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If you’re in the market for a family SUV, May is a great time to shop deals on three-row SUVs. Memorial Day specials are here, and automakers are offering APRs as low as zero percent and lease specials for under $300/month. Whether you’re looking for the best financing deals, lease options, or simply a great family car, we’ve got you covered. Let’s dive into the top 3-row SUV deals available in May 2025.
Lease Offer: Lease the Traverse LT from $369/month for 36 months with $4,829 due for eligible lessees. In May, Chevy’s Traverse offers are for remaining 2024 models.
Financing Offer: Chevrolet is advertising 1.9% APR for 36 months for the Traverse LTD, and is offering $750 in customer cash. See details at Chevrolet.com
In May, Chevrolet is advertising the best deal in ages for both the Chevy Suburban and the Chevy Tahoe. Zero percent financing is now available for the few hundred remaining 2024 Tahoes and Suburbans on dealership lots.
MSRP: $58,195 – $81,895
Financing Offer: 0% APR for 60 months for remaining 2024 Chevrolet Suburban models. See details at Chevrolet.com
Lease Offer: $879/month for 39 months with $9,619 due at signing for the 2024 Suburban.
Financing Offer: Ford is not currently advertising national APR incentives for the Expedition. However, Ford’s employee pricing offer continues in May, but don’t expect savings to surpass a few thousand dollars at best. See details at Ford.com
Lease Offer: Ford is not currently advertising nationwide lease offers for the Expedition.
Kia loves to call the Carnival a multi-purpose vehicle (MPV), and it’s not a bad name for such a versatile and ‘cool’ minivan. the Carnival is a favorite of families who prefer to cruise in style, three rows and all.
In May, there are some fantastic deals on 3-row SUVs. From zero percent financing to attractive lease specials, these offers provide an opportunity to save thousands of dollars.
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Where are used car prices headed? How far have used car prices already fallen this year? Which cars have seen the greatest depreciation? We’re answering these questions and more with the latest used car market update for summer 2024. Want to see local price data and buying advice? Check out CarEdge Insights, now featuring Invoice Prices!
Used Car Market Trends in 2024
As of July 2024, there are 2.21 million used cars for sale in America, a number that has remained steady in recent months. Despite this stable inventory, used cars are sitting on dealership lots for longer. The days to turn, which indicates how long a car stays on the lot before being sold, has risen from 43 days in March to 53 days in July.
The average listing price for a used car is now $25,251, which is down 1.5% since early June and down 7% year-over-year. If we go back to 2022, at the peak of used car prices, we see a 12% decline. Here’s a surprising fact: retail used car prices are now on par with summer 2021 levels. Over the same three years, the cumulative rate of inflation has been 16%. Car prices are defying the inflationary trend seen in other parts of the U.S. economy. So, how much further will used car prices fall in 2024?
CarEdge Co-Founder and industry veteran Ray Shefska shared his thoughts on where used car prices are headed for the remainder of 2024. “The trend should continue downward, with some caveats. There will be a reduction in lease returns the second half of the year and all of next year, due to the market slowdown three years ago during the pandemic. I expect that the downward trend in used car prices will be about half of what we have seen through the first 6 months of the year. The younger 2 to 3 year-old cars with lower mileage will once again command premium pricing.”
Which Used Car Prices Are Falling Fastest?
We’ve compiled the used cars that are seeing the greatest depreciation in 2024, leading to more affordable prices for buyers today.
Vans
Minivan prices have fallen 7% since April, exceeded only by full-size vans, which have fallen 14% in the same period. Following the decline, here are the average selling prices for some of the most popular used vans today:
Negotiability Score: Average, 47 days of market supply
EVs
According to iSeeCars, the average price of a used EV dropped by 29.5% from $40,783 in June 2023 to $28,767 in June 2024. Here are the latest prices for three of the most popular used EVs in America:
Negotiability Score: Below average, 26 days of market supply
Luxury Crossovers
Another used car segment that has seen falling prices in 2024 is the luxury crossovers. Prices for these popular models have fallen by more than 40% in three years.
Negotiability Score: Above average, 66 days of market supply
Used Car Price Trends in 2024
The used car market is inching closer to normal following four years of disruption. Prices are falling, inventory levels are high, and cars are staying on lots longer. However, the market is complex, with each used car segment showing different trends. Minivans and full-size vans are seeing the steepest price declines, while used EVs and luxury crossovers also offer some serious opportunities for savings. As lease returns decrease, younger, low-mileage cars will likely become more valuable, slowing the overall price decline later in 2024.
