A recent study reveals optimal and suboptimal times for purchasing used cars, providing insights based on comprehensive data analysis of sales figures.
Timing is a significant factor when purchasing a used car, as highlighted by a new study from iSeeCars. This online automotive search platform analyzed over 39 million used car sales from 2023 and 2024 to determine the best and worst times of the year to secure a deal. Specifically, the analysis compared the likelihood of finding a bargain on specific days and months against the annual average of 33%.
According to the study, New Year’s Eve, New Year’s Day, and Martin Luther King Day emerge as the most favorable times to purchase a used car. These days typically offer more abundant deals compared to the rest of the year. Furthermore, January and February show a higher probability of finding car deals, marking the beginning of the calendar year as a prime season for buyers.
Conversely, April through June represents a challenging period for bargain hunters, with June being notably harsh as deals diminish by over 30% compared to the yearly average. The analysis identifies specific holidays during these months that offer limited opportunities for savings, such as Memorial Day, Father’s Day, and the Fourth of July. Father’s Day stands out with 33% fewer deals than average, marking it as one of the most unfavorable times to shop.
The study suggests that after June, the frequency of deals gradually improves, making the latter half of the year, particularly from July onwards, a more promising time for potential buyers. Holidays like Thanksgiving and Veterans Day also present more chances for bargain hunters to secure a good deal.
These findings are crucial for consumers who base their purchasing decisions not only on cost but also on timing. By highlighting both peak and lean periods for deals, the data provides a strategic advantage for those looking to purchase a used car.
Understanding these timeframes can aid consumers in making informed purchasing decisions, maximizing their chances of finding a great deal when buying a used car.
Source: Fox13news
