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Should You Sell Your Car Now Or Wait? Time Your Trade-In Right
If you’re asking, “When is a good time to sell your car?”, the answer is almost always sooner rather than later. In general, your car is worth more today than it will be tomorrow. However, there are nuances for some drivers that can change the dynamic. Here’s a closer look at when selling makes the most sense, and when waiting won’t hurt.
2025 Is Almost Here
As the calendar approaches 2025, it’s important to recognize that your car’s value will drop significantly once the new year begins. On January 1st, your vehicle will effectively be considered a year older, even if it hasn’t aged by much in terms of mileage or condition. This is because most car buyers and dealerships use model year as a primary factor in determining value. If you’re thinking about selling or trading in your vehicle, now is the time to act before the new model year triggers additional depreciation.
👉 We track used car prices weekly
Mileage Matters: Watch Out for Costly Milestones
Mileage plays a big role in determining a car’s resale value. Two critical thresholds where cars typically lose significant value are at 100,000 miles and 150,000 miles. Once a vehicle crosses 100,000 miles, it’s seen as a higher maintenance risk, which can reduce its value by up to 20%. At 150,000 miles, the depreciation steepens further, as buyers become wary of potential expensive repairs. If your car is approaching one of these milestones, it may be time to consider selling before the value drops significantly.
If You Don’t Sell Before Year’s End, Wait for Tax Refund Season
If you decide not to sell before the end of 2024, your next best option is to wait until the spring, when tax refund season fuels a surge in used car demand. Historically, many buyers use tax refunds to purchase used vehicles, making it an ideal time to sell and get a better price. As demand rises, so do resale values. Timing your sale around this season can help you maximize your car’s value.
How Hurricanes Impact the Used Car Market
Hurricanes Milton and Helene brought devastation to the Southeastern US in October. As the cleanup continues, the new and used car markets are beginning to feel the impacts. With a large number of vehicles damaged by flood waters and wind, thousands of cars were taken off of the market for the time being. This has created a spike in demand and pricing, which could work in favor of sellers. However, keep in mind that replacing your car during this shortage may be more expensive, and the risk of flooded cars on the market warrants caution for car buyers and sellers alike.
All-Wheel Drive Vehicles: Sell Before Winter Ends
For those owning all-wheel drive (AWD) vehicles, selling now is a strategic move. AWD cars and SUVs are highly desirable in cold climates, making this the season when demand (and therefore resale value) peaks. As winter fades and spring approaches, buyers become less interested in AWD vehicles, leading to lower offers. By timing your sale to match seasonal demand, you can justify a higher selling price, putting more money in your pocket.
Check out the best cars and SUVs for winter driving
The Bottom Line: Should You Sell Now or Wait?
In general, holding onto a vehicle means watching its value decline. When it comes to playing it smart, the rule of thumb is to sell when demand is high and before your car depreciates further. Stay informed about your car’s depreciation with the CarEdge Research Hub, where you can compare depreciation, total cost of ownership, and more to make an educated decision about your next move. It’s free data for all!
Tesla and BMW Owners Are Most Likely To Be Upside Down On Car Loans
In our recent CarEdge Negative Equity Report, we uncovered an alarming trend: 31% of those who financed their vehicles are currently underwater on their loans. In other words, they owe more on their cars than the vehicles are worth. Among electric vehicle owners, the rate of negative equity is even higher—46% of EV drivers are upside down on their loans. Two brands stood out with particularly high rates of negative equity: Tesla and BMW. Here’s a look at just how bad the situation is for owners of these two luxury car brands.
Half of Tesla and BMW Drivers Are Underwater
The CarEdge Q3 2024 Negative Equity Report revealed that 52% of Tesla owners and 50% of BMW owners are underwater on their car loans in 2024. This is significantly worse than the industry average. Tesla owners had a median equity of -$1,718, the lowest of all car brands analyzed. In fact, Tesla was the only brand with a negative median equity. BMW drivers didn’t fare much better, with a median equity of just $421, ranking second worst among 16 brands.
How did we get here?
