If you’re looking to purchase a used car in the near future, CarGurus, a car research and shopping site, says that now is the time to get the best deal, rather than waiting for the hustle and bustle of the holiday season to subside.
According to a recent press release, the “CarGurus’ Used Car Price Index data shows used car prices typically hit their lowest average of the year in the period between Thanksgiving and the first week of January, before rapidly correcting by February as demand comes back in the New Year.”
Kelley Blue Book makes a similar recommendation about buying a used car now, rather than later. They expect there to be fewer leases and trade-ins, so as the demand for used cars continues to increase without a gain in supply, prices will climb.
CarGurus Founder and CEO Langley Steinert attributes the price drop to relatively low demand during the holiday season. With lower demand for used cars, dealers will likely be more generous in their negotiations in order to make sales.
“However,” Steinert says, “demand will come roaring back in the New Year, and dealers will be quick to adjust their prices.”
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