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When to buy a used car — expert names the perfect time
The used car market has a clear seasonality, and research shows that choosing the right time to buy can save motorists a lot of money. Patience pays off because at certain times of the year, you can get not only a wider selection of vehicles, but also reduced prices.
This trend is especially noticeable in the summer and winter, when the number of interested buyers decreases significantly.
Least buyer activity
The study by carVertical, the company specializing in automotive data analytics, found significant fluctuations in buyer activity in the used car market throughout the year.
The lowest activity was recorded in June, when only 7.6% of all annual car history reports were checked on the carVertical platform. This was followed by December with 7.8%, and May accounted for 8% of reports.
Matas Buzelis, an expert at carVertical, explains that after the winter period, interest in buying cars usually increases, as people look to replace their vehicles. However, as summer approaches, activity slows down again.
"Many people prefer traveling and active recreation over buying a car," Buzelis noted.
It is during the summer season that many sellers offer attractive discounts on older models to make room for new arrivals. This creates an ideal opportunity for buyers to upgrade their vehicle by purchasing a car at a bargain price.
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High demand and prices
In contrast to the summer and winter lulls, the fall months are the most popular months for buying used cars. October (9.3% of all carVertical checks), November (8.8%), and September (8.7%) lead the way in terms of transactions.
Many buyers are rushing to buy a vehicle before winter sets in, making fall an extremely active time for the used car market. However, the increased demand at this time inevitably leads to higher prices, so buyers should be prepared to spend more if they plan to shop in the fall.
The time of profitable deals
The end of the year is also a good time to change cars. Car dealerships often offer discounts or additional incentives to meet sales targets and sell off older models before the New Year.
"Most people are reluctant to buy a car in the run-up to the holidays, so buyers may have a better bargaining position and get a better price," Buzelis summarized.
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