Get access to the same vehicle valuation tool that dealers rely on. With Black Book, you’ll have insider data to accurately assess trade-in and purchase values—empowering you to negotiate the best possible deal.
Dealership fees add up to hundreds and even thousands of dollars. However, that doesn’t mean you are required to pay them. Unsurprisingly, customer satisfaction with the vehicle purchase experience is declining. Forced add-ons and dealer markups are ruining car buying. In fact, several car dealership fees are outright anti-consumer tactics to squeeze a few extra dollars out of you. With negotiation know-how, car buyers should push back against fake dealership fees, and stay in control of their deal. Let’s take a look at the legitimate fees you can expect, and the fees and add-ons to never pay a car dealership.
Legitimate Dealership Fees and Taxes
When purchasing a vehicle, it’s essential to be aware of the legitimate fees and taxes that make up the out-the-door price. These fees are typically imposed by the government and vary by state or local jurisdiction.
These fees make up the out-the-door price. Find out how much your next car will REALLY cost with this free out-the-door price calculator.
Here’s a closer look at some of the most common legitimate fees and taxes associated with buying a car.
State & Local Taxes
Buying a car comes with various taxes, including city, state, and county sales tax, personal property tax, and often a vehicle license tax, which has to be paid annually. These taxes can vary greatly depending on your location, so it’s crucial to research and understand the tax rates specific to your state and local jurisdiction when budgeting for a vehicle purchase.
Title Fee
The title fee is charged as a cost for the documents required to transfer the title from the seller to the buyer. This fee can range from as low as $4 up to $150, depending on the state you’re in. The title fee is non-negotiable and must be paid to properly transfer ownership of the vehicle.
Tags and Registration Fees
Tags and registration fees are also imposed by your local government and are non-negotiable. These fees cover the cost of registering the vehicle under the buyer’s name and providing the physical license plates for the car.
Registration fees can vary widely among states. Some states charge a flat fee, while others base their fees on the vehicle’s weight or age. It’s essential to research your state’s registration fees to have an accurate estimate of the overall cost of purchasing a car.
Tag fees relate to the physical plates required for your vehicle. The cost for these plates varies from state to state, so make sure you’re aware of your specific state’s tag fees when budgeting for your car purchase.
Doc Fee
Doc fees straddle the line of legitimate and illegitimate. While dealerships may charge a doc fee to offset the cost of non-revenue producing employees, you should always negotiate this fee. Doc fees vary widely from state to state and dealer to dealer, so it’s crucial to research the average doc fee in your area.
Note that the dealer will never actually remove the fee from your buyer’s order, instead they will reduce the selling price of the vehicle by the same amount as the doc fee.
Now, onto the negotiable dealer fees you should never pay when buying a car.
Dealership Fees to Avoid
Some dealership fees add no value to your car and should be included with every new and used car at no additional cost. These are essentially fake fees that solely exist to make the dealership more money. Always avoid these fees:
Vehicle Prep Fee
Dealer Prep for Delivery Fee
Pre-Delivery Service Fee
Pre-Delivery Inspection Fee
Reconditioning Fee
It’s very important to remember that these fees add no value at all to your car, whether new or used. All of these so-called services should be included in the selling price of the vehicle, no ifs, ands or buts. Having trouble negotiating fake fees? Our CarEdge Car Coaches are always here to assist.
‘Almost’ Fake Fees
These car dealer fees add little value despite potentially costing hundreds or thousands of dollars. If you don’t want the product, these fees or ‘add-ons’ are always negotiable:
Etching – You can find it elsewhere for significantly less.
Nitrogen-inflated tires – The benefits are minimal, and air inflation works just as well.
Pinstripes – These are often overpriced and can be done cheaper elsewhere.
Paint protection – A wax job at a local shop will likely be more cost-effective.
Additional dealer add-ons – Beware of dealers trying to upsell you on unnecessary extras.
