The auto industry has struggled in recent years, but buyers can expect deep discounts in the upcoming spring season as new vehicle inventory is picking up in USA. Post-pandemic shortages of computer chips had affected inventory, but now manufacturers are improving supply.
To attract buyers, some manufacturers may offer incentives, discounts, and good lease agreements. Although the incentives are at historically low levels, some manufacturers are offering higher incentives for certain car models. In January, the incentives increased slightly to 2.8% of the average transaction price, while two years earlier they were at 8.6%. Still, some vehicle models offer higher incentives than the industry average. Compact SUVs and midsize cars had incentives around 3.5% and 4.5%, respectively, while electric vehicles and minivans had the lowest incentives.
The average transaction price for a new vehicle has been above the average sticker price for more than a year.
In January, the median sales price of a new vehicle fell slightly to $49,388, a 0.6% decrease from December, thanks in part to better supply. Car manufacturers offer discounts to lure buyers toward older or slow-selling car models and open up the market for newer car sales.
For those interested in buying a new car in the upcoming spring season, it is advisable to search regionally, as local branches may also offer incentives to encourage purchase. Incentives may vary by make and model.
High-priced car brands like Acura, Alfa Romeo, Buick, and Infiniti currently have relatively high incentives.
It’s important to note that your credit score is essential to getting a good deal, especially if you’re not buying the car outright. The higher your score, the more room you have to negotiate.
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