Yahoo Autos Leftover 2023 Model-Year Cars Are Your Path to a Great Deal
The car market continues to be tumultuous following the pandemic upheaval, but there are some signs of improvements for consumers. Automakers are finally stocking enough cars again for there to be leftover models from the previous year, which means customers are now more likely to see large dealer discounts.
According to the automotive research firm Edmunds, dealerships across the country are sitting on an unusually high number of previous model year vehicles thus far in May. In fact, 6.8 percent of the vehicles on dealer lots this month are from the 2023 model year. That’s up 1.4 percent from May 2023 when MY2022 vehicles made up 5.4 percent of the total share. Things are trending up as well, with May 2022 figures sitting closer to 3.7 percent. Edmunds also notes that the current inventory levels of previous model year vehicles are more in line with the levels experienced before the pandemic.
To prevent inventory from stacking up, automakers are ready to make deals on these older rides. Edmunds says that customers can expect to see an average discount of $4147 on MY2023 vehicles this month. That’s fairly significant when compared to the average discount of $1741 on MY2024 vehicles, though these figures will naturally vary depending on specific models and dealer inventories.
If you're in the market, Stellantis dealerships look like a great place to score a deal at the moment. Edmunds states that 52.6 percent of vehicles at Dodge dealerships this month are from the 2023 model year, with Stellantis putting an average of $6753 on the hoods in May. Chrysler has also offered an impressive average discount of $6252, while Jeep is sitting at $6160 through May.
American brands aren’t alone in offering great bargains. Both Volkswagen and Volvo have also offered huge discounts on MY2023 cars in May, with average discounts of $5221 and $5354, respectively. Infiniti dealers have also been offering an average of $5781 off the remaining MY2023 stock.
These sorts of discounts have all but disappeared from the market in recent years, but it’s great to see some affordability returning to dealer lots. Of course, it is always important to consider depreciation when purchasing a vehicle, and these off-year machines tend to get hit a bit more. Let us know what sort of deals you’ve been able to score this month in the comments down below.
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