You Can Find Some Serious New Car Discounts at Dealerships This Memorial Day
After a bleak March and April, car dealers are slashing prices in a big way.
For reasons that we're all tired of reading about, car dealers have endured a historically atrocious two months of sales. So steep was the drop-off in March that Ford was already calling on a Cash for Clunkers reboot by early April, though now that many states have begun loosening restrictions dealers hoping for a rapid return to business as usual. To accelerate the recovery to pre-virus sales, dealers are expected to offer significant discounts on many late-model vehicles this coming Memorial Day Weekend.
According to a summary of nationwide dealer inventory data published by Edmunds, a full tenth of the vehicles taking up space on the lots of American dealerships are leftover 2019 models. Eager to liquidate old stock, dealers are offering significant discounts on many of these vehicles; with full-size 2019 pickups averaging 17% off MSRP countrywide (which may partially explain their recent sales surge). Similarly, popular body styles such as midsize SUVs and subcompact crossovers are also the subject of steep discounts, averaging 14.4% and 16.3% lower than MSRP respectively.
Those who won't settle for anything less than a current model are also in luck, as markdowns on 2020 models are also commonplace. Discounts average 13.4% off current-year full-size pickups, 11 off midsize SUVs, and 13.5 off subcompact crossovers. Between generous discounts and wide availability of zero-percent financing deals, the time to make a move for a new car might be now—if you have the means and can shop without unnecessarily exposing yourself, of course.
"If you know you're in a financially stable enough position to purchase a new vehicle, and you aren't super picky, now is a really good time to consider buying," said Ivan Drury, senior manager of insights for Edmunds. "Safety is obviously top of mind in the current situation, but the great news is that the entire car buying process can essentially be completed online and from the comfort of your own home. If you have your heart set on more specific vehicle features, options or colors, you might want to turn your attention to 2020 model year vehicles. The discounts won't be as steep, but there will be far more of a selection to choose from."
Regardless of these stellar discounts, make sure to be mindful of the global situation so you end up with the deal that's best for you.
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