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December brings enticing year-end deals, especially for Toyota fans. While interest rates have risen, Toyota offers exceptionally low rates through manufacturer incentives, alongside impressive lease deals. These are the top Toyota offers this month.
Toyota Financing Deals and Cash Offers
Toyota’s end-of-year deals feature APRs as low as 2.99%, and cash offers over $1,000. For even better deals, check out our 5 Top Picks For December.
Sedans
2023 Camry, 2023 RAV4 (excludes hybrids), 2023 Corolla and Corolla Hatchback (excludes hybrids): 3.99% APR for 48 months, 4.99% APR for 60 months, 5.49% APR for 72 months + $1,000 cash offer (applied to down payment when you finance with Toyota Financial Services)
Learn more about these December deals at Toyota.com
Now Is the Best Time to Buy
The sales and incentives we’ve all been waiting for are finally here. In a perfect storm of high inventory, stagnant sales, and a surge of 2024 models arriving by the day, it’s safe to say that the car market has finally flipped. With Toyota inventory higher than it has been for over two years, buyers have additional negotiating power in the final weeks of 2023.
Don’t go it alone when you shop dealership lots. Take CarEdge Data with you! CarEdge Data takes the guesswork out of car buying. See the real-time fair price, local inventory numbers, days on the market and more for every listing. Learn more about CarEdge Data.
As electric vehicles increasingly populate the roads, understanding the ins and outs of the EV market can equip car buyers with leverage to negotiate big savings. Currently accounting for 7.9% of new car sales in America, the EV market is undeniably expanding. However, it’s not without its challenges. We’ll delve into the complexities behind the EV market’s growth, the latest EV inventory update, and which models have the best year-end deals this December.
The Current State of the EV Market
The EV market is growing, with electric vehicles now making up 7.9% of all new car sales in America. However, the market is experiencing its share of challenges. While some new electric models fly off the lots, others linger far longer.
What’s behind the buildup of EVs on dealer lots? First, it’s worth pointing out that OEMs have ramped up production, sending more cars to dealer lots. But as it turns out, there aren’t as many buyers as they’d hoped for. And 57% of EV buyers are still opting for a Tesla, which sells directly to consumers. Other direct-to-consumer newcomers like Rivian, Fisker, and Lucid are also growing in market share.
On top of that, there’s a natural shift happening in the market for EVs, one that’s been expected for a while. As 2024 approaches, we’re coming to the end of the ‘early adopter’ phase of EV sales. Many of the higher-income, more tech-curious drivers who were eager to go electric have already purchased an EV. What’s left is the rest of the auto market, which makes up the vast majority of buyers.
Why aren’t more car buyers choosing an EV? The lack of reliable charging infrastructure is the most commonly cited reason, with higher prices being a close second. Another reason for EV hesitation is the uncertainty of possible repair costs outside of warranty. Sure, fuel savings can add up quickly, but what would it cost to replace a damaged battery pack? Savvy buyers want to know more about the total cost of ownership.
But make no mistake: EV sales are still growing. They’re just not growing exponentially like they did a few years ago. Here’s a look at quarterly EV market share in America over the past three years.
All analysts predict EV sales to grow in the future, but the extent of growth varies. The consensus average stands at 35% EV market share in 2030. Growth rates will have to accelerate in order to achieve that. Time flies, and we’re only six years away.
EV Inventory Rises to End 2023
At CarEdge, we preach that to find the most negotiable cars, follow the inventory numbers. A key factor in understanding these sales dynamics is Market Day Supply. This indicator shows how long it would take to sell off current inventory at recent sales rates.
The entire new car market is undergoing a rapid rise in inventory. Our latest new car inventory update shows that several domestic car brands are seeing in excess of 75 days of market supply in December. In a healthy ‘normal’ market, that number is 45 to 60 days of supply.
EV inventory has grown steadily in 2023. CarEdge Data has revealed some eye-opening figures. New EV inventory has reached unprecedented levels.
