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Not convinced that Black Friday 2024 will be a good time to score a deal on a truck? Consider this – out of all 480,000 new full-size trucks on sale in November, 63% are remaining 2024 models. In fact, there are even 8,800 new 2023s still on sale. It’s no surprise then that trucks are available with low APR financing in November, and cash incentives of up to $6,000 are common. Here’s a closer look at the top Black Friday truck deals, highlighting the best financing specials, cash-back offers, and most negotiable models.
With such high inventory levels, Black Friday 2024 is shaping up to be an excellent time to buy a truck. Whether you’re eyeing a Ram 1500 with low-APR financing, a GMC Sierra with big cash incentives, or a Nissan Titan with high negotiability, there’s a deal for every truck shopper.
Don’t forget, year-end sales are right around the corner, so if you miss Black Friday, even more opportunities will be waiting in December. Stay tuned to CarEdge Deals for the latest updates and tips on how to negotiate the best truck deals this season.
In a dramatic turn for the automaker, Nissan Motor Company CEO Makoto Uchida, recently announced sweeping cost-cutting measures in response to a steep drop in profits and sales in 2024. Describing the situation as “emergency mode,” Nissan is implementing an aggressive series of cutbacks to stave off further losses. The CEO is going as far as taking a massive pay cut to show his commitment. Here’s a closer look at the company’s dire situation, and what Nissan’s future could look like in the American car market.
Major Cutbacks and Restructuring to Save $3 Billion
On November 7, 2024, Nissan announced that it would be cutting 9,000 jobs and reducing its global production capacity by 20%, aiming to streamline operations and save $3 billion. These actions follow a lowered annual profit outlook, a forecasted 74% decline in operating profit, and a sales projection that’s down 1.2% from 2023.
Nissan is also selling nearly a third of its stake in alliance partner Mitsubishi Motors, estimated to bring in $482.7 million in cash. Even after the sale, Nissan is expected to remain Mitsubishi’s largest shareholder.
CEO Makoto Uchida has taken personal responsibility for Nissan’s recent struggles. Uchida is announcing that he will forfeit 50% of his own compensation as the company grapples with shrinking global sales. Reflecting on the need to adapt Nissan’s strategy to “rapid changes in markets,” Uchida emphasized that restructuring is the only path forward.
Production Cuts and Lineup Adjustments to Meet Demand
Nissan also announced that it is lowering output across several of its high-volume U.S. models, with production cuts in place for the Rogue crossover and Frontier pickup. The Rogue is made in Tennessee, while the Frontier is made in Mississippi. Together, these models account for about 40% of Nissan’s U.S. sales.
Data from CarEdge Insights shows that current inventory for the two remains sky-high. In November, there’s a 142-day supply of the Nissan Rogue, and 153 days of supply for the Frontier. That’s 60% above the overall market average today.
Nissan has also announced plans to introduce new hybrid models to the U.S. market. The Rogue will soon offer two hybrid variants: a plug-in hybrid developed with Mitsubishi and an e-Power series hybrid. This move to expand Nissan’s hybrid lineup is intended to help the company compete in a growing market. Right now, rivals like Toyota and Honda currently lead the hybrid sector.
Is Nissan Going Out of Business?
Although it’s too soon to say whether Nissan is on a path toward bankruptcy, the company’s performance has trended sharply downward for several quarters. The good news is that Nissan’s leadership is clearly committed to reversing this trend. Uchida’s personal pay cut shows that leadership grasps the severity of the situation. Without a doubt, that’s encouraging news.
These actions indicate that Nissan is not going out of business anytime soon, but the year ahead will be absolutely crucial to its long-term survival. Stay tuned to CarEdge News for the latest automotive updates and insider car market data.
We’ll report back if any new signs of worry arise. For now, Nissan owners should rest easy.
On November 7, 2024, the Federal Reserve announced a 25 basis point (0.25%) rate cut, marking the second rate reduction since September. For the first time in years, we’re seeing a shift towards lower interest rates, as the Fed responds to economic pressures and consumer demand. While this rate cut alone might not bring immediate relief to most auto loan borrowers, it signals the start of more favorable borrowing conditions ahead. For car shoppers and owners alike, it’s time to consider how these rate changes could impact their auto loans. Here’s what you drivers should know before refinancing.
Who Should Refinance Their Auto Loan Right Now?