In 2023, Tesla slashed prices across its lineup by an average of 25%. For example, Tesla’s best-selling Long Range AWD Model Y now starts at $47,990, a drastic drop from $65,990 in late 2022. These sharp price cuts sent resale values plummeting, driving up negative equity among Tesla owners.
For BMW, the situation is less straightforward. While BMW retains about 63% of its value after three years—above average for a luxury brand—higher financing APRs have slowed equity growth. Coupled with falling resale values, BMW owners are struggling to stay above water.
A Recipe For Negative Equity: Tesla and BMW Drivers Take Out Longer Loans
Our Negative Equity Study also highlighted the impact of loan terms on negative equity. Drivers with shorter loan terms of 48 months had a median equity of $9,762, while those with 60-month loans saw a median equity of $7,041. However, longer loans of 72 or 84 months had a devastating effect on equity. Those with 72-month loans had a median equity of just $2,085, while 84-month loans left drivers with a median negative equity of -$4,920.
Tesla and BMW owners are particularly prone to longer loans. Tesla drivers had an average loan term of 66 months, with 65% of respondents having 72-month loans or longer. BMW drivers averaged 63 months, with 43% of them financing for 72 months or more. These extended loan terms put drivers at a higher risk of negative equity, especially when combined with the rapid depreciation often seen with luxury and electric vehicles.
👉 Download the CarEdge Negative Equity Report for the full picture.
What Drivers Can Do to Avoid Negative Equity
To avoid negative equity, drivers should consider sticking to loan terms of 60 months or less and making larger down payments whenever possible. Choosing vehicles with strong resale value can also help maintain equity throughout the life of the loan. For example, models like the Toyota Prius have consistently performed well in resale value rankings, while others like the Tesla Model X perform poorly.
Another effective strategy to combat negative equity is simply keeping your vehicle longer. Drivers who frequently trade in cars are much more likely to be upside down on their loans, as depreciation outpaces the payoff of their existing loans.
Compare vehicle depreciation, maintenance costs, and more with the 100% free CarEdge Research Hub. It’s insider data, for everyone!
The 5 Most Negotiable SUVs for Year-End Car Buyers
As we approach the end of 2024, now is the time to score big deals on new SUVs. Many dealerships have excess inventory, especially leftover 2023 models, making these vehicles ripe for negotiation. Here are the five most negotiable SUVs for year-end shoppers in 2024.
#1 Jeep Grand Wagoneer
The Jeep Grand Wagoneer tops the list with a 275-day supply (193% above the market average). There are 2,587 Grand Wagoneers currently for sale, and 23% of them are 2023 models. That’s the most of any mainstream model on sale today. As Jeep’s most expensive vehicle ever, with an average price of $102,479, the pressure is on dealerships to clear out old stock. Right now, Jeep buyers can take advantage of 0% APR for 36 months or 3.9% APR for 72 months. We expect these Jeep deals to get even better in the final weeks of 2024.
#2 Ford Escape
The Ford Escape is next on the list with a 160-day supply and some serious manufacturer incentives. In late October, there are 52,832 Escapes for sale nationwide, including 1,000 leftover 2023 models. Ford is offering attractive incentives, such as 1.9% APR for 60 months plus a $4,000 trade assist. Additionally, you can sign an Escape lease deal for $279 per month for 36 months with $2,429 due at signing.
#3 Dodge Durango
The Dodge Durango has a 152-day supply (62% above average), with 15,801 units on sale, including over 700 remaining 2023 models. Despite its high average price of $53,800, Dodge is offering up to $5,950 in cash discounts, making it a highly negotiable SUV this year-end sale season. Right now, you can lease a Durango for $379 per month for 36 months with $4,199 due at signing.
#4 Kia Sorento
The Kia Sorento has a 134-day supply (43% above average), and there are 31,176 Sorentos available. Kia is offering 0% APR for 48 months or a Sorento lease deal of $269 per month for 24 months with $3,999 due at signing. The Sorento received a big facelift for 2024, but remains a slow seller. SUV shoppers should use this to their advantage.
