With Memorial Day weekend coming, it’s no surprise to find out that experts are predicting that the roads will be packed with drivers trying to get from one family function to another. However, if some of those drivers are smart, they’re out taking advantage of new car deals.
If you’re in the market for a new vehicle, this holiday weekend often sees dealers looking to move excess inventory and since new vehicle sales have been sluggish compared with last year, dealer lots may be swollen with vehicles, according to Edmunds.com.
New vehicle inventory hit 4.06 million units in April 2019, marking the third month in a row this year that the industry saw inventory levels above 4 million. Additionally, the average days to turn (DTT) for new vehicles increased to 75 days for the industry in April 2019, a 6% jump compared to last year, the website noted.
Edmunds experts believe the best deals on new vehicles this holiday weekend will likely be found on SUVs and trucks. While they are best sellers in the market, they are moving at a rate slower than normal, meaning there are plenty sitting on dealer lots.
(Automakers still looking for top price on full-size pickups. Click Here for the story.)
According to Edmunds data, DTT for midsize SUVs hit 76 days in April 2019, compared with 63 days in 2018. DTT for large SUVs reached 82 days, compared with 68 days last year. DTT for large trucks also surpassed the industry average at 87 days.
“Car shoppers can usually count on decent discounts over the Memorial Day holiday, but this year we’re anticipating some blockbuster bargains, including deals on SUVs and trucks,” said Jeremy Acevedo, Edmunds’ manager of industry analysis, in a statement.
“If you know that you want to buy a new car this year, this holiday weekend might be the best time to jump into the ring. Automakers are going to be scaling back production this summer to address weakening demand, and given how expensive financing has become, they won’t have the resources to throw as much cash onto other summer sales events this year.”
(Click Here for details about how April sales fell.)
U.S. News & World Report has gone a step further, developing a list of the top 15 Memorial Day new vehicle deals, which include:
- 2019 Kia Sorento: 0% financing for 66 months plus $2,000 bonus cash
- 2019 Chrysler Pacifica: 0% financing for 60 months plus up to $4,250 bonus cash
- 2019 Buick Enclave: 0% financing for 72 months
- 2019 Ford F-150: 0% financing for 72 months
- 2019 Subaru Outback: 0% financing for a limited term
- 2018 Hyundai Sonata: 0% financing for 60 months plus $2,000 bonus cash
- 2019 Ram 1500: 0% financing for 36 months plus up to $3,500 bonus cash
- 2019 Toyota Highlander: 0% financing for 60 months
- 2019 Dodge Challenger: 0% financing for 36 months plus $1,250 bonus cash
- 2019 Hyundai Kona: 0% financing for 72 months
- 2018 Chevrolet Colorado: 0% financing for 72 months plus $1,000 bonus cash
- 2019 Nissan Altima: 0% financing for 36 months plus $2,000 bonus cash and no payments for 90 days
- 2019 Mazda MX-5 Miata: 1.9% financing for up to 72 months
- 2019 Ford Escape: 0% financing for 60 months plus up to $2,750 bonus cash
- 2019 Kia Soul: $2,000 cash back
They also note that there are plenty of leasing deals that vary from region to region so it’s best to check the dealer’s website before heading over there.
“Holiday weekends can get extremely busy at the dealership, but with a little bit of planning and thoughtful strategy, you can still get into your perfect car with enough time to enjoy your extra day off,” said Matt Jones, senior consumer advice editor at Edmunds.
(To see more about auto insurers hammering distracted driving violators, Click Here.)
“Try to do most of the work now, so by the time the weekend rolls around, you already know what car you can afford and whether you are leasing or buying, and you’ve narrowed your car list to about three models at most.”