As Labor Day 2024 approaches, car shoppers have an excellent opportunity to snag some serious deals. Labor Day has become a prime time for car sales, and 2024 is no exception. With zero percent APRs, cash discounts, and unheard of lease offers, this year’s Labor Day car deals are on track to be exceptional. Here’s how today’s auto market is setting the stage for Labor Day deals. 

👉 Just want the deals? See the 10 best Labor Day deals

Is Labor Day a Good Time to Buy a Car?

For new car buyers – absolutely! Labor Day car deals in 2024 are looking promising for several reasons. The automotive industry is currently experiencing high levels of new car inventory. According to CarEdge Insights, the industry opened August with a 97-day supply of new vehicles, amounting to 3.15 million units. This surplus is particularly notable in the truck, luxury vehicle, and electric vehicle segments. High inventory levels mean dealerships are eager to sell, leading to better deals for buyers.

Is Labor Day 2024 a good time to buy a USED car? Not exactly. Used car prices are continuing to fall slowly but surely, as evidenced by the latest used car market update. If you can wait, you’re likely to get a better deal on a used car towards the end of the year. NEW car incentives will only increase in November and December as year-end sales kick off. This will drive more car buyers to the new car market, reducing demand for used cars, and therefore softening prices. 

On top of that, the Fed is very likely to lower interest rates this fall and winter. With the average used car loan rate above 13% APR, this will lead to noticeable savings on your monthly payment.

THE VERDICT: New car buyers can take advantage of zero percent APR offers, great lease deals, and huge cash discounts on 2024 models this Labor Day. For used car buyers, Labor Day is a ‘fine’ time to buy, but lower interest rates and more negotiable prices are just a few months away.

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Brands Offering the Best Labor Day Car Deals

Certain brands are poised to offer substantial discounts this Labor Day due to their high inventory levels. Ram, Jeep, Mazda, Ford, and Nissan are among those facing inventory excesses and will likely provide bigger discounts as they aim to clear out 2024 models.

Ram, in particular, is gearing up for aggressive deals, with 2025 truck models already arriving at dealerships and 12,000 older models still available. Truck fans should look out for deals on models like the Ram 1500, Chevrolet Silverado 1500, and Ford F-150.

On the other hand, brands like Toyota, Subaru, and Honda have lower inventory levels and may not offer as significant discounts. Toyota wins the title of fastest-selling cars  in August 2024, and therefore is less incentivized to offer discounts or APR specials. Subaru and Honda are still below the average market supply today, but are far higher than Toyota. From these two, attractive APR and lease offers are still expected in a scaled-back form.

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Low APR Incentives: A Closer Look

Low APR deals are a win-win for both dealers and buyers. For dealers, it’s about liquidating stock without slashing sticker prices dramatically, which can devalue the brand. For buyers, these subsidized rates lower the monthly payment, making an upgrade more feasible. Expect to see APR offers as low as 0% for qualified buyers on select models, alongside generous cash-back offers and lease deals.

In fact, there are already several 0% APR offers on the market today…

👉 The Top 10 Labor Day Deals in 2024

The Most Negotiable New Cars This Labor Day

As Labor Day 2024 approaches, some vehicles stand out for their negotiability:

• Truck Deals: With an oversupply of trucks, significant deals are expected on models like the Chevrolet Silverado 1500, Ram 1500, and Ford F-150. Look for low APR offers and cash-back deals. For example, save $7,625 on dealer inventory for the 2024 Ram 1500
• Electric Vehicles: Certain EV models are still seeking their market niche, resulting in potential discounts. Keep an eye on electric offerings from Kia, Hyundai, Chevrolet, and Nissan, which are advertised with substantial discounts.

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Skip the Dealership Hassle This Labor Day

Dreading the typical car-buying experience? There’s a better way. Let CarEdge Concierge negotiate the perfect car deal for you. With home delivery and personalized service, you can avoid the dealership entirely. Learn more about CarEdge Concierge, the most-trusted car buying service available.

By taking advantage of the plentiful deals this Labor Day, you can drive away in a new car without breaking the bank. Keep an eye on the latest offers, and happy car shopping!