Timing is crucial in the used car market when shopping for a vehicle. Understanding the best and worst times for pricing can help maximize chances of securing a better deal, especially with current prices being 29.6% above pre-pandemic levels. A recent iSeeCars study analyzed over 39 million used car sales from 2023 to 2024, revealing patterns that can help consumers secure the best deal.
The best time to buy a used car
The best times to buy a used car are on New Year’s Eve and New Year’s Day, as they typically offer 47.9% more deals than the annual average of 33.1%. Dealerships are attempting to clear out as much inventory as possible to end the year on a bang. Martin Luther King Day, the third Monday in January, follows closely behind at 43.3% more deals. Christmas Eve, at +36%, and Thanksgiving, at +28.4%, also provide good opportunities.
There are also seasonal trends to keep a close eye on. During the winter months, November through February, there are increases in incentives and deals driven by reduced consumer demand due to the holiday distractions and financial obligations that pull most consumers out of the showrooms. Overall, January is the best month to purchase used vehicles.
Executive Analyst for iSeeCars, Karl Brauer, explains that dealerships often offer lower prices, and automakers offer better financing options to entice buyers back into the showrooms.
The worst times to buy a used car
Typically, the warmer months from April to August are the worst time to buy a used vehicle.
Father’s Day tends to see 33.1% fewer deals than the annual average, followed by Independence Day at -31.1%, Memorial Day at -28%, and Mother’s Day at -27.4%. Typically, April through August have fewer deals due to heightened buying activity in the warmer months and higher demand during tax refund season. The worst month to consider purchasing a new vehicle is June, with 30.4% fewer dealers.
