What happens to the price of second-hand cars on 1st January?

Slasher

I was looking at a used car yesterday. So, in three weeks, the car becomes one year older, and of course, age is very important when it comes to the price of used cars.

Should I wait until January and look again?

Does anyone know how it works? Presumably, the dealer isn't going to reduce the price of all his used cars by 20% on 1st January.

Bigus

Would really only effect cars less than 1/2/3 years old.

bazz26

This question gets asked here frequently this time every year. Used cars don't systematically drop in price in January. Dealers drop their prices around mid November to try and clear stock before end of year in participation for the influx of new trade-ins they take in against brand new cars in the new year. I'd expect a more realistic price drop in late March when new cars sales taper off and they are trying to clear the trade-ins they took in against them.

Black_Knight

Slasher wrote: »

Does anyone know how it works? Presumably, the dealer isn't going to reduce the price of all his used cars by 20% on 1st January.

Correct!

I would guess it would depend on the year of the car. Older 2nd hand cars would likely just keep their price regardless. I've never seen it actually happen to a car I was interested in, but i'd suspect anything for sale right now would keep it's price, and any new 2nd hand stock (trade ins etc.) would perhaps get a bit cheaper as more new cars are bought in the early days of the year.

All just my thoughts though, im sure someone else here would have more practical information.