The Complete List of Dealership Fees
All of these add-ons and dealer fees are negotiable. Not a single one of them is required, no matter what a salesperson tells you. They’re not like the taxes, title and registration fees that you should expect to pay.
Our CarEdge Car Coaches help thousands of drivers negotiate better deals on their car purchases every month. We’ve seen it all! Here are three examples of ridiculous dealer add-ons and B.S. fees that we’ve helped to negotiate off of the out-the-door price.
Who on Earth would agree to pay $3,000 for a protection package when you could apply those same products for a few hundred dollars elsewhere? Overpriced paint and protection fees are always negotiable.
Some dealers seem to think that if you can afford a new truck, you won’t mind paying a thousand dollars extra for unwanted dealer add-ons. Always negotiate these fees.
Two grand for a safety and security package? Nope, nope and nope.
And then you have this… a whole slew of dealership fees and add-ons that are VERY hard to justify.
Don’t Pay Fake Fees!
When purchasing a vehicle, it’s crucial to stay in control of your deal and be aware of the various fees you may encounter. By understanding the legitimate fees, being cautious of questionable ones, and avoiding unnecessary dealership fees and add-ons, you’ll ensure that you’re getting the best deal possible on your next car.
Ready to take control of your car buying experience? Let CarEdge Coach guide you through the process, ensuring you avoid unnecessary fees and get the best deal possible, all with three months of 1:1 expert help. If you prefer a DIY approach, CarEdge Data is the perfect tool to help you make informed decisions and secure a great deal on your own terms. Why do we do it? We simply want to change car buying for the better. It’s about time!
Carvana, the nation’s 10th largest car dealer, has become increasingly popular as an online car dealership. However, despite its growing reputation, there are three key reasons why you should avoid buying your next vehicle from Carvana. Plus, we’ll take a look at the many examples of Carvana selling ‘broken cars’ to customers.
Reason #1: Skyrocketing Profit Per Vehicle
Carvana’s gross profit per vehicle has seen a significant increase, as revealed in their latest earnings report. In Q1 2023, their profits per car sold rose by an astounding 61%. Meanwhile, other online car dealers like CarMax and Vroom haven’t experienced the same success.
While Carvana’s total revenue dropped by 25% to $2.6 billion, their gross profit per unit increased. How did they achieve this? By inflating their car prices. Carvana’s financial success is relying on uninformed buyers to make purchases without realizing they’re being overcharged.
Reason #2: Ridiculously High Prices
Carvana’s prices are just too high. Unfortunately, car buyers should expect to pay a premium for the no-hassle, non-negotiable prices at Carvana. The company obviously tosses a few thousand dollars onto the price tag as an unofficial ‘convenience fee’ of sorts. In some cases, they’re selling used cars at nearly the same price as new ones.
Take a look at this example. Here’s a 2022 Ram 1500 Crew Cab with 12,667 miles on it, and Carvana is asking $45,990. This isn’t 2021, folks. Truck prices have gone down. In fact, our Car Coaches are regularly negotiating over 10% off of MSRP for brand-new trucks.
On CarEdge Car Search, we can see that Carvana has been trying to sell this truck for well over a month, and has already dropped the price by $3,000.
The new 2023 Ram 1500, same trim and all, is within range of the USED Ram truck once current market negotiability is taken into account. And this truck, even if it’s a few thousand dollars more, comes with a full warranty, and is without the mechanical unknowns that come with every used vehicle at Carvana.
Simply put, Carvana’s prices are just too high, but not all buyers will notice. Be sure to check CarEdge Dealer Reviews to see what others have experienced near you.
Reason #3: Serious Quality Issues
Carvana has a concerning track record of selling vehicles with serious quality issues. While not every car they sell has problems, it’s a recurring theme that cannot be ignored. Poorly reconditioned cars, or worse, are all too common in their inventory.
These are just a few of the real, horrific issues that Carvana’s customers have had to deal with:
Remember, if you can’t get an independent pre-purchase inspection (PPI), it’s not recommended to buy from that dealer. With Carvana, this is often the case.
