Why Spring 2024 Is a Great Time to Buy a Used Vehicle

As the winter chill gives way to the warmth of spring, the automotive market undergoes changes that can significantly benefit those in search of a reliable and affordable used vehicle. At Landers Auto Group, we recognize the advantages that spring brings to the table for prospective buyers. Here are compelling reasons why spring is the ideal time to consider purchasing a used vehicle near Memphis, TN.

Falling Prices Amidst Supply Challenges
Despite the persisting challenges with supply shortages, recent data indicates a 4% decrease in the average used car price compared to the previous year. The average listing price at the end of January was $25,328, reflecting a notable reduction from earlier months. This decline creates a buyer-friendly environment, offering cost-effective options for those looking to make a purchase.

Evolving Inventory Dynamics
As the industry faces supply challenges, Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive, anticipates improvements later in 2024. Notably, some dealerships have found themselves with an excess of more expensive used cars, creating a unique opportunity for buyers seeking premium yet reasonably priced vehicles. The evolving inventory dynamics make the current market particularly advantageous for those looking for a touch of luxury without breaking the bank.

Tax Season Opportunities
Spring, specifically during March and April, aligns with tax season, marking two of the best months to buy a car, both new and used. This period coincides with fiscal quarters ending in March and June, motivating dealers to offer lower prices as they aim to meet their sales goals. Buyers can leverage this window to secure competitive deals and take advantage of dealerships eager to clear existing inventory.

Memorial Day Benefits
May, especially around Memorial Day, offers another excellent opportunity for used vehicle exploration. Dealerships are keen to clear existing inventory as new models arrive in the fall. This period presents a dual advantage, allowing buyers to secure reasonably priced brand-new cars from the previous year’s inventory.

Practical Tips for a Spring Purchase
To make the most of the spring buying season, consider these practical tips:
-Know your budget and what you can realistically afford.
-Understand the length of your car loan, typically around 65 months.
-Assess your driving habits and lifestyle changes to determine your vehicle needs.
-Avoid impulse buys by evaluating your true reasons for purchasing a new car.

In conclusion, spring offers a prime opportunity to explore one of our conveniently located dealership’s inventories for a quality used vehicle. You can also browse our huge used inventory online on the Landers Auto Sales website. As prices dip, inventory dynamics shift, and the market welcomes diverse options, now is the perfect time to find a reliable and affordable vehicle that aligns with your preferences and budget. Visit one of our dealerships today to discover the perfect used car for sale in Southaven, Collierville, Covington, and Memphis.