Car dealers often offer incentives and price cuts to bring in buyers. This has become more prevalent as inventories have risen from the tight level they reached during the worst COVID-19 pandemic. It applies to used cars as well. According to a new study, used car discounts are seasonal and even vary on individual holidays.
24/7 Wall St. Key Points:
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A recent analysis reveals the season and the holidays on which used car buyers are most likely to get the best deals.
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Topping the list was New Year’s Day.
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iSeeCars reported on which holidays people are most likely to get deals, compared to the national average day throughout the year. The best of these is New Year’s Eve/Day. Buyers that day are 47.9% more likely to get a deal. MLK Day is the second most likely day at 43.3%. It also falls in January. This compares to the national number for November, which was 10.3%.
Reviewing the trend, Karl Brauer, iSeeCars executive analyst, said, “Most people have a sense that car shopping slows down during the winter months, with car dealerships often struggling to find customers.” He also said that if people want a used car, they should consider buying it between November 1st and February 28th. The month during which most people are likely to get a deal is January, when 41.1% of vehicles are more likely to be sold at discounts than the other months of the year.
The iSeeCars was based on over 39 million used car sales from 2023 through November 2024. Data were separated by month, day of the month, and day of the week.
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Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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