buying Best time to buy a used car: The months and surprising holidays to score a deal

Happy Honda Days and a cheerful Toyotathon to all. It's easy to think the holiday season is the perfect time to buy a car, but for those shopping the used car market, surprising new data shows it may pay to wait it out for just awhile longer. A new study with loads of data from iSeeCars indicates not only the best months to sign on the dotted line for a used car, but also the best holidays ripe with deals.

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Let's start with the most interesting part of the data: holidays. While Black Friday deals existed this year, it's actually not the best "holiday" to buy a used car. That day is Martin Luther King Jr. Day. For some reason, dealerships slap a lot of savings on used cars for the day we honor the work of MLK Jr. The study looked at 32 million used car sales from 2018 and 2019, specifically focused on deals where buyers saved at least $1,100 on the average $22,000 price of a used car, and MLK Jr. Day provided 39% more deals than average.

Audi begins participating in our least favorite automotive trend

Subscription-based features kind of suck, but now, Audi rolled out its first pay-to-play functions in Germany.This past Thursday, Audi revealed it began rolling out "functions on demand" as it named the service. The language may differ, but the idea is the same: pay for various features if and as you want them. For example, Audi said its two electric cars , the E-Tron and E-Tron Sportback support LED headlight upgrades owners can purchase at any time. Instead of standard LED headlights, owners can purchase a subscription to the company's Matrix LED headlights with automatic high beams.

It is absolutely critical that you know the best time to buy a car to save thousands and avoid financial disaster. The good news is that 2020 may be one of the I’m using actual car sales data that shows the price discount by day of the week and month . Putting these and some other rules together, you’ll

Used cars will need a little extra attention from time to time : new tires, maintenance and the like. And then there are the other ownership costs shoppers sometimes If the car you're planning to buy is out of warranty, it might be a good idea to set aside a "just-in-case" fund to cover any unexpected repairs.

© Red Moon Rise/Getty Images

Right behind MLK Jr. Day is New Year's Eve or New Year's Day. Dealers are often itching to move a vehicle for the end of the year, and data showed the end of the year turned over 21% more deals than average. Christmas Eve came third with 18% more deals than average, followed by Veteran's Day with 12% more deals than average. Back to Black Friday, it makes the top five, but comes last with only 3% more deals than on average.

The months ripe for used car deals largely track with the these holidays, too. December, January and February are the best months to pull the trigger on a used car, according to the data, with 29%, 22% and 13% more deals on average, respectively. The least fruitful time for deals is the summer and early fall. June and July, specifically, top the list with 17% and 16% fewer deals than average. And don't think about buying a car for the 4th of July; there are 19% fewer deals on average, according to the data.

Used car prices jump 10%, thanks to new-car coronavirus crunch

Inventory shortages mean you're paying a lot more for a used car compared to last year, especially if you want a pickup truck.But for those moving to the used car market, it's a tough pill to swallow, too. Data shows used car prices are up a whopping 9.5% from this time last year. In dollars, the percentage increase translates to an average price hike of $2,193. The narrative remains the same, however. As more buyers can't find a new car they want due to inventory constraints, they're looking at a comparable used car. Supply and demand shows as more buyers want a used car, prices increase.

December is the best month to buy a car , followed by September, says Charlie Tatum, a When it comes to buying an engagement ring, "August is the month to get a deal ," says Apeksha Kothari How to Score the Best Deals by Timing Your Purchases. Consider industry holidays to secure deals .

Fortunately, if you buy a new or used car from a dealer It’s best to figure everything out with the car parked. Something as simple as turning on the We suggest taking the car around your neighborhood first. Take the time to make sure the driver’s seat, steering wheel, and mirrors are properly adjusted.

So, there you have it. Go forth with this purchasing power and buy wisely, used car shoppers.

These used cars are Black Friday 2020 deals

This was originally published on Roadshow.