Forget about electronics and clothes, Black Friday is the best time of the year to buy a used car, according to a new study from iSeeCars.com.
Best Black Friday used car deals
Read more: The 12 best cars to buy for 2017
The automotive research company analyzed over 40 million used car sales from 2013 to 2015 to determine the best days to shop. Deals were identified based on whether the car was listed at 5% or more below market value.
The study found that Black Friday has 33% more deals than the average day. It was followed by Veterans Day, Thanksgiving, Columbus Day and Martin Luther King Day. Overall, iSeeCars.com said November and December are the best months to buy a used car.
‘Consumers who plan on buying a used car at the end of the year are exceptionally well positioned to save money since most of the top 10 best times for deals are in November and December,’ according to iSeeCars.com. ‘After the current new car model year comes to a close around August, consumers start trading in their used cars in higher quantities, thereby increasing the number of used cars available after the summer and driving dealers to make better deals.’
In addition, iSeeCars.com found that some of the most popular vehicles on the road, including the Ford F-150 and Honda CR-V, are discounted more often on Black Friday. The Hyundai Elantra topped the list of the best used cars to buy on the day after Thanksgiving, with 230% more deals than normal.
Read more: How to buy a used car
Avoid the #1 mistake that car buyers make
It doesn’t matter when you’re buying a car, we want you to avoid a very common mistake that car buyers make.
That mistake? Not arranging financing before you head to the dealership.
Do yourself a favor and go to your credit union, online bank or even a traditional bank to pre-qualify for a car loan before you get to the lot. Credit unions offer interest rates on car loans that can be 2.5% lower than other lenders.
If the car dealership is able to beat the rate you’ve prequalified for, by all means give them a chance to make some money when they originate the loan.
But don’t let them make money by gouging you on the markup of a loan!