Why 2024’s Memorial Day Car Sales Are Shaping Up to Be Big

Key Takeaways

  • It’s a buyer’s market as we approach Memorial Day sales
  • High inventory and floorplanning costs point towards bigger sales than usual
  • The best deals are always year-end sales, but May will present a good time to buy

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Last updated May 17, 2024

As we enter the heart of spring, car shoppers have every reason to mark their calendars for Memorial Day weekend (May 25 – May 27). Traditionally a hotbed for great car deals, 2024’s Memorial Day sales are poised to be especially big. This year, high new car inventory levels and expensive floorplanning costs for dealers are setting the stage for big bargains. 

👉 Just want to see the deals? These are the best new car offers today. Now, onto why 2024’s Memorial Day sales will be special.

Inventory Is Still High, and That’s Good News For Buyers

memorial day car sales 2024

Most automakers are grappling with unusually high levels of new car inventory. According to Cox Automotive, April opened with 72 days of new-vehicle supply industry-wide, a notable increase of 46% compared to a year ago. This glut stems largely from a mismatch between production outputs and a softening consumer demand, influenced by lingering economic uncertainties, high interest rates, and in many cases, ridiculously high MSRPs.

This overstock is particularly pronounced in the truck, SUV, and luxury vehicle sectors. While sales in 2024 are indeed picking up—showing an 11% increase in March compared to the previous year—the rising sales figures are not enough to offset high inventory levels. But that’s what OEMs hope to change with May’s best car deals.

Last Year’s Models Are This Year’s Deals

Memorial Day 2024 car sales

Manufacturers are under pressure to clear out 2023 models, four months into the new year. In late April, 300,000 of the nearly 3.1 million new cars for sale in America were 2022 or 2023 models. Many of them are trucks like the Ford F-150 and Ram 1500. Even with thousands of 2023s on dealer lots, manufacturers are flooding dealer lots with more inventory (more on that here).

This pressure is not just a warehouse issue; it’s a financial imperative. High floorplanning costs driven by stubbornly high interest rates are eating into dealer profits, adding to the sense of urgency. 

Car Brands On Track For Big Memorial Day Sales

Despite the modest gains in sales, certain brands like Ram, Jeep, Mazda, Ford, and Nissan are facing significant inventory excesses compared to their competitors. These brands are likely to offer bigger discounts for Memorial Day as they strive to sell cars. 

Car brands with less inventory include Toyota, Subaru, and Honda. These brands are less likely to offer big incentives in May.

👉 See the fastest and slowest-selling new cars right now

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…

👉 See the best APR and cash offers this month

The Most Negotiable New Cars and Trucks

As we inch closer to Memorial Day, certain vehicles stand out for their negotiability. While the specific models and deals will be confirmed as the holiday approaches, here are some categories to watch:

  • Last Year’s Inventory: Memorial Day car sales are the manufacturer’s best chance to clear out the last of 2023’s remaining inventory. Expect crazy deals on these, especially trucks and the most negotiable electric vehicles.
  • Truck Deals: Automakers have simply priced new trucks too high, and buyers are pushing back. This has led to an oversupply of new trucks on dealer lots. Expect big deals on the Chevrolet Silverado 1500, Ram 1500, and Ford F-150. In fact, there are already some great low APR offers out there. Check out the truck deals here.
  • Electric Vehicles: Despite their steadily growing popularity, certain EV models are still struggling to find their market footing, leading to potentially larger discounts. The Ford Mustang Mach-E and F-150 Lightning, Nissan Ariya, and electric offerings from Hyundai and Kia are all slated for big discounts and low APR offers in May.

Gear Up for the Deals

This Memorial Day, CarEdge is your go-to resource for navigating these sales. Not only will we provide a one-stop resource for the best car sales, we’ll also share car market insights that you won’t find anywhere else. 👉 Bookmark this page and check back in early May to see what automakers have to offer! Head to this page for the best deals right now, no matter when you’re reading this.

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