Unsold SUV Inventory Means Falling Prices: How To Find Deals
If you’ve always wanted an SUV but found it unaffordable, consider acting quickly now to score your dream vehicle at an affordable price.
Due to market demand shifts and overproduction of SUVs, many dealers are left with excess inventory. 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.
Current pricing deals available include previous model years of the Chevrolet Trailblazer from $19,000, Mazda CX-3 from $20,640, Honda HR-V from $21,020, and $22.701 for Jeep Compass. These offer all the amenities of larger SUVs without the large size and gas consumption. Larger SUVs from the 2019 model year can be had certified pre-owned at even more affordable prices. Here are some other models with very attractive pricing that come with many luxurious amenities.
1) 2020 Mazda CX-3 – $20,640
The Mazda CX-3 always ranks among the best SUVs you can get for just $20,000. It has a surprisingly upscale cabin for such a low price and it is surprisingly fun to drive. The standard engine is 146 horsepower with four cylinders and it packs much more punch that you would expect. The back row and trunk has a bit less space than some other models on this list but that shouldn’t deter you from buying this car.
Standard features of the sport base trim include a 7-inch touchscreen multimedia system, HD radio, voice command, Bluetooth streaming audio, a four-speaker sound system and two USB ports. Both Apple CarPlay and Android Auto are available for all of your infotainment needs.
2) 2020 Honda CR-V – $27,645
The 2020 Honda CR-V delivers fuel efficiency, plenty of cargo space and a high end interior. The 2020 model has an updated exterior thanks to refreshing changes such as its bigger fog light openings, dark-tinted tail lights, and a larger chrome grille. It has a more powerful 190-horsepower engine and the Honda Sensing Suite offers additional driver assistance and safety features. The LX and EX trims both cost less than $30,000. The LX base model has Bluetooth, a rearview camera, 5-inch display screen, a USB port, and a four-speaker sound system. The EX trim also has heated front seats, Apple CarPlay and Android Auto, dual zone climate control, and a 7-inch touchscreen.
3) 2020 Kia Soul – $18,485
All five trims of the 2020 Kia Soul are below $30,000. Although some consider this to be a compact SUV, it has enough cargo space and a comfortable cabin that can fit four adults. The Kia Soul’s interior has flexible seating, adjustable storage, and 10-way power adjustable seats. The updated styling for the Soul includes Apple CarPlay and Android Auto, Bluetooth, USB ports, and a 7-inch screen. The Soul EX starts at $22,690 with heated front seats, wireless device charging, satellite radio, HD radio, a 10-way power adjustable driver seat, and an upgraded UVO multimedia system with a 10.25-inch touchscreen.
4) 2020 Hyundai Santa Fe – $26,125
Available in three trims, the 2020 Hyundai Santa Fe has a comfortable interior, strong fuel economy, and amazing tech features. Standard features of the SE base model include a 6-way manually adjustable driver seat with power lumbar support, fabric upholstery, remote keyless entry, and rear seat monitor. The SEL package has all of the above-mentioned features along with heated front seats, push-button start, and an 8-way power adjustable driver seat. Its starting price is $27,650.
5) 2020 Toyota RAV4 – $25,850
The 2020 Toyota RAV4 comes in six trims with the LE, XLE, and XLE Premium trims all costing less than $30,000. Standard features of the SUV include a rearview mirror, a 7-inch touchscreen multimedia system, Bluetooth, Apple CarPlay and Android Auto, USB ports, and a 6-speaker sound system. The LE model has front bucket seats, remote keyless entry, cloth upholstery, and a climate control system. The XLE costs $27,245 and features dual zone automatic climate control, a power-tilt moonroof, and a smart key system. Upgrade to the $29,940 XLE Premium for synthetic leather seating and a power-adjustable driver seat.
6) 2020 Subaru Forester – $24,500
The 2020 Subaru Forester comes in five trims that all feature four-wheel drive. It has a spacious interior, plenty of cargo space, and comfortable seats. Three of the five trims have a starting price under $30,000. The base model has automatic climate control, rearview camera, cloth upholstery, and rear seat monitoring. To get power adjustable seats, leather-wrapped steering wheel, panoramic sunroof, and alloy wheels, upgrade to the Premium trim.
7) 2020 Kia Sportage – $23,990
The 2020 Kia Sportage comes in four trims, three of which have their starting prices below $30,000. It is a reliable and safe car with roomy and upscale interior. Its standard features include blind spot monitoring, adaptive cruise control, and rear cross-traffic alert. Other features include USB port, Apple CarPlay and Android Auto, an 8-inch touchscreen, Bluetooth, and a 6-speaker sound system. Also, there are driver attention monitor, lane keep assist, pedestrian detection, forward collision warning, and a rearview camera.
8) 2020 Hyundai Kona – $20,100
The 2020 Hyundai Kona is available in five trims – the SE, SEL, SEL Plus, Limited, and Ultimate. You get a lot of great features for less than $30,000. It comes with an optional turbocharged engine for quick acceleration and its nimble handling makes for an enjoyable drive. All trims cost less than $30,000. Standard features include 2 USB ports, Bluetooth, Apple CarPlay and Android Auto, a rearview camera, and 7-inch touchscreen. You can upgrade to the Limited model for leather seating, 8-way adjustable driver seat, 1.6 liter turbocharged four-cylinder engine, and power lumbar support.
9) 2020 Chevrolet Traverse – $29,800
For under $30,000 the 2020 Chevrolet Traverse offers three rows of seating which is rare for such a low price. The L base model starts at $29,800 and comes with Bluetooth, a Wi-Fi hot spot, six USB ports, Apple CarPlay and Android Auto, and a 7-inch touchscreen multimedia system. For your safety, you get Chevrolet’s Teen Driver feature to monitor speed, a rear view camera, rear seat monitoring, and audio settings for secondary drivers.
10) 2020 Volkswagen Tiguan – $24,945
The 2020 Volkswagen Tiguan introduces standard driver assistance aids, wireless charging, and a Wi-Fi hot spot. It has a comfortable cabin, offers a smooth ride, and optional third row seating. All its models have blind spot monitoring, forward collision warning, and rear cross-traffic alert. It comes in five trims. Standard features of the 2020 Volkswagen Tiguan also include folding rear seats, a 6.5-inch touchscreen display, and Apple CarPlay and Android Auto connectivity. You can add 4MOTION all-wheel drive to any of the trim levels for an additional $1,300.
Do your own research
Seniors 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.