Study shows winter months are best time to buy used cars

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A new study from iSeeCars.com found that December, January and February are the best times to buy used cars.

The study analyzed over 32 million car sales to find out what time of the year consumers would be able to save at least 5%, or over $1,100 off the average price of a used car. The data shows that the number of deals begins to increase as the winter season begins with Thanksgiving and Black Friday offering 2.7% more deals than average.

The number climbs to 13% through December and continues to go up as the winter progresses, peaking at 39.2% on Martin Luther King Jr. Day in January.

The worst time to buy a used car is in the summer, according to the study, which found that Independence Day offers 18.6% fewer deals than average on used vehicles. The months of June and July see 16.9% and 16.2% fewer deals, respectively.

The top 10 best times to buy a used car are below:

RankTime of year% more deals than average
1Martin Luther King Jr. Day39.2%
2January28.7%
3February22.1%
4New Year’s Eve/New Year’s Day20.5%
5Christmas Eve18.1%
6December13.0%
7March12.6%
8Veterans Day11.9%
9November6.2%
10Thanksgiving/Black Friday2.7%

The top 10 worst times to buy a used car are as follows:

RankTime of year% fewer deals than average
1July 4th18.6%
2June16.9%
3July16.2%
4Father’s Day15.5%
5September15.0%
6Memorial Day14.7%
7August14.7%
8May14.7%
9Mother’s Day10.9%
10October5.5%

 

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