Memorial Day weekend just got a whole lot more memorable for car buyers as an oversupply of vehicles from last year is forcing them to let go of existing inventory for much lower than their usual sticker price at lower interest rates.
The auto research firm Edmunds estimates that there are 6.8% more 2023 models at dealerships this year than there were 2022 models last year at 5.4%.
This marked increase in surplus inventory has turned the industry on its head, turning it into a buyer’s market where last year’s models are priced at twice the discount of 2022 models (an average discount of $4,147 compared to $1919).
Be warned, not every vehicle is being sold at a lower price. For example, tricked-out SUVs can be had for cheap, which is great for families. However, if you’re looking for a starter car that can get you from one point to another, they’re still just as hard to get as before.
If it’s any consolation, electric vehicles are part of the cars that dealers around the nation are having a hard time selling. Between manufacturer discounts, dealer discounts and federal tax credits, those who have the means to do so can finally afford to buy an EV without worrying too much about hurting their bank accounts.