Unsold SUV Inventory Means Prices are Falling
Now is the best time to buy SUVs at an affordable price. This is because SUV and crossover prices are dropping because dealers are finding themselves with too many unsold cars sitting on their lots. Due to market demand shifts and overproduction of SUVs, many dealers are left with excess inventory.
If you’ve always wanted an SUV but found it unaffordable, consider acting quickly now to score your dream vehicle at an affordable price. Let’s take a look at what you need to know about SUVs and luxury crossovers, why their prices have dropped and how you can land yourself a good deal.
Differences between SUVs and luxury SUVs
Luxury SUVs are high end vehicles with premium features. Their style and space give you a luxury feeling and a more comfortable driving experience. Luxury SUVs tend to be more spacious, which means they are more accommodating of cargo and have more leg room. Luxury SUVs often feature interiors made from high end materials like genuine leather and wood trims. They also have premium sound features and enhanced safety features such as adaptive cruise control which you won’t find on the average SUV.
Many luxury SUVs also feature powerful engines that outperform what you would find on a basic SUV. This is the result of features such as eight cylinder engines, finely tuned suspension and enhanced transmission. A combination of comfort, versatility, refinement and performance is what a luxury SUV will provide you.
What makes SUVs so affordable right now?
SUVs have become more affordable because developments in the auto market have placed considerable downward pressure on SUV prices, thus leading to a price drop.
One factor contributing to this price drop is the growth in number of off-lease SUVs that are now available. These tend to be low-mileage, well cared for vehicles that look and feel just like a brand new SUV. Off-lease SUVs are usually between 6 months to 3 years old.
The second factor is changing consumer preferences. American drivers have been ditching sedans and switching to crossovers and SUVs for several years now. Due to this shift, many manufacturers have increased their production of SUVs and offered new incentives to attract customers. These incentives usually decrease your monthly payments which can make a new SUV more affordable than you would expect.
To prove the above points, US News reports that the Mazda CX-3 can be had for as low $199 per month with a low down payment. You can also be on the road with a Toyota RAV4 for as low as $219 per month. Other manufacturers, like Jeep, have been offering 0% financing for 60 months with up to $3,7500 in cash back. This means you can buy a new Jeep Compass for under $200 per month.
Every SUV manufacturer seems to be competing for new buyers with low financing rates, cash back and free upgrades. Every month that goes by seems to offer better and better discounts.
Finding the best SUV deals
Do not drool over the first low price you see. There could be even lower prices if you come prepared to haggle at your local dealership. The more information you have before you walk into a dealership the better. We recommend having a few different models of SUV in mind that way you can choose whichever one has the best deals available.
You will find a wide range of offers from manufacturers to individual dealers online, so it is important to do your homework. We also recommend being on the lookout for when local dealerships offer inventory clearance sales. Making a purchase during such sales can save you hundreds, if not thousands of dollars.
Now is the time to take advantage of available incentives as these deals won’t last forever. Start your research today by reading online reviews for SUV models that are of interest to you. Once you know the three to four models that interest you, search to see exactly what incentives are available for them. The final step is to take all of this information to local dealerships and be prepared to haggle for an even better price. Remember that if one dealership won’t give you the discount you are hoping for you can always visit another dealership in your city and see if they will.