How to Leverage Year-End Deals for Big Savings on Used Cars

Year-end car deals aren’t just for new cars and trucks – smart shoppers in the used car market can leverage new car specials for big savings. Used car prices have been steadily declining, and the timing couldn’t be better to secure a great deal. Here’s how to use market trends and negotiation tools to your advantage this December.

Why Now Is the Time to Shop for a Used Car

Year-end car buying season is well-known for flashy new car promotions, but the holidays also create opportunities for used car buyers. With dozens of 0% APR financing offers and competitive lease deals pulling buyers to new car lots, demand for used vehicles has softened. 

For used car buyers, that means one thing: leverage.

However, new car offers are so great that it’s totally reasonable for many would-be used car buyers to check them out first:

👉 32 offers of 0% APR financing. These deals won’t last!

👉 $0-down SUV leases

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👉 Up to $11,500 off MSRP on full-size trucks

Check out ALL of the best year-end deals at the CarEdge Deal Hub

Still set on negotiating the best used car deal this month? Let’s take a look at how to bring your own car buying toolkit with you to lock in big savings. With the right tools and negotiation know-how, you’ll confidently drive home a deal you can be proud of.

1. A Pre-Approval Letter for Competitive Financing

Arrive at the dealership armed with a pre-approval letter from a credit union, bank, or online lender. Not only does this save you time at the dealership, but it also provides leverage if the dealership’s financing offers can’t match or beat your pre-approved rate. Credit unions often have the best rates for used car buyers.

👉 How to finance a car like a pro (free guide)

2. Black Book Value for the VIN You’re Interested In

Knowledge is power in any negotiation, and knowing the true value of the car you’re eyeing is key. Black Book, the valuation tool used by dealerships, provides real-time data on what a vehicle is worth. Before heading to the lot, check the Black Book value for the specific VIN to ensure the asking price is fair—or to use as leverage if it’s not. Access unlimited Black Book valuations with CarEdge Insights.

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3. Days on the Lot, and Other Market Data

Dealerships want to move older inventory, and vehicles that have been sitting on the lot for a long time are prime for negotiation. Use CarEdge Insights to find out how long the car has been on the lot. If it’s been sitting for 60 days or more, you have a better chance of negotiating a lower price. 

Some used cars have been on the lot for 6 months or longer, and are HIGHLY negotiable. However, don’t expect the car salesperson to volunteer this information!

4. Free Car Buying Cheat Sheets

A car buying cheat sheet is your go-to guide for navigating the deal. Know what’s fair, identify unnecessary add-ons to avoid, and recognize when it’s time to walk away from a deal. The more informed you are, the less likely you are to overpay. Download your negotiation cheat sheets, and take them with you to the dealership!

More Tips for Year-End Used Car Buying

• Shop at the End of the Month: Dealers are eager to hit sales targets and clear inventory before the new year, making them more likely to agree to lower prices or added perks during the last days of December.
• Compare Prices Online: Don’t settle for the first deal you see. Browse local inventory online to see which dealers are pricing competitively and which cars are sitting longer than others.
• Get a Pre-Purchase Inspection: It’s always worth the peace of mind to have an independent mechanic complete a pre-purchase inspection on any used vehicle you’re serious about. If the dealer is not okay with it, that’s a deal breaker. 
• Check for Recalls: Before signing the dotted line, verify that the car hasn’t been affected by any recalls. If it has, confirm that the necessary repairs have been made.
• Be Ready to Walk Away: Your greatest strength as a buyer is your willingness to leave if the deal isn’t right. Dealers are more likely to work with you when they know you’re not desperate to buy.
• Consider Warranty Coverage: Don’t let unexpected maintenance costs hurt your finances – get the best deal on extended warranty coverage with CarEdge. Car dealers mark up their warranties by hundreds of dollars!

👉 Ask these questions when buying a car!

Take Advantage of Year-End Market Dynamics

As the year comes to a close, the combination of falling used car prices and lower demand creates the perfect storm for savings. By coming prepared with the tools and insights you need, you’ll have everything you need to negotiate the best possible deal.

For more real-time market insights and negotiation tools, learn more about CarEdge Insights (25% off!). With CarEdge by your side, you’re sure to drive home the car you want—at the price you deserve.