Steam runs a predictable sale calendar, and knowing it is worth more than any discount code — because Steam does not issue discount codes. Discounts are applied to the product price during defined windows.
The two major sales
The Summer Sale runs for roughly two weeks from late June, and the Winter Sale for roughly two weeks from late December. These are the deepest windows of the year, and historically a title's discount in a major sale matches or beats anything offered in between.
The themed events
Smaller genre and publisher events run through the year. Discounts here are real but usually match the previous major sale rather than going deeper, so there is rarely a reason to buy in a themed event if you can wait.
Why waiting usually wins
Across a large sample of titles, the discount depth on a given game plateaus. Once a title has hit a given percentage in a major sale, it tends to return to that same percentage rather than going further — so the choice is between buying now at that price or buying at the same price later.
The refund window changes the maths
Steam refunds within two weeks of purchase and under two hours of playtime, no reason required. That makes buying at a discount materially lower-risk than at a key reseller, where refunds usually are not available once the key is revealed.
