Top 10 Best Times to Buy a Car

• December kicks off the season when shoppers are most likely to score a used car deal of at least 5% or $1,100
• Late fall/early winter months offer more car deals than late spring/early summer
• Martin Luther King Jr. Day is the holiday that offers the greatest chance of used car savings, which provides 39.2% more deals than average
• July 4th is the holiday that is least likely to provide used car savings with 18.6% fewer deals than average

A study by car search engine iSeeCars.com reveals that end of year holidays and the winter months are the best times to find a used car deal.

Analyzing over 32 million used car sales, iSeeCars.com compared specific times of the year including holidays and months of the year, as well as days of the month and week, to calculate whether consumers would be able to find more or fewer deals than average. A deal being defined as savings of five percent or more, which amounts to over $1,100 off the price of the average used car at $22,008.

“The months and holidays toward the end of the year are often touted as a great time to find a used car deal, but it’s the beginning of the year that provides the most deals,” said iSeeCars Executive Analyst Karl Brauer. “Conversely, the summer and early fall months are the least likely to bring used car deals for consumers.”

Best Times to Buy a Used Car

“While the end-of-year holidays are often touted as a great time for savings, the beginning of the year actually provides more opportunity for used car savings,” said Brauer. “This is likely because a glut of trade-ins don't hit the marketplace until after the holiday season."

Worst Times to Buy a Used Car

The remainder of the worst holidays for car deals occur in late spring through early fall. “New car shoppers are likely holding out for the next model year vehicles, which come out in late summer and early fall,” said Brauer. “As a result, they aren’t trading in their used cars so inventory is lower than normal.”

Best Holidays to Buy a Used Car

Overall, the best holidays for used car buying are those surrounding federal and retail holidays, all clustered in the late fall, beginning with Veteran’s Day and going through the winter months. "The best days to buy a car fall at the beginning of the year after new models have been introduced by automakers," said Brauer. “This is a popular time for new vehicle buyers who want to take advantage of generous incentives and rebates on outgoing model-year vehicles, and as a result, there's a high supply of used cars that dealers need to get rid of." 

Worst Holidays to Buy a Car

The Fourth of July is the holiday with the least amount of used car deals, with 18.6 percent fewer deals than average. The holidays that are in closest proximity to the Fourth of July, Father’s Day and Memorial Day, are also among the worst holidays to make a used car purchase. “These holidays occur in the late spring and summer months, which prove to be among the worst times to find a deal.” said Brauer. "This is the typical time of the year when dealers see higher demand as weather gets nicer, and there is less of a need to drive sales through lower pricing.”  

Best and Worst Months to Buy a Car

January ranks first overall with a 28.7 percent more deals than average, followed by February (22.1 percent), December (13.0 percent), March (12.6 percent), and November (6.2 percent) "There is more inventory at this time because it aligns with the most popular time to buy a new car due to dealers wanting to get rid of outgoing model year vehicles to make room for new model year inventory,” said Brauer. “Additionally, there isn’t as much foot traffic in dealerships in the beginning of the year compared to months with milder weather, so dealers are more competitive with their pricing to drive up demand.” 

Best Day to Buy a Car: Weekday or Weekend?

“Car buyers who are planning on buying a used vehicle during the holiday season will still be able to find deals, despite the current inventory shortages,” said Brauer. “However, waiting until the beginning of the year will likely provide more significant savings at car dealerships as used car inventory becomes more stable.”

Methodology

iSeeCars.com analyzed over 32 million used car sales from 2018 and 2019. Deals were identified based on whether the car was listed at five percent or more below market value. The total number of listings and number of deals were aggregated nationally at several timescales: by month, day of the month, and day of the week. In addition, the data were also aggregated for specific holidays. At each aggregated timescale, the number of deals were divided by the number of cars sold, resulting in a probability of finding a deal. These resulting probabilities were expressed as a percentage difference from the overall probability of finding an automotive deal on an average day (26.1 percent). 

About iSeeCars.com