👉 Tired of car shopping hassles? Let us handle it for you with our CarEdge Concierge service. Our experts will find the perfect vehicle, negotiate the best price, and take care of all the details, saving you time and money. Learn more about CarEdge Concierge, the #1 car buying service in America.
In 2023, nearly 6 million car crashes occurred in the U.S., with 40,000 resulting in fatalities. As accident rates rise, vehicle safety matters more than ever. The Insurance Institute for Highway Safety (IIHS) conducts crash tests on dozens of car and truck models annually. From front and side-impact crashes to simple headlight performance, every aspect of the vehicle is scrutinized with one thing in mind: safety. The most recent IIHS tests found these 5 models to be some of the safest cars on the road in 2024.
The Safest Cars in 2024
All of these cars are rated ‘Top Safety Pick Plus‘ by the IIHS in 2024. The Institute’s ratings are based on the most recent crash testing and available safety features.
Note that the IIHS tests models when a new generation arrives, so if you see that the most recent test was a few years ago, that simply means that 2024’s model is the same car structurally. From EVs to SUVs, there’s something for everyone.
In the overviews below, we’ve included links to IIHS testing. A green rating of ‘G‘ indicates the highest possible score of ‘Good‘, and a yellow ‘A‘ represents ‘Acceptable‘ ratings.
1. Tesla Model Y
It’s the best-selling EV in America, and the safest too. Tesla VP of Vehicle Engineering Lars Moravy explained that absorbing as much energy as possible during a collision was a goal from the start of the vehicle’s design. The Model Y has one of the lowest probabilities of injury from an accident of any car on sale today.
If you’re in the market for a midsize SUV with all-wheel drive, the Subaru Ascent might be the perfect fit. It’s got space for up to eight passengers, which are well-protected considering the Ascent’s 5-star safety ratings.
The Honda Accord is arguably the best sedan on sale today. It’s safe, fuel efficient, good looking, and handles better than the competition. Not to mention you get all of this and more for under $30K. The IIHS gave the Accord the coveted ‘Top Safety Pick Plus’ top honors after the latest crash tests.
The legendary Prius has come a long way from its humble, economical beginnings. In 2024, it’s a sharp-looking car that turns heads. Of course the Prius will save you on fuel with 57 miles per gallon, but it’s also the safest hybrid car in 2024.
How does peppy driving dynamics, high ground clearance, and room for the family for well under $35,000 sound? The 2024 Mazda CX-50 is winning over plenty of fans as Mazda’s U.S. market share climbs. On top of the all-weather capabilities and well-powered engine, the CX-50 is one of the safest cars on the market.
Car buying is NOT fun. At least that’s been the case until now. As you consider these top safety picks for your next ride, remember this: you CAN skip the dealership hassles to save time, stress, and money.
With CarEdge Concierge, we do the heavy lifting for you. You tell us what you want, right down to the finest details. Your Car Concierge takes it from there, sourcing the perfect vehicle negotiated to the best price. With home delivery available, buying a car has never been easier.
Imagine cutting your fuel bill in half, without making the sacrifices that come with the EV lifestyle. Have you ever experienced the joy of owning a car that routinely gets 40, maybe even 50 miles per gallon? If not, we’re here to change that. In this guide, we’ll introduce you to the 5 best fuel-efficient cars for 2024.
We’ve selected five of the top new car models based on fuel efficiency, considering other important factors like reliability, comfort, and cost of ownership as tie-breakers. Fuel efficiency is measured in miles per gallon (mpg). We’ve included the annual fuel cost calculated for the average American driver traveling 15,000 miles per year, paying $3.50/gallon for gas. For comparison, the average American light-duty vehicle gets 25 miles per gallon, and costs $2,100 to fuel each year.
Without further adieu, let’s dive in.
The 5 Best Fuel Efficient Cars (2024 – 2025)
For anyone familiar with fuel-efficient car brands, the winners should come as no surprise. Toyota and Honda have long been leaders in hybrid technology, consistently delivering cars that top the charts in fuel efficiency. Hyundai is also making a strong push in the hybrid market, proving that fuel economy doesn’t have to come at a premium price.