#5 Nissan Pathfinder
Rounding out the list is the Nissan Pathfinder, with a 114-day supply (21% above average) and 19,187 Pathfinders still on sale. Nissan is offering attractive incentives, including 0% APR for 36 months plus a $1,500 cash discount. If you’re looking for a negotiable SUV, the Pathfinder is worth a test drive.
Thousands of SUVs Are On Clearance
Time flies, and 2024 is already nearing its end. As 2025 approaches, dealerships are eager to clear out their remaining inventory, particularly leftover 2023 models. If you’re in the market for a new SUV, now is the time to negotiate—aim for up to 25% off the original MSRP on remaining 2023 models, and at least 10% off of remaining 2024s with high inventory.
Ready to master the art of negotiating a car deal with confidence? Sign up for Deal School, our 100% free, self-paced online course taught by CarEdge Co-Founder Ray Shefska.
The 5 Most Negotiable Trucks For Year-End Car Buyers
If you’re in the market for a new truck, 2024’s year-end sales offer the perfect opportunity to score big savings. With plenty of unsold inventory on dealer lots, especially among 2023 models, now’s the time to negotiate. Here are the five most negotiable trucks for year-end buyers.
#1 Ram 1500 Pickup
The Ram 1500 is a standout among negotiable trucks this year, with a market day supply of 166 days, 77% above average. There are 58,522 new Ram 1500s for sale, including 1,000 of last year’s 2023 models, making this a prime target for truck deal hunters. Ram is currently offering 0.9% APR for 72 months and up to $6,500 in cash savings. If you’re eyeing a Ram 1500 Classic, there’s even more reason to negotiate, as it’s being discontinued in 2025.
#2 Jeep Gladiator
With a market day supply of 134 days (41% above average), the Jeep Gladiator is another negotiable truck for 2024’s year-end buyers. There are 16,134 Gladiators currently on sale, including 1,000 leftover 2023 models. Right now, Jeep is offering 0% APR for 36 months plus $3,250 in cash discounts. For buyers looking for a versatile mid-size truck that can handle rugged off-road conditions and open-air driving, the Gladiator is hard to beat. Check out listings near you.
#3 Nissan Titan
Despite its reputation as one of the more affordable full-size trucks, the Nissan Titan is struggling to move off dealer lots. Perhaps that’s why the Titan is officially being discontinued next year. With a market day supply of 132 days (40% above average) and 3,012 Titans for sale, this truck is ripe for negotiation. The best deals right now include 0% financing for 60 months plus up to $6,590 in cash discounts.
#4 GMC Sierra 1500
There’s an oversupply of GMC Sierra 1500s right now (116 days of supply), with 48,349 units still on sale, including 750 leftover 2023 models. For those looking for the best truck incentives, GMC is offering zero percent financing for 36 months plus up to $5,000 in cash discounts. For those checking out Sierra 1500 lease deals, the Sierra 1500 Crew Cab is available for $389 per month for 24 months with $3,609 due at signing.
#5 Ford F-150 Lightning
While the Ford F-150 Lightning has a market day supply of 73 days (below average), it’s the 459 remaining 2023 models that make this truck highly negotiable. With 10% of all new Lightnings being last year’s models, there’s room for big discounts with negotiation know-how.
Electric trucks have very rapid depreciation right now, so approach these deals with caution. Ford is currently offering 1.9% APR for 36 months, or buyers can lease the XLT Standard Range for $371 per month with $6,930 due at signing.
Year-End Truck Deals Will Be Worth The Wait
If you’re on the hunt for a new truck, the 2024 year-end sales season is on track to be huge. We expect to see more zero percent financing, cash discounts of at least $5,000, and crazy good lease offers for most trucks on the market.
With high inventory levels and aggressive incentives, buyers should be able to negotiate up to 25% off the original MSRP on leftover 2023 models, and at least 10% off of 2024s. Ready to master the art of negotiating a truck deal with confidence? Sign up for Deal School, our 100% free, self-paced online course taught by CarEdge Co-Founder Ray Shefska.
