If you’ve been thinking about getting a new car lately, you may be in luck. Current market conditions have made new autos more affordable than ever. Dealerships are desperate to offload unsold inventory to make space for the latest 2023 models. This allows smart online users to benefit and secure an incredible deal on a new vehicle.
There are two big reasons for why it is possible to get a nice discount on a new car today:
1. New models have been introduced before the previous ones sold.
2. Prior year models were overproduced, leading to a surplus of supply.
Both of these scenarios allow for consumers to take advantage of price drops. Dealerships are scrambling to clear out this unsold inventory, as they have to make space for 2023 models.
Are you wondering how to find these car discounts? If you’re reading this article, you’ve already got the research skills required. Looking online and comparing options is the best strategy. Read on for further details.
Gasoline, Hybrid and Electric Cars
In recent years, dealerships have experienced reduced demand for traditional gas-powered automobiles. Meanwhile, the demand for hybrid and electric cars has increased.
To be clear, the difference between traditional, hybrid, and electric cars is the way the car gets its power. Traditional cars rely on gasoline or diesel fuel to power an internal combustion engine.¹
Hybrid cars also have an internal combustion engine and can be fueled with gas just like traditional cars, but they also have an electric motor and battery. This allows them to achieve significantly better fuel efficiency and pollute the air less than conventional non-hybrid cars.
Full electric cars, unlike hybrid cars, do not rely on gas at all. They get all of their power from electrical sources. They are considered completely non-polluting zero emission vehicles.² Although they do not require any fuel to function, they need to be electrically charged regularly.
In response to the increased demand for hybrid and electric cars, a few things have happened. First, many dealerships have overestimated the demand and ordered way too many hybrid and electric cars. They need to find a way to get rid of the ones that don’t sell, and they often do this by lowering prices.
Also in response to this increasing demand, dealerships are ordering more new hybrid and electric vehicles each year. This means they’ve got a ton of new models they need to fit on the lot.
When there are 2021 and 2022 models that still haven’t sold, they need to find a way to clear them. With more and more 2023 autos to fit on the lot, there is less room for the 2021 and 2022 ones. What does this mean? Steep discounts and more affordable pricing!
How to Find the Best Deals
To find the best deals available, your best bet is to look online. Dealerships often offer online-only pricing which is cheaper than their in-person offerings. Moreover, this saves you the hassle of having to negotiate.
With a simple online search, you’ll be able to find a number of deals and incentives offered by your local dealerships.
Consider comparing multiple options as well, especially if you’ve got some flexibility on what car make you buy. Some dealerships will very often have better promotions (and more unsold inventory) than others. Naturally, doing a little bit of extra research can really pay off.
As newer cars continue to hit the dealerships and older models become irrelevant, you can expect to see car dealerships offer some incredible deals on sedans, SUVs, crossovers, hybrid cars, electric cars, and small cars alike.
So, if you’ve been planning on buying a new car, now is a great time to look for deals. These amazing deals won’t last forever, though, so you should be sure to strike while the iron is hot.