1. 2024 Toyota Prius
Fuel Efficiency: 57 mpg (57 mpg city, 56 mpg highway)
Annual fuel cost: $921
MSRP: $27,950+
Why We Love the Prius: More than two decades after its American launch, the Toyota Prius continues to be a pioneer in fuel efficiency. With its latest model, Toyota has once again set the standard for hybrid technology. The 2024 Prius offers impressive fuel economy, a MUCH better exterior and interior design, and a comfortable interior, making it a top choice for those looking to save on fuel without sacrificing style or comfort.
Fuel Efficiency: 50 mpg (51 mpg city, 49 mpg highway)
Annual fuel cost: $1,117
MSRP: $28,400+
Why We Love the Camry Hybrid: The 2025 Camry, now with hybrid as the standard powertrain, combines Toyota’s legendary reliability with excellent fuel efficiency. The Camry Hybrid offers a spacious interior, advanced safety features, and a smooth ride, all while achieving up to 50 mpg in combined city/highway driving. For the 2025 model year, the Camry receives a major aesthetic update for the first time since 2018. With plenty of room for four, better looks, and Prius-level fuel economy, the 2025 Camry is definitely one of the best fuel-efficient cars.
Fuel Efficiency: 50 mpg (49 mpg city, 52 mpg highway)
Annual fuel cost: $1,050
MSRP: $26,250+
Why We Love the Elantra Hybrid: If you’re in the market for a compact sedan with modern looks and an affordable price, the Hyundai Elantra Hybrid leads the pack with 50 mpg. This compact sedan offers more than just fuel efficiency; it comes equipped with a modern design, advanced technology, and a comfortable interior. The Elantra Hybrid proves that you can enjoy a high-tech driving experience while keeping fuel costs low.
Fuel Efficiency: 48 mpg (50 mpg city, 47 mpg highway)
Annual fuel cost: $1,094
MSRP: $28,750+
Why We the Civic Hybrid: The Honda Civic Hybrid makes a strong return with the 2025 model, delivering impressive fuel efficiency at 48 mpg. Known for its reliability and sporty handling, the Civic Hybrid also offers a range of advanced safety features at an affordable price. It’s a smart choice for those looking to spend less on fuel without sacrificing a pleasant driving experience.
Fuel Efficiency: 42 mpg (45 mpg city, 38 mpg highway)
Annual fuel cost: $1,250
MSRP: $28,220+
Why We Love the Corolla Cross: The Toyota Corolla Cross Hybrid combines the practicality of an SUV with the fuel efficiency of a hybrid. Achieving 42 miles per gallon, this crossover has quickly gained a strong following. Consumer Reports ranks it as the #2 subcompact SUV on sale today, right behind the Subaru Crosstrek.
While fuel efficiency is undeniably important when selecting your next vehicle, it’s just one piece of the puzzle. You’ll want to take into account other critical factors like reliability, comfort, safety features, and the overall cost of ownership to make a well-rounded decision that aligns with your unique needs and preferences.
You don’t have to navigate car buying alone! Your CarEdge Concierge is here to listen to your needs, find the perfect car, and negotiate the price on your behalf. It’s the easiest way to buy a car in 2024, hands down!
Consider this shocking statistic: the average cost to own and operate a new car in 2023 was $12,182. Cars are expensive, and the financial burden doesn’t stop at the dealership. From high-interest rates to soaring insurance premiums and maintenance costs, owning a car involves many expenses that can drain your wallet.
Understanding the total cost of car ownership is crucial for budgeting and financial planning. In this guide, we’ll uncover the hidden costs of owning a car, helping you make informed decisions and avoid financial surprises.
Depreciation From Day One
This is often the largest hidden cost of car ownership. A new car can lose a significant portion of its value within the first few years of ownership, which impacts its resale value. Within the first year of ownership, many cars will lose up to 20% of their value. After that, they may lose about 15% more per year until they are roughly five years old. Depreciation slows each year after, but by this point, the car has already lost over 50% of its value.
This is a major reason why financing a new car for more than 60 months (5 years) is strongly discouraged.
Insurance premiums are a substantial ongoing expense, especially for younger drivers, those with less-than-perfect driving records, or owners of cars that are expensive to insure. Even credit scores impact auto insurance rates.
Car insurance rates soared 24% in 2023, pushed higher by rising repair costs, natural disasters, and more frequent car accidents. Rising repair costs are largely due to higher car prices that automakers have done their best to normalize since 2021.
How much should the average driver expect to spend on car insurance in 2024? The national average premium for a full-coverage policy now stands at $2,019 per year. That comes out to $168 per month on average. State-minimum liability insurance averages at $1,154 annually, but offers far less protection in the event of an accident.
