A new study by the online automotive research and shopping site iSeeCars has found that November is the best month for deals on a used car. The company analyzed over 48 million used car sales from 2013 to 2016 to determine which holidays and which months overall had the most "deals." The company defines a deal as a discount of five percent or more.
The top two days are both in November. Veterans' day and Black Friday were number one and two respectively. These top days helped push November past December as the best overall month in which to find a deal on a used car. Thanksgiving Day is also a top deal day for used cars. Two of these days occur this week.
“Cars are one of the most expensive purchases families make, and savings of even five percent can mean $950 off the average used car price of $18,992,” said Phong Ly, CEO of iSeeCars.com. “We assessed which holidays and which months had the most deals in order to identify when consumers had the best chances of finding these savings.”
Other top used car sales days include Christmas Eve Day, Christmas Day and New Years Eve Day. “Dealers are trying to meet their annual goals in November and December, and are more likely to lower their profit margins in order to do so,” explained Ly. “These major holidays are a great reason for them to drop prices and offer promotions—especially on Black Friday, where there's increased foot traffic from shoppers looking to buy gifts or shop for bargains.”
According to iSeeCars.com's research summary, the worst holiday for deals is the 4rth of July.