Did you wait to buy a car this holiday? See 10 best times to purchase a used vehicle
Looking for a used car to buy as a present for yourself or a loved one this Christmas?
The latest study by iSeeCars suggests the longer you hold off the better.
Shoppers who wait for the end of the year to buy a used car can find 36% more deals than average on Christmas Eve — and 48% more on New Year’s Eve and New Year’s Day, according to the study. Those are the best holidays for used car deals.
The opportunities simply get better if you put off that instant gratification at least through February, the study shows.
“Most people have a sense that car shopping slows down during the winter months, with car dealerships often struggling to find customers,” Karl Brauer, iSeeCars executive analyst, said in a statement released with the results of the study. “Looking at pricing data confirms the drop-off in used car values between November and February, as dealers slash prices and automakers lower interest rates in an effort to draw buyers onto lots amid cooler temperatures and holiday distractions.”
iSeeCars, an online automotive search engine that helps users find and compare cars, analyzed more than 39 million used car sales to determine the chances of finding a good deal at various times of the year. Researchers defined a deal as a savings of at least 5%, or $1,386, off the average used car price of $27,726.
Other highlights of the study include:
▪ New Year’s Eve and New Year’s Day as the best times to buy a used car, piling up 47.9% more deals than average.
▪ Martin Luther King Day is the second best day to buy a used car, 43.3% more deals can be found.
▪ November through February are the best months for getting that used car deal.
▪ Father’s Day may be the worst holiday for nailing down a used car deal, followed by July 4th and Juneteenth.
▪ April through August are the worst months.
In the end, shoppers can use the average temperature of a given month as a guide to used car prices, Brauer suggested.
“The warmer the temperature, the more you’ll pay,” he added.
