If you’ve been thinking about buying a used or certified pre-owned car, now could be a great time to buy. CarGurus reports that used car prices have dropped 5.4 percent on average since May, and prices could fall an additional 2 percent by the end of January.
“For used car shoppers, it really is the most wonderful time of the year to find a great deal,” says Dave Galvin, director of data analytics at CarGurus in a press release. “If a car purchase is on your radar, don’t wait. Getting your search underway now could save you hundreds of dollars.”
CarGuru’s data shows that some of the biggest price adjustments can be found on used sedans and hatchbacks. Prices on used sedans have fallen 2.73 percent in the last three months to an average of $15,447. At the same time, the average used hatchback price has dipped 4.2 percent to $13,776 and used crossovers are down 1.9 percent to an average of $19,695.
So why is the holiday season the best time to buy? CarGurus reports that demand for used cars is at its peak during the spring and summer. As a result, dealers lower their prices during the winter months to attract shoppers and move cars off their lots.
If you’re getting ready to buy a used car, check out our car payment calculator, where you can look up a vehicle’s price and get estimated monthly payments before you buy. In addition, our used car rankings provide fuel economy data, safety ratings and pricing information on the model you’re considering.