When Is the Best Time to Buy a Used Car?

Buying a car is a significant investment, and timing can make a big difference in getting the best deal. According to a recent study¹, certain times of the year offer better opportunities for savings on used cars. Let's dive into the details and find out when you should plan your car purchase.

Best Times to Buy a Car

The study analyzed over 39 million used car sales from 2023 and 2024 and found that the best times to buy a used car are during the winter months and specific holidays. Turns out January and February are great for car shopping due to the holiday car sales. Usually, the best deals out there are during these winter months. Other holidays you should plan to shop?

• New Year's Eve and New Year's Day: These days offer the highest chances of finding a great deal.
• Martin Luther King Day: This is the second-best day to buy a used car.
• Presidents' Day and Christmas Eve: These holidays also provide good opportunities for savings.

Why Winter Car Deals Are the Best

Winter months, particularly from November through February, are ideal for car shopping. During this period, car dealerships often struggle to find customers due to colder weather and holiday distractions. As a result, dealers slash prices and attract buyers. This makes it a perfect time to find a good deal on a used car.

Seasonal Fluctuations in Car Prices

Seasonal car prices? Is that a thing? Yes. Car prices often change with the seasons. You’ll see other car price fluctuations during late fall and winter. Prices may drop as dealerships try to clear inventory before the end of the year. This period can be beneficial for buyers looking for deals. Spring and summer tend to see a price increase. Tax refunds and nicer weather boost buying interest, leading to higher demand and prices. Those considering a used car might find better deals by purchasing during off-peak seasons. These patterns can change due to economic shifts or supply chain issues. Understanding this can help you plan your purchase more effectively.  

Impact of New Model Releases

New car models usually come out in late summer or early fall. This triggers a drop in prices for older models. Dealerships aim to sell previous models quickly, offering discounts and promotions.

Worst Times to Buy a Car

On the flip side, the study found that the worst times to buy a used car are during the summer months and certain holidays. Father’s Day, July 4th, and Juneteenth are among the worst days to find a deal. Additionally, the months of April through August offer fewer opportunities for savings.

Car-Buying Tips

If you are ready to start shopping, try these tactics:

• Plan Ahead: If you can wait, plan your car purchase around the best times of the year to maximize your savings.
• Do Your Research: Look for deals and compare prices from different dealerships to ensure you get the best offer.
• Be Flexible: Being open to different models and years can increase your chances of finding a great deal.