The 5 Most Negotiable Cars For Year-End Car Buyers In 2024
As 2024 winds down, car buyers have a golden opportunity to secure deep discounts on these sedans. With high market day supply, slow sales, and even remaining 2023 models, these are the most negotiable cars for year-end shoppers.
Also 👉 The Best New Car Offers This Month
#1: Hyundai IONIQ 6
With a market day supply of 269 days—186% above the national average—the Hyundai IONIQ 6 tops the list of most negotiable cars for 2024. As of late October, 6,339 units remain on sale, including 389 new 2023s still sitting on dealer lots. In the weeks ahead, buyers should aim for significant discounts given the IONIQ 6’s oversupply.
Right now, Hyundai is offering 0% APR for 48 months and up to $7,500 in cash savings. For fans of leasing, Hyundai is offering an IONIQ 6 lease deal of just $199 per month for 24 months with $3,999 due at signing.
See IONIQ 6 listings with the power of local market data
#2: Alfa Romeo Giulia
The luxury Alfa Romeo Giulia is next on the list, with a 210-day supply of inventory—123% higher than the national average. This translates to 1,006 cars sitting unsold at dealerships, providing plenty of opportunities for negotiation. Alfa Romeo has plenty of unsold 2023s models awaiting buyers, as do all Stellantis brands.
The Giulia comes with strong leasing offers this month, including a lease of $499 per month for 42 months with $5,900 due at signing.
Considering the abundance of inventory and ongoing year-end sales, Alfa Romeo is motivated to clear out these remaining 2024 models, making this an excellent time to strike a deal on this premium sedan.
See Giulia listings with the power of local market data
#3: Mazda 3
Affordable yet slow-selling, the Mazda 3 sedan presents an attractive option for bargain hunters. With a market day supply of 132 days, Mazda 3 inventory is 40% above average, with over 11,000 units on sale. The average selling price for a new Mazda 3 is $28,702, or about $20,000 below today’s average new car price. Better yet, the 3 maintains an above-average resale value.
This month, Mazda is offering both financing and lease deals to move inventory off the lot. Financing deals include 0% APR for 36 months plus $500 in cash savings. For those looking to lease, Mazda’s lease offer of $239 per month for 33 months with $4,419 due at signing is another solid option. With its affordable price tag and plenty of inventory, buyers have great leverage for negotiation on this reliable sedan.
See Mazda 3 listings with the power of local market data
#4 Hyundai Sonata
The Hyundai Sonata has a 121-day supply with 13,340 units waiting to be sold. With an average selling price of $30,732, year-end buyers can expect excellent incentives to help Hyundai move this oversupply before the new year.
In October, Hyundai’s current promotion includes financing offers as low as 2.99% APR for 60 months or a Sonata lease offer of $229 per month for 36 months with $3,499 due at signing. If you’re looking for a practical sedan with great features, the Sonata is positioned to be a strong year-end deal for 2024.
See Sonata listings with the power of local market data
#5 Nissan Altima
Finally, the Nissan Altima rounds out the list with a market day supply of 119 days. Saying that there’s an oversupply of Altimas would be an understatement. Today, there are 18,292 units for sale in America.
The Altima’s declining sales over the past decade have forced Nissan to offer generous discounts, making this a great choice for year-end buyers eager to negotiate a deal. In fact, Nissan is already offering zero percent financing for 36 months plus $1,000 in cash savings. For those who prefer a lease, Nissan is offering an Altima lease deal for $269 per month with $3,209 due at signing.
See Altima listings with the power of local market data
Negotiate Year-End Car Deals with Confidence
As 2024 comes to a close, car buyers should focus on negotiating great deals on these highly negotiable models. With oversupply and slow sales, it’s entirely possible to secure 15% or more off the original MSRP on these sedans, especially as dealerships are eager to clear inventory before year-end.
Ready to master the art of negotiating a car deal with confidence? Sign up for Deal School, our 100% free, self-paced online course taught by CarEdge Co-Founder Ray Shefska!
