Best Time to Buy A Used Car in 2023

Are you in the market for a used car? Purchasing a pre-owned crossover or sedan can be a great way to save while still getting behind the wheel of a vehicle in good condition. If you know a thing or two about when to shop for a used car, you’ll have an even better chance of landing a competitive price. The used car experts at Performance Kings Honda have some suggestions to share with you about the best time to head to a used car dealership. Click the link below to give us a call if you have any questions about our used car inventory in Cincinnati!

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Around Important Holidays

Many dealerships have special offers on their inventory around important holidays. These include Black Friday, Thanksgiving weekend, Memorial Day, and Labor Day. One reason for this is that more people are likely to have time to browse inventory and take a car for a test drive, which encourages dealerships to step up their efforts to attract buyers.

New Year is a particularly good holiday to aim for. It falls just after new vehicle inventory arrives in showrooms for the next model year. Dealerships are, therefore, more likely to have a larger number of used cars to be sold due to trade-ins.

If you’re interested in financing your used car purchase, major holidays could also help you land a better financing agreement. In addition to a used car’s price, dealerships sometimes have attractive terms on auto loans for you to take advantage of. Some of these loans may be available if you purchase a certified pre-owned vehicle, which is one that passes more stringent quality checks than a standard used car.

Before You’re in Desperate Need of a Vehicle

It’s best to start looking for a used car before you urgently require a new vehicle. That’s because it will allow you to check out a few options, arrange a test drive, and compare prices before you make your decision. If you wait until your car breaks down or the day before you start a new job with a long commute, you may find yourself having to settle for a used sedan or truck that doesn’t quite meet your expectations because you don’t have time to consider your options.

Another benefit to giving yourself plenty of time to complete your purchase is that this allows you to shop around for financing. While many dealerships have a professional finance department with competitive loans on offer, you may prefer to obtain a finance agreement elsewhere.

One of the most effective ways to start your search in good time is to plan ahead. For instance, if you know your family will soon be growing because of a new arrival, start considering your vehicle options a few months ahead.

At the End of the Month, Quarter, or Year

Heading to a dealership at the end of the month, quarter, or year could be a wise decision if you’re looking for the best car prices. One reason for this is that many dealerships have monthly or quarterly sales targets. If you find a dealership that’s pushing to meet its target, you may find yourself in a stronger position to negotiate a better deal with a salesperson.

Another benefit is that people get paid at the end of the month. This may help increase the number of new car purchases that are made, which is likely to increase the number of used cars in a dealership’s lot due to trade-ins. As a result, dealerships may feel compelled to offer a lower price to shift some of their used car inventory.

During the Off-Season

Whether you’re shopping for a large SUV with four-wheel drive (4WD) or an open-top convertible, there’s likely to be an off-season for the type of vehicle you want. For instance, convertibles are less popular in the middle of winter when the temperature is cold than they are in the summer when the weather is warm. SUVs with 4WD or all-wheel drive (AWD) gain in popularity in the fall when schools go back and the weather starts to deteriorate.

Try researching when the type of vehicle you want is in high demand. Then, pick a time of year when it’s less popular. This could mean you try shopping for a convertible in November or January or a large SUV with AWD in May.

In January, February, or December

According to one study, January, February, and December are the best months for car shoppers to secure a good deal. One reason for this is that these are all winter months. The weather is usually not very good, which means people are less likely to spend time browsing inventory at a dealership. Poor driving conditions also reduce the likelihood of people taking a vehicle out for a test drive.

Another reason that makes the winter months a good time for buyers is that automakers have just released vehicles from the new model year. Buyers who like to get their cars straight off the assembly line typically wait to trade-in their vehicles in the fall, when new stock arrives. By the time the winter months roll around, dealerships have completed all the maintenance the used cars require and are putting them up for sale in their showrooms.

Other months and seasons throughout the year tend to be less favorable for buyers. June, July, and August are especially bad. First, the weather is usually nice, which encourages customers to spend time outdoors browsing inventory. Secondly, trade-ins often decline during this period because vehicle buyers are waiting for the new inventory to hit showrooms in the fall.

If you’d like further assistance in securing a great used car deal, why not get in touch with our sales experts here at Performance Kings Honda? Our Cincinnati showroom has a great selection of used cars, crossovers, and trucks for you to choose from. Whether you need a compact sedan for city driving, a crossover for the whole family, or a truck to get the job done, we’re confident we can help you find the perfect pre-owned vehicle for you. We’d be delighted to chat with you by phone or in person if you stop by our Ohio dealership.

Image Credits: Honda CR-V by Amit Agarwal licensed with CC BY 2.0