This Is The Worst Time Of Year To Buy A Used Car, According To This Study

Buyers looking for a used car will naturally want to get the best deal they can, but there are many factors that can contribute to how likely they are to score a bargain. Alongside avoiding common car buying scams and doing your research before heading to a dealership, there are other factors like the time of year that you buy a car that can make a significant difference. Some parts of the year see used car dealers offer deeper discounts than others, while at other times of year those discounts might not be so generous even if the dealership still has promotions running.

Research platform iSeeCars analyzed close to 40 million used car sales across 2023 and 2024 and put together a report with the months and holidays that buyers are most and least likely to get a good deal. According to the report, June is the worst month of the year to buy a car, with 30.4% less deals available compared to the average across the year. May and July are close behind, with 27.8% and 22.5% less deals, respectively. Certain holidays also see the best deals evaporate. Father's Day, July 4th, and Juneteenth ranked as the worst three holidays to buy a used car according to the study, with each having at least 30% less deals available than average.

Winter might be notorious for causing car troubles, but it's also the best time to start shopping if you're looking for the best used car deal. The report cites January as the best month of the year to buy a used car, with 41.1% more deals on offer than average. December and February also score well, with both seeing over 30% more good deals crop up. New Year's Eve and New Year's Day ranked as the joint best holidays to find car deals, with an impressive 47.9% more deals on offer, according to the study. MLK Day and President's Day also saw prices drop dramatically.

It's important to keep in mind the distinction between promotions and good deals. Throughout May, June, and July, dealerships will still be running promotions, but the iSeeCars study only classified a promotion as a good deal if a car was listed for at least 5% less than the platform's assessment of the car's fair market value. While used cars still aren't getting cheaper, the study is evidence that, if you don't mind shopping in the cold, you can significantly increase your chance of getting a good deal the next time you're on the hunt for a new ride.