In most instances, you’d be better off negotiating a deal on a new car rather than overpaying for the convenience of avoiding negotiations with Carvana. Do your research, compare prices, and make sure to prioritize quality when purchasing your next vehicle. Don’t be lured by the seemingly hassle-free car buying experience Carvana offers, as it could end up costing you more in the long run. Don’t forget to check the latest Carvana reviews at CarEdge Dealer Reviews!
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!
If you’re thinking about selling your car, you need to get a quote from EchoPark Automotive. Why would we insist that thousands of CarEdge Community members consider giving one online car buyer special consideration? Frankly, EchoPark is overpaying for used cars, and writing big checks to sellers in the process. Here’s what our team found using this free CarEdge offer comparison tool.
EchoPark’s Aggressive Bidding: A Windfall for Used Car Sellers
We did some research with CarEdge’s Sell Your Car offer comparison tool, and we found that EchoPark is paying too much for used cars. “Apparently, EchoPark has decided that they want to be the next Carvana,” exclaimed CarEdge Co-Founder Ray Shefska. Ray says that EchoPark may be putting themselves in a position where they’ll be buying high, and selling low.
We got offers from multiple online car buyers, and the difference was shocking.To get a sense of the overall market conditions for online car buyers today, we requested offers for a number of vehicles in different markets in America.
For example, we found a 2016 Ram 1500 for sale by Carvana in Kansas City, and received offers from multiple online buyers, such as Cargurus and CarMax. It turns out that EchoPark is not yet in the Kansas City market (more on that in a moment).
Cargurus made the highest offer, at $23,000. That’s $9,000 less than Carvana’s current asking price of $32,000. That sounds about right, at least in today’s market. But this is where EchoPark’s growing presence in online car buying enters the scene. They’re not in every market, but where they are, they REALLY want to buy your car.
EchoPark Offers Are Through the Roof
Now, let’s take a look at EchoPark’s determination to gain inventory. Over at CarMax, we found a 2021 Toyota RAV4 XLE on sale in Colorado Springs, Colorado for $33,000. CarMax is known as one of the higher-priced car sellers, since they claim to have no-haggle pricing (although you CAN negotiate your deal). For this RAV4 on sale for $33,000, EchoPark would pay $31,862 to buy it! It’s absolutely insane to see an online car buyer offering just $1,200 less than the car’s listing price. That’s yet another sign of a used car market out of whack.
Let’s take a look at one more example. To be sure this wasn’t a Toyota fluke, we picked this 2019 Ford F-150 Lariat. CarMax is asking $43,000, but EchoPark is willing to pay $38,700 to buy it. That’s NOT normal in the used car market. This is like if you went out and bought a $500 TV, and your neighbor offers to buy it off of you days later for $475. Crazy, right?
What does it all mean? This is a recipe for selling at a loss. Ray put it best, “Either EchoPark is desperate for inventory and isn’t worried about losing money on used cars, or this is pure insanity!”
These instant offers from online car buyers are generated by an algorithm that is supposed to offer a compelling price for the seller, but an offer that also makes it easy for the buyer to then sell that vehicle for a profit. Clearly, either there’s something wrong with EchoPark’s algorithm, or they seriously need inventory, and are willing to pay a price for it.
Is EchoPark Automotive Legit?
Yes, EchoPark is a legit business that buys and sells used cars online. EchoPark does not sell new cars. It’s also important to point out that EchoPark Automotive does not buy and sell in all markets. To sell your car to EchoPark, you’ll need to be close to one of their Vehicle Buying Centers. Most locations are in the southern half of the country, from coast to coast. See the latest EchoPark dealership locations here.
When you get an offer to sell your car to EchoPark, your offer is good for 7 days or 500 miles, whichever comes first. If you complete the deal within two days, they throw an extra $250 onto the offer.