If you’ve seen a significant improvement in your credit score since taking out your auto loan, refinancing may make sense even after this modest 0.25% rate cut. With both the September rate cut and November’s rate announcement, the basis rate has now fallen three-quarters of one percent. That’s not a huge drop, but the trend is likely to continue on a downward path as this ‘easing cycle’ continues.
Who should consider refinancing right now? Borrowers with better credit scores can lock in more favorable loan terms now, but it may be wise to hold off for another month as lenders gradually adjust their offerings in response to the Fed’s rate cuts.
To illustrate, let’s take a borrower with a $25,000 loan at 10% APR over a 60-month term. With the Fed’s recent cuts, lenders are now beginning to lower rates, though perhaps only to 9.25% for a similar borrower profile. Refinancing from 10% to 9.25% APR on a $25,000 loan would save approximately $672 in total interest over five years. While that’s a meaningful savings, it’s not transformative—but every bit helps. However, if your credit score has improved, you likely qualify for a much lower interest rate, and could stand to save much more with a lower rate.
For those who can show significant financial improvement since their original loan, including a higher credit score, lower debt-to-income ratio, or even a small down payment, the time to refinance could be as soon as the end of November. Locking in a lower rate will reduce monthly payments and the overall interest paid across the loan term.
Who Should Wait to Refinance?
If your credit score has only improved slightly (or not at all), it’s worth waiting for additional rate cuts and using the time to strengthen your financial standing. Economists suggest that the Fed may continue to reduce interest rates by up to 2% in total through late 2024 and 2025. These potential future cuts could bring about even better refinancing terms for borrowers with strong credit.
In the meantime, continue focusing on boosting your credit score by paying bills on time, reducing outstanding debt, and maintaining a low credit utilization ratio. When the Fed enacts further cuts, you’ll be in a better position to qualify for more competitive refinancing offers, maximizing your savings.
Additional Rate Cuts Are Likely in December and 2025
It’s anticipated that the Federal Reserve will make another rate cut in December, with additional cuts projected throughout 2025. The next Fed meeting will begin on December 17, 2024. This trend suggests auto loan rates will gradually drop over the coming months. Deciding to refinance depends primarily on your current credit health. If your credit score has improved, refinancing now could yield immediate savings at today’s lower rates.
For those whose credit scores haven’t shifted much, waiting for more cuts, while continuing to improve your credit, could lead to even more significant savings.
In either case, staying informed on rate trends and preparing your finances will ensure you’re ready to act when the best opportunity arises. To explore potential savings, you can calculate how much a lower rate would save using CarEdge’s free auto loan calculators. Whether you’re prepared to refinance today or prefer to wait for the next Fed move, understanding your options will help you make the best financial decision for your car loan.
Thanksgiving is a few weeks away, but Mazda, Volkswagen, and Chevrolet aren’t wasting any time advertising their Black Friday sales. Whether you’re in the market for zero-down lease offers or the best financing specials, there are deals worth the test drive. Here’s a closer look at the early Black Friday car deals that have our attention.
Volkswagen: Slowing Sales Bring Big Deals
In case you haven’t heard, Volkswagen is facing headwinds both internationally and here in North America. In the third quarter of 2024, VW’s revenue dropped 41% from one year prior as sales held flat. As the legendary German brand works to bring in the deal hunters, the manufacturer is here with big Black Friday deals.
Chevy’s inventory numbers have been steadily rising as 2025 models arrive. To clear out 2024s, GM is offering low-APR specials and great lease terms for Black Friday. Here are the standout deals in November.
Tesla has gone from in high demand to a bit of a slump over the course of the past year. To drive Q4 sales, Tesla is bringing out their heavy-hitting deals early for Black Friday 2024.
While these early Black Friday deals are impressive, the best might still be on the way. As the holiday season approaches, we expect even more automakers to roll out zero percent financing, no-money-down leases, and other big incentives for 2024 models, especially for vehicles with high inventory.
The latest CarEdge Car Buyer Satisfaction Survey shows that an informed approach to car buying leads to a more satisfying and seamless experience, with 87% of respondents reporting high satisfaction with their purchases. This is significantly higher than industry averages and highlights the importance of buyer empowerment. From pricing expectations to dealership loyalty and specific aspects like trade-ins and add-ons, this report uncovers the ways that knowledge and preparation enhance the car-buying experience for consumers. These findings also reveal opportunities for the automotive industry to earn lasting customer loyalty.