Take the Ford Mustang Mach-E, for instance. Its supply has skyrocketed to 337 days, a stark contrast to its initial hype as a ‘Tesla-killer’. Other popular models like the Hyundai IONIQ 5 and IONIQ 6 are facing 125 and 156 days supply, respectively, despite their acclaimed ultra-fast charging speeds and industry accolades. The Kia EV6 is right up there too with 153 days of supply, more than double the inventory of one year ago. Nissan’s follow-up to the LEAF, the Ariya, now has an MDS of 209 days. Perhaps buyers are balking at a $50,000+ price tag for a Nissan crossover. Who would have thought?
Surprisingly, some of the least recommended EVs are selling more quickly. The Subaru Solterra actually has a relatively normal supply right now with a market day supply of 57 days. The Toyota bZ4X sits at 87 days. The Lexus RZ has 78 days of market supply. Why wouldn’t we recommend these three popular EVs for most buyers? They charge quite a bit slower than other options on the market for a similar price. Yet, loyal Subaru, Toyota and Lexus fans seem to be buying them.
Most other EV models are sitting on dealer lots for much, much longer.
Here’s a snapshot of the current dealer inventory for new electric vehicles in America, excluding Tesla and other direct-to-consumer brands. We’ve included data from December and October to shed light on recent inventory trends:
This is NOT normal, folks. You can’t sugarcoat the fact that in America, electric vehicles are not selling as quickly as automakers had expected. That’s precisely why so many are sitting on dealer lots right now.
High interest rates are also a factor, as the cost of financing a $50,000+ vehicle is unattainable for many. The average price of an electric vehicle is $51,762 as of our latest EV price update.
Year-End EV Deals Are Here
Yes, EV inventory is sky-high, but what does this mean for potential EV buyers? First, the bad news. Our CarEdge Coaches are quite frankly shocked by how stubborn car dealers are refusing to lower EV sticker prices. Even with 150 to 300+ days of supply, up to 6 times the norm, most Ford dealers haven’t discounted Mustang Mach-Es or F-150 Lightnings. The same rings true for Mercedes-Benz’s growing electric lineup.
The good news is that increasing inventory suggests that buyers certainly have more room to negotiate. This is especially true for models with a higher days supply. Recent spikes in EV inventory have already led to some CarEdge Community members successfully negotiating significant discounts off EV sticker prices. This trend indicates that EVs, contrary to what dealers will tell you, are indeed negotiable. Importantly, buyers should come prepared with negotiation know-how and recent car market insights. Prepare to save big on your next car with Deal School (100% FREE).
Here’s our comprehensive list of the best year-end EV sales, along with our negotiability score based on the inventory numbers shared above:
EV Prices Are Negotiable. Approach Your Deal With Confidence
Despite dealers’ reluctance to reduce sticker prices, high inventory presents a unique negotiation opportunity for EV buyers. For those equipped with the right market insights and negotiation strategies, the end of 2023 could be the perfect time to secure big savings on an electric vehicle.
Remember, knowledge is power in this market, and being well-informed can lead to significant savings on your next EV purchase. Keep an eye on the market trends and be ready to make a smart, well-negotiated buy as we step into the new year.
The FTC’s Combating Auto Retail Scams Rule (CARS Rule) is a significant stride in bringing transparency and honesty to the car buying and leasing process. This initiative was significantly bolstered by CarEdge, a key player in rallying public support for the rule. In early 2022, CarEdge leveraged the power of community to highlight the need for such regulations and led the call for public action. The result was thousands of public comments in support of the regulation, and ultimately, meaningful progress towards changing car buying for the better.
Here’s a look at what the new CARS Rule means for car buyers and auto dealers moving forward.
The FTC CARS Rule Enforces Transparent Car Pricing
The Federal Trade Commission’s new CARS Rule enforces four fundamental principles of truth and transparency in the auto retail industry, which reputable dealers already practice. It’s seen as a significant win for consumers, offering them the same standards of truth and transparency that apply in other transactions. This new regulation takes effect on July 30, 2024.
