According to a recent study, the average person will spend about $38,000 on car ownership throughout their lifetime. This includes the purchase price of the vehicle, as well as ongoing costs like insurance, gas, and maintenance. For many people, spending this much money on a single asset is not feasible. Fortunately, there is another option: buying a used car. Used cars offer many benefits over their newer counterparts. For starters, they are significantly less expensive. This is especially true if you buy a car just a few years old. In addition, used cars tend to be more reliable than they were in the past. This is due in part to advances in manufacturing and design and the fact that most cars now come with extended warranties.
Timing is everything if you’re in the market for a used car. Vehicle values fluctuate throughout the year, and savvy shoppers can take advantage of seasonal trends to get the best deal.
Here are six of the best times to buy a used car.
Late spring and early summer
During this time of year, dealerships are trying to clear out their inventory to make room for the new models arriving soon. As a result, they are often willing to offer significant discounts on their used cars. This is especially true for older models that are no longer in production. If you’re looking for a bargain, late spring and early summer is the best time to buy a used car.
At the end of the year
Like dealerships, people are also trying to get rid of their old cars at the end of the year. They may be looking to upgrade to a newer model or simply trying to get rid of an older car they no longer need. This is a great time to find deals on used cars.
At the end of the month
Most people are paid monthly, meaning they have more money towards the end of the month than they do at the beginning. As a result, they are more likely to be in the market for a new car. This is especially true if their current car is starting to show its age. If you’re looking to buy a used car, the end of the month is a great time to do it.
When new models are released
When new models are released, people are often eager to get their hands on the latest and greatest. As a result, they are more likely to trade in their old car for a new one. This creates a surplus of used cars, which can be found at bargain prices. If you’re patient, you can often find great deals on used cars just a few years old.
When the economy is struggling
During economic downturns, people are often less likely to buy new cars. This is because they worry about their job security and ability to make car loan payments. As a result, dealerships are more likely to offer discounts on their used cars. If you’re looking for a deal, keep an eye on the economy and buy a used car when it is struggling.
During the holidays
You can take advantage of several US holidays if you plan to buy a used car. Here are a few holidays that are especially good for finding deals:
- Memorial Day: This holiday takes place at the end of May, and it is a great time to find deals on used cars. Many dealerships offer Memorial Day sales, and you can often find discounts of up to 20% off.
- Labor Day: Many dealerships offer Labor Day sales because this is usually the busiest time for buying a used car.
- Black Friday: Like the rest of the retail industry, dealerships also participate in the Black Friday sales craze. You can often find great deals on used cars during this time on top of the manufacturer-offered incentives.
Timing is one of the most important factors when buying a used car. By taking advantage of seasonal trends, you can get a great deal on a reliable car. So keep these six times in mind the next time you’re in the market for a used car.
At The Auto Warehouse, our goal is to provide reliable transportation to customers. Low credit scores, bad or no credit, no problem. The engine of our business is integrity and respect. This is how we have achieved our impressive reputation of buying here, paying and paying here in recent years and it has made us the best qualified dealer selling used cars in Aurora, Chicago, Cicero, Melrose Park, Waukegan, and now open in Milwaukee, WI. We promise to always work to exceed your expectations. Trust us with your next car purchase.