Among 500 CarEdge Community members surveyed in October 2024, 87% reported being either “satisfied” or “very satisfied” with their vehicle purchase experience, far exceeding the 69% satisfaction rate reported by Cox Automotive’s latest industry survey. This higher satisfaction reflects the value of a well-informed buyer: 82% of CarEdge respondents felt fully prepared with the information needed to make an informed purchase decision.
The CarEdge Community’s sense of empowerment shows how buyer education can significantly impact satisfaction. Entering the dealership with an understanding of market conditions and financing options allows buyers to avoid common pitfalls, leading to more favorable interactions with dealers and less buyer’s remorse.
Price Expectations: Fewer Buyers Met With Sticker Shock
Price expectations play a crucial role in satisfaction. Among CarEdge survey respondents:
49% reported paying exactly what they expected.
15% managed to pay less than expected.
32% paid slightly more than expected, lower than the 49% reported in Cox Automotive’s broader survey.
These results highlight how empowered buyers with transparent price expectations experience fewer surprises when it comes time to finalize the deal. Transparent, data-driven resources bridge the expectation gap, enabling more accurate price forecasting and helping buyers secure deals with greater confidence.
BMW, Ram, and GMC Buyers Have the Most Dealership Loyalty
The CarEdge Car Buyer Satisfaction Survey revealed that dealership experiences play a pivotal role in fostering brand loyalty, with some car brands emerging as clear leaders in inspiring repeat business. Among the survey’s findings, BMW, Ram, and GMC ranked highest for dealership return rates, with more than three quarters of buyers indicating they would return to the same dealership for their next vehicle. This level of loyalty highlights a strong sense of trust and satisfaction among buyers of these brands, reflecting positively on dealership practices.
In contrast, brands with lower return rates underscore the importance of positive dealership interactions. Ford, Chevrolet, and Cadillac saw the lowest return intentions among survey respondents, with just one quarter of buyers expressing interest in purchasing from the same dealership again. These findings suggest that experiences such as transparency and pressure-free interactions play a major role in shaping loyalty
Dealership Loyalty: Room For Improvement
The dealership experience remains central to car buyer satisfaction. CarEdge’s survey reveals that:
69% would recommend their dealership to friends and family.
60% would consider returning to the same dealership for a future purchase.
17% reported they would not return to the same dealership.
While satisfaction levels with dealerships are high, a significant proportion of buyers remain cautious. This finding suggests that while most dealerships succeed in delivering positive experiences, more could be done to foster long-term loyalty by improving transparency, maintaining honest communication, and minimizing high-pressure tactics.
Persistent Pain Points: Trade-Ins and Add-Ons
While satisfaction with the overall car-buying experience is high, certain areas continue to cause buyer frustration:
Trade-Ins: Among the 222 respondents who traded in a vehicle, 20% reported dissatisfaction with the process, highlighting the need for fairer trade-in valuations.
Warranty and Service Packages: 14% of respondents reported dissatisfaction with warranty and service offerings, citing unclear terms or high costs as the primary issues.
Add-On Services: 20% of respondents felt pressured into purchasing add-ons such as extended warranties or accessories, with 13% reporting unclear pricing on these items.
Improving transparency in these areas would lead to better buyer experiences, as customers feel less pressured and more in control of the transaction.
EV Buyers Are More Satisfied with Their Purchase
The CarEdge survey also revealed that satisfaction varies by powertrain. Among all respondents, 5.5% had purchased an electric vehicle (EV), and EV buyers reported a higher overall satisfaction score of 4.7 compared to 4.4 for internal combustion engine (ICE) vehicles.
Notably, 48% of EV buyers had purchased Tesla models, and 76% bought new EVs rather than used. The data suggests that EV buyers, especially those opting for new models, are generally more satisfied with their purchase experience.
Conclusion: Empowered Buyers are Satisfied Buyers
The findings from the CarEdge Car Buyer Satisfaction Survey highlight the positive impact of a well-informed car-buying approach. Buyers who are equipped with clear expectations and market insights experience smoother transactions, greater pricing transparency, and higher satisfaction. This trend is beneficial for car buyers, dealerships, and the broader auto industry as transparency fosters trust and strengthens relationships.
CarEdge Insights
