When you go into a supermarket, the products you see on the shelves were carefully chosen to be there. If the owners wanted to put a new product on the shelves, they would have to pick and choose which current products to remove to make space. This concept of shelf space is similar to what car dealerships have to go through every year. In order for them to make room for the next year’s inventory, they need to get rid of their old inventory to make space, and many times they’ll even take a loss and sell the older cars for cheap to do so.
It’s no secret that prices for many different things have trended upwards in 2023. Vehicle prices are no different, but that doesn’t mean it’s not a great time to buy a new SUV. Slowing numbers means that dealerships are constantly shaking things up with sales and deals, which is great news for a patient consumer. You just have to be aware of what to look for and where. As long as you are willing to put in a little bit of work, that extra time could mean lots of extra savings. Now is the time to make your move on that new SUV.
Timing For New Inventory
Normally, you will start to see the next year’s models start trickling in starting halfway through the year. However, this timetable is a little bit more behind than normal. While that seems irrelevant to someone looking for a deal now, it’s actually very important.
Car dealerships can’t just wait around and hold onto old cars while waiting for the new inventory. When the new vehicles arrive on the lot, they will need space to store them right away. This is why now is a great time to buy an older SUV, because sellers need to start making room. When they can’t sell fast enough, they will start to slash prices as an incentive to prospective consumers. That directly translates to big savings for you.
The same logic applies to SUVs that aren’t as popular. If you really want to save some cash, settle on a car that isn’t trending. Dealerships will likely be eager to offload vehicles of this kind on anyone who shows interest. Either way, it means you can save a few dollars and they can make more room for new stock.
The obvious downside to buying an older car is that it won’t have all the newest toys. If you are really serious about saving money though, it is definitely an avenue worth looking into. Just do your research to see what companies are releasing new models and when, and using that information to bolster your bargaining power.
Be Sure To Shop Around
Speaking of deals, the sticker price is only part of the payment equation. Financing rates are at an all-time low, which could help you get the perfect car. In addition to that, deals and incentives at different dealerships can vary. Be sure to do your homework before signing your name on a dotted line. A good place to start is to sign up for a few dealership newsletters to be sure you are fed the latest numbers and information. Spam can be very annoying, but that’s just one of the weapons available to consumers to keep up with trends.
One thing to look out for are deals for SUVs that cost in between $20,000 and $30,000. Vehicles in this range didn’t seem to sell in high numbers during the recent economic crisis. A reason for this may be that the demographic that normally buys cars in that range were hit particularly hard. A surplus in inventory combined with a customer base that isn’t as active may mean big savings for you.
Being Flexible = Lower Costs
Being armed with the knowledge of the lowest rates and the best SUVs to buy isn’t enough. The easiest way to get a great price on a vehicle is to stay flexible and having an open mind. After all, being willing to make a compromise here and there could translate to big bucks.
Being dead set on a particular model could make it hard to find a deal. This is especially true if you want a 2023 model, since dealerships won’t have a problem selling those on a normal basis. Besides, most vehicles made in the last few years should still have newer tech like backup cameras and safety sensors. Also, be willing to consider SUVs you didn’t originally think of when doing your research.
If you do have your heart set on a certain brand though, remember that different dealerships won’t have the same prices or deals on the same SUVs. Looking up several different sellers online beforehand can save both time and money. Combine this tactic with everything else you’ve learned to maximize your savings. Shop for older models, be aware of valuable incentives, and do your research ahead of time. With that, you are sure to drive home with a new ride without breaking the bank
Hyundai Venue
Starting price: $19,250
Engine: 1.6L 4-cylinder
Horsepower: 121 hp
Fuel economy: 27 mpg city/32 mpg highway
Features: Apple CarPlay and Android Auto, 5-inch touchscreen display, Bluetooth, rearview camera
Kia Soul
Starting price: $19,990
Engine: 2.0L 4-cylinder
Horsepower: 147 hp
Fuel economy: 24 mpg city/29 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, UVO infotainment system
Chevrolet Trax
Starting price: $19,995
Engine: 1.4L turbocharged 4-cylinder
Horsepower: 138 hp
Fuel economy: 25 mpg city/32 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, Teen Driver system
Nissan Kicks
Starting price: $19,990
Engine: 1.6L 4-cylinder
Horsepower: 125 hp
Fuel economy: 31 mpg city/35 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, NissanConnect infotainment system.
Ford EcoSport
Starting price: $19,995
Engine: 1.6L 4-cylinder
Horsepower: 123 hp
Fuel economy: 23 mpg city/30 mpg highway
Features: Apple CarPlay and Android Auto, 6.5-inch touchscreen display, Bluetooth, rearview camera, Ford Co-Pilot360 safety suite
Mitsubishi Outlander Sport
Starting price: $19,995
Engine: 1.5L turbocharged 4-cylinder
Horsepower: 168 hp
Fuel economy: 24 mpg city/30 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, blind spot monitoring
Kia Rio X-Line
Starting price: $18,090
Engine: 1.6L 4-cylinder
Horsepower: 120 hp
Fuel economy: 27 mpg city/36 mpg highway
Features: Apple CarPlay and Android Auto, 8.0-inch touchscreen display, Bluetooth, rearview camera, UVO infotainment system
Hyundai Kona
Starting price: $18,150
Engine: 2.0L 4-cylinder
Horsepower: 147 hp
Fuel economy: 25 mpg city/32 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, Hyundai SmartSense safety suite
Nissan Sentra
Starting price: $18,990
Engine: 2.0L 4-cylinder
Horsepower: 149 hp
Fuel economy: 28 mpg city/37 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, Nissan Safety Shield 360 safety suite
Mazda CX-3
Starting price: $18,600
Engine: 2.0L 4-cylinder
Horsepower: 155 hp
Fuel economy: 25 mpg city/32 mpg highway
Features: Apple CarPlay and Android Auto, 7-inch touchscreen display, Bluetooth, rearview camera, blind spot monitoring