Here’s how the CARS Rule protects consumers and benefits honest car dealers:
1. The rule prohibits deceptive information about pricing, financing, add-ons, and other ‘material’ information
2. Dealers are required to disclose the offering price – the actual price anyone can pay for the car – excluding only required government fees
3. It is illegal for car dealers to charge for add-ons that don’t provide a benefit to consumers
4. Dealers are now required to get customers’ express, informed consent before charging them for any amount
The rule provides clear legal provisions to protect consumers and adds confidence in their dealings with car dealers. For honest dealers, it levels the playing field by setting uniform standards that all dealers must meet. This enables them to compete fairly based on accurate claims about price, financing, and services.
The rule prohibits misrepresentations about material information and requires dealers to clearly disclose the offering price of a vehicle (the out-the-door price), excluding only mandatory government charges. It also mandates that dealers must inform consumers that they can refuse optional add-ons and must disclose the total payment amount, including any conditions.
Additionally, the rule makes it illegal for dealers to charge for add-ons that don’t benefit the consumer. This is a major win for car buyers following the proliferation of anti-consumer pricing during the car shortages of 2022. Finally, good news is here for those contemplating a car purchase.
Compliance Guidelines Announced
To ensure adherence to the rule, the FTC has laid out guidelines for clear and conspicuous disclosures. These disclosures must be understandable to ordinary consumers and in the same language as the advertisement or communication. The rule also covers practices in languages other than English, ensuring that all consumers receive the same level of protection regardless of the language used.
This is a major win for American consumers. The rule sets a standard for clear and conspicuous disclosures and includes specific recordkeeping requirements for dealers. Now, for the first time, violations could lead to significant penalties. The rule represents a major step forward in protecting consumers and ensuring fair competition among auto dealers.
CarEdge will continue to push for meaningful change, always with the goal of taking the hassle out of car buying.
Let’s clear the air right off the bat. December is the best time to buy a car if you’re in the market for one. At CarEdge, we’re all about doing what’s smart for your wallet. Even with the best offers in years, and prices slowly falling, it continues to make the most sense to keep driving the vehicle you have. But for those pondering buying now or holding off until 2024, here are three reasons why December is the car buying month you’ve been waiting for.
#1: Inventory Is at a 2-Year High
As we usher in December 2023, new-vehicle inventories have soared to levels not seen since spring 2021, marking a significant turnaround. Cox Automotive reports a robust 70-day supply of vehicles as we step into the month, a stark contrast to the inventory drought experienced just a year ago. New car inventory in America, now at about 2.5 million vehicles, has seen an additional increase of 100,000 in November alone.
This surge represents a gain of 890,000 vehicles compared to the previous year, and the highest new car inventory since the early months of 2021. Before the COVID-19 pandemic, new car inventory levels typically hovered between 3 million and 4 million vehicles in the U.S. The past year’s recovery, particularly evident from summer 2022, marks a pivotal shift in the availability of new vehicles for consumers.
Inventory has reached a 2-year high just as OEMs approach the new year, a time when they’re eager to sell 2023 model year vehicles to make way for incoming 2024s. This inventory rebound is a promising sign for buyers. When inventory rises, deals and incentives are sure to follow. And right on cue, massive deals are here.
The cost of financing a car purchase hasn’t been this high since the late 1990s. In December, the average new car loan finance rate is 9.96% APR. Used car loan rates are even higher, nearing 14% APR.
Following the Federal Reserve’s recent decision to maintain the federal funds rate between 5.25 to 5.5 percent, many are wondering if we’re done with rate hikes. This marks the third time in the last four meetings that the Fed has opted for rate stability, despite having raised rates a total of 11 times in this economic cycle to counter high inflation.
However, the question looms: how will new car financing costs change in 2024? The answer lies in the word ‘incentives’.
As we enter the peak of December’s year-end car sales, automakers are rolling out their best financing offers of the year. But with borrowing costs at near 20-year highs, these attractive incentives from OEM’s captive lenders are likely to vanish come early January. Automakers aren’t offering low APR deals because they want to, they’re doing it because they need to sell cars before the new year arrives.
It’s becoming clear that interest rates will hardly budge in 2024. The median of financial industry’s projections predicts that the Federal Funds Rate at 5.1% at the end of 2024, representing just one 25 basis point interest rate cut for all of next year.
