It may seem that there hasn't been a good time to buy a used car since before the pandemic. Prices have dropped significantly for car buyers since the peak in 2022, but they are still higher than they were before COVID. If a bad experience during that period has prompted you to shop around for the best deal before purchasing your next used automobile, then that's smart thinking. However, finding the best prices depends not just on where you shop -- it also matters when you're looking.
Statistics show that June is the worst month to buy a used car, as that is when you'll see the fewest deals on used car inventory. Many cite the warmer weather motivating consumers to get out of the house and go car shopping, increasing demand. However, June is also several months away from the release of the new model year for most vehicles. That also increases demand for used cars, giving dealerships no incentives to drop prices.
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Other Bad Times To Buy A Used Car
Really, the entire summer and late spring are bad times to buy a used car. Dealers just don't have a lot of incentive to offer used car deals that will net buyers significant savings in April, May, June, and July, which means the final price of the car you find will likely be higher than it would at another time of year.
Why is this? People venturing out of doors during the warmer weather and the fact that new model year releases are still months away certainly contribute to the increased demand for used cars. However, there's another important reason why it's hard to find a deal in April or May -- that's when people get their tax refunds. Many consumers choose to spend those refunds to buy a car or make a down payment.
The holidays that land in late spring and early summer don't help either. Mother's Day, Memorial Day, Juneteenth, July 4th, and Father's Day all see a low number of dealerships offering lower prices on their used inventory. They will often promote these days in connection to sales, but in reality, these are still bad days to try to find deals that actually offer significant savings.
When Should You Shop For A Used Car?
January is by far the best month to shop for used cars as that is when you'll see the most dealerships offering deals on their pre-owned vehicles. Why? It's because this is the time of year they start to receive units of the new model years, which in turn motivates them to get rid of their older inventory. The months around January -- specifically November through February -- are good months to find deals, as well.
This is especially true when it comes to holidays that take place during that time. You can expect to find the most deals for used cars around New Year's, Martin Luther King Day, Christmas Eve, Thanksgiving, and Black Friday. People are either busy with things other than car shopping on those days or are inside due to the weather. That makes those holidays prime times to hunt for a good deal on a used car. So, if you're looking for the best deal on a used car, shop around but also be mindful of the calendar.
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