When it comes to inventory, EchoPark mostly buys and sells 1-5 year old cars with low mileage. All of EchoPark’s cars come with a 7-Day Money Back Guarantee, similar to Carvana’s 7-day money-back guarantee, and CarMax’s 30-day money-back guarantee, as long as you’ve driven under 1,500 miles.
Compare Offers – No Matter What
Before you sell to EchoPark Automotive, we highly recommend that you compare offers from multiple online car buyers. You’ll get offers from reputable buyers like CarGurus, CarMax and EchoPark in seconds!
Thinking about buying from EchoPark? It’s possible that you’ll find a great deal, but it’s also possible (almost likely) that they’ll be overpricing their used car inventory to try and recoup money from overpaying for inventory.
We want to help you buy confidently. Do your due diligence and guarantee savings with the latest local car market data on CarEdge Car Search. How about premium market insights like Black Book trade-in values, negotiability score and official CarEdge recommendations for every listing? With CarEdge Data, you’ll get that and more.
Have you sold a car to EchoPark? Perhaps you’ve bought a used car from them? How did it go? Let us know in the comments below!
When it comes to buying a new car, getting the best deal is crucial. That’s why our CarEdge Car Coaches have put together a list of the discount you should expect on the 10 best-selling new cars and trucks. Consider this guide step one of the journey towards finding a great deal on a new car. These insights can help you save thousands of dollars on your next vehicle purchase.
Negotiability Insights from CarEdge Car Coaches
Our CarEdge Car Coaches help hundreds of car buyers every week, and they get a good feel for the negotiability of today’s car market in the process. Based on current market conditions, these are the appropriate discounts CarEdge Car Coaches are seeing for the best-selling new cars and trucks. We’re also sharing average listing prices for brand-new 2023 models, as well as any remaining new 2022 inventory.
Make
Model
Starting MSRP
Average Listing Price
Negotiability (Off MSRP)
Ford
F-150
$35,590
$62,353
3-6%
Chevrolet
Silverado
$37,395
$58,140
5-11%
Ram
1500
$39,305
$62,513
3-13%
Tesla
Model Y*
$48,630
$66,506
0%
Toyota
RAV4
$27,975
$36,664
0%
Nissan
Rogue
$28,655
$34,339
0-6%
Honda
CR-V
$32,355
$36,607
0-2%
GMC
Sierra
$38,995
$49,998
0-11%
Toyota
Camry
$27,315
$31,946
0-3%
Tesla
Model 3*
$41,630
$40,607
0%
Looking for negotiability info for other models? With CarEdge Data, you’ll see negotiability scores for every new and used car listing. Want personalized help? Our Car Coaches are ready to help you get the best deal today. Here’s how CarEdge can help.
2023 Ford F-150
The Ford F-150 is the best selling truck in the United States. With a starting MSRP of $35,590 the F-150 may seem like a reasonably priced pickup, however the average advertised price is much higher. Our analysis of 100,000 2023 Ford F-150s listed for sale shows an average advertised price of $62,353.
As Ford inventory builds back up, our Car Coaches have helped customers get between 3-6% off of MSRP.
In the screenshot below for a listing in the Dallas market area, you can see there is 184 days supply of inventory. This is well above the industry norm of 60-90 days. This means Ford dealers should be motivated to discount and make deals.
If you’re in the market for a new truck, our Car Coaches say that the Silverado 1500 is especially negotiable. In recent deals they’ve negotiated for our members, they’ve found that between 3% and 11% can be negotiated off of MSRP.
GM is having a REALLY hard time selling trucks. It’s gotten so bad that the automaker paused production as dealer lots filled with trucks.
There are plenty of Silverado’s that have been sitting on the lot for over 60 days, but market days’ supply depends on what trim you’re looking at. Remaining new 2022 model years are especially negotiable, such as this truck on sale in Chicago.
This Ram 1500 on sale in the Houston area has been on sale for nearly 300 days, and is highly negotiable. You’ll always have better chance to pay under MSRP with outgoing model years.
