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When it comes to buying a car, timing can make a significant difference in the deals you can get. Whether you’re in the market for a new or used car, understanding the best times to make your purchase can help you save money and get the most value for your budget. In this article, we’ll explore the seasonal buying tips and end-of-year sales that can help you make the right decision for your car purchase.
Key Takeaways:
- The best times to buy a used car are the last four months of the year when new car models roll into dealerships and dealers are eager to meet year-end sales goals.
- Avoid buying a used car between May and August and during the period from Presidents Day to Memorial Day when prices tend to be higher.
- If you’re planning to sell your car, consider doing so just after Labor Day, when average listing prices for used vehicles are higher and the number of available listings is lower.
- For buying a new car, the end of the month, the last three months of the year, and holidays like Christmas Eve and Black Friday can offer significant savings.
- Timing your car purchase around model-year changeovers can also lead to savings, as dealers work to clear out older stock to make room for the latest models.
The Best Times to Sell a Car
If you’re planning to sell your car, there are also optimal times to do so. Traditionally, April has been considered the best time to sell a car. However, according to CarGurus, the best time to sell or trade in a car is now just after Labor Day. During this period, average listing prices for used vehicles are higher compared to the average week, and the number of available listings is lower. This combination of factors allows sellers to get top dollar for their cars.
It’s important to gather the necessary paperwork, such as the car title, odometer reading, maintenance records, vehicle history report, warranty information, emissions report, and bill of sale, to facilitate a smooth selling process.
Additionally, CarGurus recommends buying a used car in mid-February, which aligns with traditional Presidents Day deals and can save buyers around 2.8% compared to an average week.
| Month | Average Listing Price (Used Vehicles) |
|---|---|
| January | $16,500 |
| February | $16,700 |
| March | $16,800 |
| April | $16,900 |
| May | $16,800 |
Expert Insight:
“Selling your car just after Labor Day can be a strategic move to maximize your profit. With higher prices and lower competition in the market, you have a better chance of getting a great deal.” – CarGurus
Tips for Timing Your Car Purchase
Timing your car purchase can greatly impact the deals you can get. When it comes to buying a new car, the end of the month is often advantageous, as salespeople are looking to meet their monthly sales quotas and may be willing to negotiate on price or offer other incentives.
The last three months of the calendar year, particularly October, November, and December, are also good times to buy a new car. Dealerships feel pressure to meet year-end quotas and often offer discounts, making it an ideal opportunity for seasonal buying tips and accessing seasonal discounts.
Additonally, holidays like Christmas Eve, New Year’s Eve, Presidents’ Day, the Fourth of July, Labor Day, Memorial Day, and Black Friday are known for offering good new-car savings. End-of-year sales during these holidays can help you find the best buying times to maximize your savings.
On the other hand, for used car purchases, January, February, and December are the top months for sales. Trade-ins tend to increase after new-car purchases during the holiday season, presenting an opportunity for buyers to access seasonal discounts. Martin Luther King Day and Presidents’ Day can offer even more deals on used cars.
It’s important to note that timing your purchase around model-year changeovers can also lead to savings. Dealers work to clear out older stock to make room for the latest models, providing an opportunity for shoppers to take advantage of seasonal buying tips and find the best buying times to get the car they want at a discounted price.
FAQ
When is the best time of year to buy a new or used car?
The best times to buy a used car are often the last four months of the year when dealerships are receiving next year’s models and are interested in trading in their current vehicles. Year-end sales goals for both new and used cars may also lead to lower prices during this period. On the other hand, the worst times to buy a used car are typically between May and August when consumers wait for the release of the next model year, resulting in lower supply and higher prices.
When is the best time of year to sell a car?
The best time to sell or trade in a car is just after Labor Day when average listing prices for used vehicles are higher compared to the average week. This period also sees a lower number of available listings, allowing sellers to get top dollar for their cars. Traditionally, April has been considered the best time to sell a car, but the period after Labor Day has shown higher prices.
Are there specific months or holidays that offer better deals for car purchases?
The end of the month is often advantageous for buying a new car as salespeople are looking to meet their monthly sales quotas and may be more willing to negotiate on price or offer incentives. The last three months of the year, particularly October, November, and December, are also good times to buy a new car, as dealerships feel pressure to meet year-end quotas and often offer discounts. Holidays like Christmas Eve, New Year’s Eve, Presidents’ Day, the Fourth of July, Labor Day, Memorial Day, and Black Friday are known for offering good new-car savings. For used car purchases, January, February, and December are the top months for sales as trade-ins tend to increase after new-car purchases during the holiday season. Martin Luther King Day and Presidents’ Day can offer even more deals on used cars. Timing your purchase around model-year changeovers can also lead to savings, as dealers work to clear out older stock to make room for the latest models.
What documents should I gather when selling a car?
When selling a car, it’s important to gather necessary paperwork such as the car title, odometer reading, maintenance records, vehicle history report, warranty information, emissions report, and bill of sale. Having these documents ready can facilitate a smooth selling process and provide buyers with the necessary information about the car.
Source Links
- https://finance.yahoo.com/news/best-worst-time-buy-used-150017689.html
- https://www.usatoday.com/story/money/personalfinance/2023/08/30/best-time-to-sell-buy-used-car/70708907007/
- https://www.capitalone.com/cars/learn/getting-a-good-deal/the-best-time-to-buy-a-new-or-used-car/1293
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