Is December the best time to buy a used car? Certainly, there are specific times of the year that offer better opportunities for used cars, and knowing when to buy can help you save on your purchase.
The first things most buyers consider when buying a used car are the vehicle’s condition, price, and mileage. What’s often underestimated is the importance of seasonal timing. Taking advantage of seasonal sales trends and promotions, as well as understanding the dealerships’ motivations, can maximize your savings.
Waiting until your car breaks down can leave you scrambling for a replacement. Start looking earlier so you can check deals, compare prices, and follow pricing trends. This guide shows you the ideal time to buy a used car so you can get the most value for your money.offer bonuses to their staff based on the number of vehicles sold during
Key Reasons December Brings Better Used-Car Prices
Wondering why December is the best time to buy a used car? Here are a few key reasons.
Making Place for Newer Models
New models arrive in October, and dealerships attempt to clear out the older models from their showrooms. So, salespeople are motivated to sell, and you’ll likely come across rebates, price cuts, and discounts in December. The prices will be significantly lower, and the longer a car stays on the market, the lower its price will be.
Holiday Bonuses
Dealers provide bonuses for their staff based on how many vehicles are moved off the lot in December. The more cars they sell, the more money they’ll earn. And the higher the chances, the dealership will meet its annual targets. That’s why salespeople often agree to favorable terms so that you’ll buy a car and they’ll get their sales tally for the year.
Retailers’ Competition
In December, dealerships compete not only with other car dealers but also with every possible retailer, providing sales and deals. One of the reasons for the lowest prices in December is the attraction of consumers who are distracted by so many other things throughout the holidays.
Early-Year Reduced Demand
Another factor that makes December advantageous is the slow start of the new year. Car sales tend to be low in January and February because people are recovering from holiday spending. December is the last month for dealerships to have consumers until spring. Besides, winter cold makes people huddle indoors rather than walking around the car lots.
How to Make the Most of December’s Used-Car Deals
Now that you know the best time of year to buy a used car, let’s explore how to get the best deal.
Research Market Prices
Before you visit a dealership, do your homework:
- Research prices. Various online platforms, such as KBB or NADA Guides, can help you find the fair market value of the model you want. Also, know the invoice price so you can use it as a benchmark during negotiations.
- Leverage several dealerships. Ask multiple dealerships for their offered prices and use them in negotiations, and see if others can undercut the price.
- Check listings across many marketplaces. Check out several listing sources and sites like usedcars.com to compare and find the best deal that suits your needs.
Time Your Purchase.
The best time to buy a used car in December is the final week. Schedule to shop between December 26 and December 31. This is one of the most favorable periods for buyers. As already mentioned above, there are several reasons for this.
- Salespeople are finalizing yearly goals.
- Dealerships are trying to move inventory before tax deadlines.
- Customer traffic is slower by the end of the month.
Even though late December is a busy period, it’s a perfect chance to save money when buying the used car of your dreams.
Inspect and Test-Drive Carefully
December car deals might seem magical, but don’t let the holiday buzz distract you. Slow down and make sure the vehicle is actually in good shape and worth your investment.
- Inspect the vehicle. Check the car inside and out. The in-person inspection provides a reliable assessment of the vehicle’s health.
- Check the history records. These reports offer insight into the car’s past, including previous accidents, the number of owners, service and maintenance records.
- Take a test drive. Evaluate the car on the highways and at low speeds. Listen for suspicious noises and vibrations.
In addition, get a pre-purchase inspection by a mechanic. A third-party inspection will show what might be wrong or right with the vehicle.
What About Buying in Spring and Summer?
The spring and summer months are a tough period to score a good deal. Holidays throughout this period are no exception, and you're less likely to catch a great bargain on July 4th, Father’s Day, and Memorial Day.
This is driven by social and psychological influences. Mid-year is a busy period, making it harder for buyers to focus on purchasing a car. Plus, companies don’t introduce new models in the middle of the year, and there’s no need to offload the old ones at a lower price.
Summer and spring may not be the best months to buy a car, but plenty of shoppers still hit the lots during this time. Just remember, the car may be good, but the deal might not be.
Common Mistakes to Avoid When Buying a Used Car in December
- Skipping market research: The fair market value is important in determining whether the seller’s price is reasonable.
- Missing out on a pre-purchase inspection: A thorough inspection conducted by a professional mechanic will save you from unexpected problems.
- Overlooking total ownership costs: Don’t focus only on the initial price; consider ongoing expenses like fuel economy, insurance, and maintenance.
- Falling for tempting sale offers: Watch for pushy sales tactics at dealerships. Take your time and compare the options you have. And don’t hesitate to walk away if something feels wrong.
December Car Deals: Myth or Money-Saving Strategy?
When is the best time to buy a used car? December is the perfect period for used car shoppers to catch a great bargain. It happens for a bunch of reasons: dealers want to move older cars, hit their year-end numbers, stay competitive, and get ready for the slower months ahead.
To make the most of December’s deals, do your homework before heading to the market. Research market prices, schedule your purchase for the final week of December, and don’t forget to inspect as well as test-drive the used car. With careful research and timing, December proves to be the best time of the year to buy a used car.