WASHINGTON, D.C. – With inflation battering the wallets of hard-working men and women throughout the country, and used car prices still 29.6 percent above pre-pandemic levels, people looking for a new set of wheels are always keeping their eyes peeled for a bargain. And according to a new report, the price you may pay for a pre-owned vehicle can vary wildly depending on what time of year you decide to go shopping, so as a savvy consumer it’s always best to be armed with the most up-to-date information about the best and worst times to do so.
In order to determine the best times to secure a good deal, over 39 million used car sales from 2023 and 2024 were analyzed, said iSeeCars executive analyst Karl Brauer, who noted that for the purposes of their report, a “good deal” is considered to be a savings of at least five percent when compared to the vehicle’s fair market value.
The average chance of finding a deal at any point of time during the calendar year is about 33.1 percent. However, the iSeeCars report revealed that consumers often tend to find better prices on pre-owned vehicles on major winter holidays such as New Year’s Day, New Year’s Eve, MLK Day, and other winter holidays, as well as the general winter months overall.
The reason for this is that people are less likely to go out car shopping while distracted by holiday events, or during cold, inclement weather; as a result, dealerships will often mark down prices and/or be willing to haggle with a motivated buyer.
In contrast, the worst times to set out in search of a deal are during warmer months, typically starting in March and running through June, as buying activity generally begins to rise and consumers – fueled by spring-time tax return refunds – are much more likely to venture out to car lots. Because of this, dealers will often mark up prices for their wares, and be much less willing to budge when confronted with a frugal customer.
Holidays including Father’s Day, July 4th, Memorial Day and Mother’s Day tend to offer the least amount of deals, as well.
Most people have a sense that car shopping slows down during the winter months, with car dealerships often struggling to find customers,” said Brauer. “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 the holiday distractions.”
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.