There are plenty of stories about how tough it is finding the new vehicle a buyer wants at a price that seems reasonable. However, for shoppers with a bit of flexibility, there are some good deals available.
New vehicle inventories are down below the 20-day supply mark as automakers wrestle with the semiconductor shortage. The lack of supply — normal is considered at least a 60-day supply — and strong demand pushed the average transaction price, according to Cox Automotive, past the $42,000 mark, which is a new record.
That said, potential buyers can still find a good deal on a new vehicle, if they’re willing to be flexible in terms of the brand or type of vehicle they’re interested in or even the financing, suggests TrueCar Inc., which follows the trends and helps connect buyers to sellers.
“We continue to see inventory shortages and decreased incentives across the industry due to global microchip production issues,” said Nick Woolard, Lead Industry analyst at TrueCar. “However, there are always models that don’t follow the broader trend and this month many of those models are in the utility segment.”
TrueCar regularly offers up a sampling of its best deals, whether a buyer plans to play cash, lease or finance their next choice. Here are the best cash deals it compiled for September:
- Buick Enclave: Average MSRP is $51,376 while the average paid was $44,921 — a savings of $4,927 or about 10 percent;
- Ford EcoSport: Average MSRP of $25,159 and average paid of $23,474 — saving 9% or about $2,189;
- GMC Terrain: Average MSRP $35,261 and average paid of $31,658 — a savings of $3,067 which is also about 9 percent;
Other good deals include the Chevrolet Equinox where the savings came in at 9% or about $2,700 and the GMC Acadia at 7% off for a bit more than $3,200 saved. Leasing often provides a great way to get into a vehicle one wants with a lower price. There are some excellent savings to found, including:
- Hyundai Kona Electric: a 35% savings off MSRP
- Lincoln Corsair: a 24% savings off MSRP
- Hyundai Elantra: an 18% savings off MSRP
Additionally, the Kia Forte (17%) and Nissan Altima (16%) are excellent deals right now. For those looking for a good finance offer, the Nissan Murano (15% off MSRP), Dodge Challenger and Charger (14% and 13% respectively), Ford F-150 (13%) and Jeep Grand Cherokee (11%) offer the best discounts, according to TrueCar’s latest review.
You can’t always get what you want
For some, waiting a while for things to get “back to normal” seems like a viable option, but there are no guarantees that will happen soon.
For buyers who are not willing to wait, there is a realization they may need to make some changes in order to get a new vehicle sometime soon.
Kelley Blue Book found of those displaying some flexibility, 25% said they would consider switching brands, 19% said they would consider changing vehicle categories, and 18% said they would consider shifting from purchasing new to used.