For decades, the holiday weekend was a great time to buy a new car, with dealers competing to sell out the last of the previous year's models to make room for incoming new cars.
If you're in the market for a used or new car this year, here's what to expect in terms of prices and availability to how to shop to get the best deal.
It hasn't been that way for a while, though. Covid lockdowns disrupted parts supply chains for car factories, making new models often hard to find. It got so bad that, for a while, almost all cars were routinely selling for above the manufacturers suggested retail price, or MSRP, something that's normally rare. Deep discounts? They were practically unheard of.
"A lot more inventory's out there now," said Eric Barbosa, business leader for the Cavender Auto Group in San Antonio, Texas. "I mean, we've got to get rid of these cars."It's not just seasonal sales hype, industry experts say. Dealers really are negotiating deeper discounts than they have in the last few years because they need the space. Overall, new vehicle inventory at dealers is the highest it's been since late in 2020, according to Cox Automotive.
Here's one big caveat. A model year may seem like just a number, but shoppers should research carefully to make sure that last year's model isn't missing features and improvements introduced on the 2024 version. For example, if you're considering the Lincoln Nautilus SUV, the 2024 model is entirely redesigned with lots of improvements including a big interior screen and customizable "digital scenting" to make the cabin smell nice.
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