When Is the Best Time To Buy a Used Car?

When it comes time to shop for a vehicle, a used car can save you a lot of money. You can boost your savings even more if you know the right time to shop for a used car. From certain holidays to particular periods of time, some days really are better than others when it comes to shopping for a vehicle. This guide will help you understand some of the best times to buy a used car so you can get the perfect ride at a great price.

Around the Holidays

Certain holidays offer an ideal opportunity to buy that used car you have your eye on. If you’re looking for an extra reason to treat yourself during the holiday season, the deals you’ll find on used cars will make it easy. Some of best days to nab that deal at a used car dealership include:

• Veteran’s Day.
• Black Friday.
• Christmas Eve.
• New Year’s Eve.

Dealers offer generous incentives and sales around these holidays, and that means many vehicles come back to the dealers as lease returns or trade-ins. After a big holiday weekend sale, you’ll tend to find vehicles that need to be refurbished or shipped to auctions. Dealers will prefer to sell these used cars instead of being forced to offer a deep discount at an auction. You’ll reap the benefits with prices lower than at other times of the year.

When a Deal Is Available

Watch out for financing incentives from the manufacturer if you’re looking to buy a certified pre-owned, or CPO, car. You’ll often get interest rates well below the marketplace average this way. While CPO cars typically come with a higher price than a non-certified used car of the same model, these are also generally the only cars that offer deals sponsored by the manufacturer, and they often come with a better warranty.

In Colder Months

Different times of the year will come with different prices for cars. Some general guidelines to help you plan include:

• Winter months offer lower prices. You’ll often see dips in prices for used cars as people simply don’t want the hassle of moving through lots or going for a test drive in wintry conditions.
• Springtime comes with higher prices. You’ll see the opposite effect in the spring. Because springtime sees lots of drivers looking for a change with a new purchase, demand is very high. That drives the prices of used cars up.
• Target October through December for your purchase. In terms of specific months, the period of October through December is a prime time to buy a used car. These months see a peak of new car purchases, leading to more trade-ins coming into the inventory of used car dealers. You’ll find a better selection of used cars as well as better pricing if you shop during these months.

During the Off-Season

You can plan ahead to buy your car during that type of vehicle’s off-season when you know the kind of vehicle you want. Cars that are fun to drive in the summer go off-season in the winter, while vehicles equipped to deal with ice, snow, and other tough seasonal conditions are more popular at that time. Some general tips when considering off-season purchases include:

• Demand for convertibles is higher in the summer.
• Demand for four-wheel-drive SUVs is higher as school starts in the fall and at the beginning of winter.

Fuel prices also play a role in seasonal considerations. The price of fuel generally rises in the spring, which causes people to sell off vehicles such as SUVs that don’t have great mileage. You can often find lower prices for those vehicles as a result.

Near the End of the Month, Quarter, or Year

Car dealerships and salespeople often have quotas they try to reach by the end of the following periods:

• Months.
• Quarters.
• Calendar year.

You can often find great deals if you go to purchase your vehicle near the end of one of those periods. (Pro tip: The end of the year is one of the very best times to buy.) Shopping at the ends of these periods can lead to bigger discounts on a car and a better deal on your loan. You may even get some extras, like an extended warranty, as part of the deal.

Don’t worry if you just missed the end of the month, quarter, or year. For about a week after the last day of one of these periods, you’ll often find more cars on used car lots from lease returns and trade-ins. If you can get in there after a big rush for new cars but before dealers move excess stock to an auction, you’re in for some big savings, too.

When New Models Come Out

Car dealers see a spike in new car sales right when an automaker launches new or redesigned models. That’s good news for anyone looking into buying a used car.

Many new-car buyers are looking for technology upgrades and the latest features. As a result, when new or redesigned models are released, many people will trade in their previous-generation model for the newer version. Many previous-generation models also come back off lease when new and redesigned models are released.

The arrival of new models causes prices for outgoing models to drop, so if you go for a used version of a model that recently saw a new or redesigned release, you can save lots of money. Check when new models of your chosen vehicle are coming out and time your purchase that way.

Around the New Year’s Holiday

Trying to make the most of all this information? If you had to choose one time of the year as the best time to buy a used car, the period around the New Year is where a few of the best conditions come together:

• It’s during the winter, so demand is lower.
• Since it’s a holiday, many dealers offer special pricing.
• At the end of the year, most dealers want clear out as much inventory as possible.

Knowing the right time to shop for a used car can offer you some attractive savings. You’ll be on the road to enjoying your vehicle soon when you keep these tips in mind. Come to Hiley Hyundai of Fort Worth when it’s time to buy a used car!