In other words, December 2023 will feature more low-APR offers than we should expect to see until this time next year. The generous 0% APR to 1.9% APR deals from brands like Mazda and Hyundai are expected to be short-lived.
In the new year, new car shoppers should expect more 3.9% to 4.9% APR offers, and far fewer zero percent financing incentives.
#3: Year-End Deals Are Here, and They’re Massive
This December, car buyers are presented with a rare opportunity: securing low-interest rates through manufacturer incentives, complemented by some exceptionally lucrative cash offers and great lease deals. The increasing cost of borrowing is driving automakers and dealerships to entice buyers with more attractive financing options, even as these rising rates add to the pressure on dealerships to offload their inventory.
December Lease Deals
Automakers don’t mind leasing their new car inventory one bit. When a car is leased, a third-party financer takes ownership of the vehicle, so the car dealer and automaker still get the benefit of ‘selling’ the car.
In December, there are some truly amazing lease offers. Here are a few of the standout lease deals this month:
Volkswagen: $0 due at signing, $0 first month’s payment for the Taos, Tiguan, Atlas, Atlas Cross Sport, and ID.4
Leading the charge with zero percent financing on select models are automakers like Mazda, Nissan, and Hyundai. Once a staple in the auto market, 0% APR deals have become a rarity in today’s high-interest rate climate. Not far behind are brands like Kia, Honda, and several Mazda models, offering enticing 0.9% APR deals. Plus, there are’s an abundance of 1.9% APR offers from General Motors, including for the Silverado 1500.
This array of year-end sales provides an unmatched opportunity for car buyers looking for value in a turbulent market.
At CarEdge, December is the month we’ve all been waiting for. The combination of high inventories, appealing year-end deals, and the likelihood of returning to high financing rates creates a unique window for securing a great deal on a new vehicle.
Ready to approach car buying with behind-the-scenes market insights? Try CarEdge Data for local price and inventory updates in real-time. CarEdge Data equips you with negotiation leverage like never before!
Free Car Buying Help Is Here
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Honda’s new car inventory has risen 38% in just two months. Just in time for the best year-end car sales in ages, an oversupply of both new and used Honda models presents a rare opportunity to negotiate a great deal. We’ll take a look at which new and used Honda cars and SUVs are the most negotiable today, and how you can make a data-powered deal in December.
Snapshot:
Unprecedented Honda Supply: New car inventory up 38% in just 2 months – a rare opportunity for mega deals.
Used Hondas in Abundance: Rising supply makes now a prime time to buy – if you’re prepared for high interest rates.
Hot Picks: CR-V and Accord lead the pack in negotiability, especially with looming 2024 models.
Smart Buying Tip: With low APRs on new Hondas, consider new over used for the best financial deal.
Read on for the latest details and money-savings tips.
Year-End Honda Deals Are Here
December is always the best time to buy a car. This is especially true for new Honda inventory in 2023. What’s so special about 2023’s year-end car deals? In a high interest environment, the biggest sales of the year are a long time coming. With automakers and dealers eager to sell remaining 2023 inventory, and everyone eyeing an end-of-year bonus, phenomenal deals are everywhere you look.
Today’s car buyers have options. For those willing to master car buying the smart way, thousands of dollars in savings await. Sure, you could simply browse the best Honda deals this month, or you could negotiate like a boss with the added leverage of Honda inventory numbers. CarEdge is here to help you get there.
Honda Inventory Is Rising in December 2023
First, let’s talk about the inventory trends of new Honda models in the U.S. Back in October, Honda was just beginning to climb out of the inventory lows that had plagued the automaker for a few years. Ever since the pandemic supply chain shortages pummeled Honda and other Asian automakers with record-low inventory levels, the beloved brand has been struggling to return to normal.
Finally, in late 2023, Honda’s supply of new cars is rising, to the benefit of holiday car shoppers.
By using a behind-the-scenes industry metric, we can see exactly how negotiable new or used cars are today. This metric is called Market Day Supply. Market Day Supply takes into account the existing inventory of a new or used vehicle, and the selling rate over the last 45 days. What you get is the number of days it would take to sell ALL vehicles in stock at current selling rates, assuming no new inventory was added. In simple terms, MDS reflects the level of demand for a car.
