black Friday, Halloween, Columbus Day, and Veteran's Day. Additionally, the study indicates that January, December, February, and November typically offer the best deals on used cars, making fall and winter the ideal seasons to buy if you're looking for a bargain.