The 2023 Toyota RAV4 is one of the least negotiable new cars on the market today, but it’s also one of the most popular. With a starting price well under $30,000, it’s low negotiability is offset by an affordable price and decent fuel economy. The RAV4 Hybrid and Plug-In Hybrid (PHEV) are by far the least negotiable, according to CarEdge Car Coach Justise.
In most regional markets, days supply ranges between 20 and 50 days for the RAV4. This Limited AWD in DC is sadly one of the more negotiable listings, as it’s been on the market for over one month. That’s rare for the RAV4.
Due to a higher inventory this month, the Nissan Rogue SV is more negotiable. Other Rogue trim options, such as this Rogue S in California, are quite negotiable too, according to our Car Coaches. There will generally be more negotiability towards the end of the month.
Along with its rival the RAV4, the CR-V is hard to negotiate due to consumer demand exceeding supply. Market Days Supply is FAR below the market norm of 60 days. Some options, such as the all-wheel drive CR-V and CR-V hybrids, have far less supply. We recently took a closer look at inventory in major markets, and the CR-V is hard to find everywhere you look. Be sure to check out new car inventory in major markets across America.
In some markets, there’s over 200 days’ supply for new GMC Sierra trucks. That’s 2.5 times the industry standard for lot inventory. However, as you can see with this new Sierra listing from Texas, market supply depends on the trim you’re wanting. Check local inventory for brand-new 2022 models still on the lot.
The Toyota Camry is one of the best-selling sedans in America due to its reliability and fuel efficiency. However, its popularity also means that there is high demand and limited supply, which can make negotiating a lower price challenging.
From the East Coast to the Midwest and beyond, Market Days Supply for the 2023 Camry is well under the ‘healthy’ average of about 60 days. This 2023 Camry SE in Florida is a new arrival, and will likely be sold within days.
A brand-new Model 3 now starts at just over $40,000 following half a dozen price drops in 2023. But don’t expect to negotiate on a new Model 3 since Tesla sells directly to consumers in states that allow it.
Although you can only buy new Tesla EVs at tesla.com, there are shocking deals on used Tesla models at CarEdge Car Search. See listings near you.
A word of caution: Used Model 3 prices remain VERY inflated as dealers try to recoup losses as new Tesla cars keep getting cheaper.
Get Personalized Car Buying Help and Save Big
By utilizing the data and insights provided by CarEdge Data, you can unlock a wealth of valuable information to inform your car buying decisions. With access to market data, Black Book valuations, and local inventory information, you can confidently negotiate a better deal on your next car purchase.
Heading into this summer car buying season, patience will reward shoppers with savings. However, a closer look at market data reveals a shocking reality: deals are very hit-or-miss in 2023. Frankly, your likelihood of buying a new car under MSRP depends on what exactly you’re shopping for. On top of that, notable differences exist between regional markets. To bring much-needed clarity to the car market in 2023, we’re sharing the latest analysis from CarEdge Data. Let’s dive in.
Ford, Ram and GM Can’t Sell Their Expensive Trucks
Among the metrics employed to track the new car market, days’ supply is one of the most widely-used. Through the industry’s ups and downs from 2020 through the present, this data point was the bellwether at every turn. But what exactly is days’ supply, and how is it calculated?
Days’ supply is a calculation used in the automotive industry to determine how long it would take for dealerships to sell their current inventory of vehicles based on the average daily sales rate. It is calculated by dividing the number of vehicles in inventory by the average daily sales rate over a certain period of time.
Historically, a 60 days’ supply is considered normal or average in the auto industry. As we’re about to see, few of the top-selling models in America are anywhere near normal heading into summer.
An Abundance of Trucks, and a Shortage of Affordable SUVs
Are you in the market for a new truck in 2023? We have good news for you. There’s a huge oversupply of trucks in most markets as demand for overpriced inventory dried up earlier this year. Dealers are holding on to their trucks for too long, and with high floorplanning costs, they’re paying the price.