For starters, a ‘healthy’ MDS in the car market is somewhere between 45 and 60 days of supply. Anything below 20 days is a real shortage, and anything above 80 is a serious oversupply. Today, Honda averages a healthy 47 days of supply. For Honda, this is quite high. It’s all relative, though. If this was one of the domestic brands (Ford or Chevrolet, for example), 47 days of supply would be below average. For Honda, it’s higher than normal.
New Honda Inventory Trends
With the power of understanding market conditions in mind, let’s take a look at how much Honda’s new car inventory has risen in late 2023:
Model
Year
October Market Day Supply
December Market Day Supply
Accord
2024
N/A (new model)
56
Accord
2023
30
58
Civic
2024
N/A (new model)
50
Civic
2023
34
62
CR-V
2024
24
34
CR-V
2023
12
99
HR-V
2024
47
58
HR-V
2023
151
891
Odyssey
2024
N/A (new model)
45
Odyssey
2023
31
120
Passport
2024
N/A (new model)
55
Passport
2023
45
30
Pilot
2024
N/A (new model)
45
Pilot
2023
26
45
Ridgeline
2024
N/A (new model)
N/A (new model)
Ridgeline
2023
39
53
Overall, Honda’s new car inventory has risen from 34 market days of supply in October to 47 days of supply in December, an increase of 38% in just two months.
The jump in supply has been notably greater for some Honda models, such as the CR-V, and Accord. The selling rates of the Accord and HR-V are greatly skewed by a seatbelt recall that has affected 2023 and 2024 models. Dealers can’t sell affected HR-Vs and Accords until a fix is implemented.
However, with 2024 just days away, dealers will be eager to sell 2023 Accords and HR-Vs as soon as a recall fix is installed, making them particularly negotiable in the weeks ahead.
Honda’s used cars are popular for several reasons. With great reliability ratings and high driver satisfaction, pre-owned Hondas are always quick to sell.
In December of 2023, used Honda inventory is rising. What could be behind this unusual trend? The culprit is clear: high interest rates. Today, the average used car loan rate is hovering around 14% APR. More and more car shoppers are opting for new car deals as opposed to forking over extra cash for interest on a used car loan.
Here’s a look at how hard Honda’s used inventory is being hit in today’s high-interest environment.
Model
Year
October Market Day Supply
December Market Day Supply
Accord
2022
49
60
Accord
2021
49
54
Civic
2022
50
60
Civic
2021
53
58
CR-V
2022
45
60
CR-V
2021
47
62
HR-V
2022
59
48
HR-V
2021
52
54
Odyssey
2022
74
79
Odyssey
2021
61
62
Passport
2022
56
76
Passport
2021
60
71
Pilot
2022
52
71
Pilot
2021
48
59
Ridgeline
2022
57
63
Ridgeline
2021
61
64
7 out of 8 used Honda models are seeing rising inventory in December. Does that mean that you should buy used instead of new? Not exactly. Honda is offering attractive APR deals in December, ranging from 1.9% to 3.9% APR. You will NOT be able to secure an auto loan rate anywhere near that low for a used car right now. With an average of nearly 14% APR, used car buyers with an excellent credit score will be lucky to qualify for anything under 7%.
If you can afford the higher sticker price, we recommend giving new Honda cars and SUVs a serious thought in today’s car market. You’ll save thousands in interest over the life of your loan.
In closing, with Honda’s inventory hitting a peak and used car supply also on the rise, December 2023 is shaping up to be a buyer’s paradise. Whether you’re eyeing a new CR-V or considering a pre-owned Accord, the current market dynamics offer a unique opportunity for negotiation. Armed with the latest data and understanding of market trends, savvy shoppers are in a prime position to secure some of the best deals on Honda models before we ring in 2024. Don’t miss this chance to drive home value like never before!
See local market insights with CarEdge Data, the ultimate car buying toolkit.
Free Car Buying Help Is Here
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
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