Unsold SUV Inventory Means Falling Prices: How You Can Find Deals
Here are some of the best deals out there on unsold 2020 SUVs as well as new 2021 SUV models.
SUV prices are dropping since dealers are finding themselves with too many unsold SUVs 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.
Current pricing deals available include previous model years of the Chevrolet Trailblazer from $19,000, Mazda CX-3 from $20,390, 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 Nissan Rogue – $25,200
The Nissan Rogue is available for just a bit over $25,000. The base model comes standard with a quality interior, manually adjustable front seats, cloth upholstery, a push button start, and a leather steering wheel. Standard features of the sport base trim Rogue 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. Other luxury features include heated and ventilated front seats, heated rear seats, and leather upholstery.
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 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.
5) 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.