Buckle Up for Used Car Savings this Holiday Season
CarGurus Reports Average Used Car Prices Down More Than 3% Since Spring Peak
CAMBRIDGE, Mass., December 4, 2015 -- Think outside of the gift box when shopping this holiday season, suggests CarGurus (www.cargurus.com), a leading car shopping and research website. According to the CarGurus Used Car Price Index, this is the optimum time of year to buy a used car. The average price of a used car is down approximately 3 percent from the annual peak in May 2015, and is projected to drop by another 1.5% through the end of January.
“The holiday season can be a great time for shoppers to save on a used car purchase, as prices are typically at their lowest for the year and dealers tend to be very motivated to close sales,” said Dave Galvin, Director of Data Analytics. “For consumers considering a car purchase in the next year, it is worth getting into the market now to capitalize on these seasonal savings.”
CarGurus' analysts note that the greatest savings for consumers will be found on small and mid-size cars, as prices on SUVs and trucks have held stronger this Fall. Prices in all categories are forecasted to rise sharply starting in February and through the Spring, as consumer demand comes back.
CarGurus suggests that consumers research price, vehicle history and dealer reputation any time they shop for a car. By visiting the CarGurus site at www.CarGurus.com and using the company's mobile app, shoppers can search local listings and quickly identify the best deals from top-rated dealers.
CarGurus analysts examined past and current seasonal price trends based on data from the CarGurus Used Car Price Index, which has tracked list prices on millions of used cars since 2010. More information on CarGurus' used car price trends can be found here.
With more than 15.5 million unique monthly visitors, CarGurus (www.cargurus.com) is the fastest growing automotive research and shopping website in the United States. The company was founded by CEO, Langley Steinert, also a co-founder of TripAdvisor, and has world headquarters based in Cambridge, Massachusetts. CarGurus serves shoppers and dealers in the U.S., Canada (http://www.cargurus.ca), and the UK (www.cargurus.co.uk).