Year after year, auto insurance rates continue to rise faster than wage growth. In other words, you’re not the only one noticing that insurance premiums are taking up more of your paycheck.
Maintenance and Repairs
Regular maintenance is necessary to keep a car running efficiently, but the costs can add up. Unexpected repairs can be particularly costly and are often unpredictable. In 2023, drivers averaged 9.83 cents per mile driven on maintenance, repairs and tire replacement, according to AAA. For the average American driving 15,000 miles per year, that adds up to $1,474 per year on car maintenance.
The cost of car maintenance is so important to the American economy that the Federal Reserve keeps tabs on prices. Their data shows that motor vehicle parts and equipment costs have skyrocketed since the end of the COVID-19 pandemic. Check out their graph below…
It’s important to understand that maintenance costs vary by make and model. It IS possible to avoid the costliest repairs by selecting a more reliable vehicle with less expensive parts and repair costs.Compare auto maintenance costs with our FREE tools.
Fuel, No Matter What Kind
The cost of fuel is a regular expense that can fluctuate wildly. For those who drive more or have less fuel-efficient vehicles, this cost can be significant. Consider the following: the average car in America gets 25 miles per gallon in 2024. At $3.50/gallon, the typical American driver traveling 15,000 miles per year will spend $2,100 each year on fuel. Hybrid vehicles that often get over 50 miles per gallon can cut this expense in half.
What about electric vehicle fuel costs? Charging at home is always cheapest, and is certainly cheaper than gas. However, public charging can get expensive. At typical American electricity rates, it costs between $10 and $20 to charge an EV battery from empty to 100% full at home.
Public fast chargers vary more in price compared to gas prices. A good deal for EV charging is generally under $0.45 per kilowatt-hour of electricity. Sadly, some EV charging stations charge upwards of $0.65 per kWh. Imagine if gas prices ranged from $3.00/gallon to $5.00/gallon in the same city. Crazy, right? See how much EV charging costs in your area with PlugShare.
Considering that the average EV battery has a 75 kWh capacity, public charging can get just as expensive as gasoline, if not more costly per mile driven. The good news is that most EV drivers do the vast majority of their charging at home, and save hundreds of dollars in fuel costs annually versus a gas car.
Financing: Higher Car Prices Mean Higher Interest Payments
Interest on auto loans adds to the total cost of owning a car. Longer loan terms, higher car prices, and today’s high interest rates all make auto loan interest payments soar. In 2024, the average interest rate for a new car loan is 9.72% APR, while used car loans average 14.10% APR. Financing a new car over a typical 60-month term can result in paying thousands of dollars in interest, unless you take advantage of new car financing offers.
If you extend the loan term to 72 or even 84 months, the interest costs can skyrocket, making the car significantly more expensive in the long run. This is why it’s crucial to shop around for the best financing rates and consider shorter loan terms if possible. Better yet, take advantage of the low-APR offers available today.
This free auto loan payment calculator calculates the total interest paid over the life of a car loan. Play around with the interest rate to see how big of a difference APRs can make for your payment and total cost of ownership!
State and Local Taxes
Sales tax, registration fees, and annual renewal fees can add up, especially when they are not anticipated in the budgeting process. Each state has its own set of taxes and fees, which can vary widely. For example, some states have annual property taxes that apply to vehicles, adding another layer of cost to car ownership. Additionally, many states charge an extra annual registration fee for electric vehicles and hybrids to compensate for lost gas tax revenue. This fee can range from $50 to over $200 per year, depending on the state.
Understanding these costs ahead of time can help you budget more accurately and avoid surprises. Be sure to check your state’s specific vehicle tax and fee structure before purchasing a car.
The Total Cost of Car Ownership Is Rising
Owning a car comes with many hidden expenses that can add up quickly. From steep depreciation and insurance premiums to maintenance, fuel, financing, and taxes, these expenses can significantly impact your budget. In 2024, higher insurance premiums and climbing maintenance costs are adding to the total cost of car ownership. Budgeting for these expenses matters now more than ever before.
By understanding these hidden costs, you can make more informed decisions and better prepare for the true cost of car ownership. Remember, doing your due diligence and researching all potential expenses will save you from unexpected financial strain down the road.
👉 Tired of car shopping hassles? Let us handle it for you with our CarEdge Concierge service. Our experts will find the perfect vehicle, negotiate the best price, and take care of all the details, saving you time and money. Learn more about CarEdge Concierge, the #1 car buying service in America.