Car dealer floorplanning costs refer to the interest charges that car dealerships incur when they finance their inventory with a line of credit from a bank or a finance company. Essentially, the dealership uses the line of credit to purchase new cars from the manufacturer, and then pays interest on the loan until the cars are sold to customers. The longer the cars sit on the lot unsold, the more interest the dealer has to pay. This is why it’s important for dealers to move their inventory quickly and efficiently.
Examples of Truck Negotiability
We’re seeing truck prices steadily drop in most markets. Check out these examples from CarEdge Car Search. This brand-new Ford F-150 on sale in the Dallas area has had no fewer than four price adjustments in the past few months, yet it remains on the lot after 290 days. The CarEdge Negotiability Score takes into account days on market, local supply, and other factors to give this F-150 a 97/100. The dealer is EXTREMELY likely to negotiate.
This new Ram 1500 on sale near Houston, Texas has been on sale for over 285 days. The dealer has been dreading dropping the price, but seems to have finally given in recently. This is the perfect example of a new truck that would be quite negotiable.
Affordable SUVs and Sedans In Short Supply
Is it any surprise that automakers are making more of their higher margin, expensive models and far fewer of the budget models that most drivers want? The best-selling affordable vehicles all have days’ supply well under the 60 day norm in major markets.
Let’s take a closer look at current new car inventory for the 20 best-selling cars, trucks and SUVs last year. We analyzed inventory in the five largest car markets in the United States. The following data is as-of Apr 26, 2023.
New York-Newark-Jersey City, NY-NJ-PA
Make/Model
Total For Sale
# Sold - 45 Days
Days Supply
Ford F-150 XLT Hybrid
515
138
168
Chevrolet Silverado LT 4WD
1092
276
178
Ram 1500 Big Horn/Lone Star
1182
250
213
Toyota RAV4 XLE Premium
543
876
28
Toyota Camry LE FWD
509
625
37
GMC Sierra Elevation 4WD
508
133
172
Honda CR-V Sport FWD
361
968
17
Toyota Tacoma TRD Off Road 4WD
490
505
44
Tesla Model Y Long Range (used - 2021)
110
23
215
Jeep Grand Cherokee Limited 4WD
328
412
36
Toyota Highlander XLE FWD
1114
1692
30
Toyota Corolla LE
767
829
42
Chevrolet Equinox LS
390
181
97
Ford Explorer XLT
1375
364
170
Tesla Model 3 RWD (used - 2021)
118
20
266
Nissan Rogue SV
1481
1443
46
Jeep Wrangler Unlimited
506
107
213
Hyundai Tucson SEL
1365
1387
44
Subaru Crosstrek Limited
300
754
18
Honda Accord EX
790
617
58
Los Angeles-Long Beach-Anaheim, CA
Make/Model
Total For Sale
# Sold - 45 Days
Days Supply
Ford F-150 XLT Hybrid
832
267
140
Chevrolet Silverado LT 4WD
890
253
158
Ram 1500 Big Horn/Lone Star
908
118
346
Toyota RAV4 XLE Premium
1003
1142
40
Toyota Camry LE FWD
621
683
41
GMC Sierra Elevation 4WD
388
206
85
Honda CR-V Sport FWD
1052
1028
46
Toyota Tacoma TRD Off Road 4WD
585
1737
15
Tesla Model Y Long Range (used - 2021)
82
51
72
Jeep Grand Cherokee Limited 4WD
182
103
80
Toyota Highlander XLE FWD
357
766
21
Toyota Corolla LE
642
950
30
Chevrolet Equinox LS
301
122
111
Ford Explorer XLT
627
198
143
Tesla Model 3 RWD (used - 2021)
63
74
38
Nissan Rogue SV
754
650
52
Jeep Wrangler Unlimited
217
103
95
Hyundai Tucson SEL
284
419
31
Subaru Crosstrek Limited
8
139
3
Honda Accord EX
1020
516
89
Chicago-Naperville-Elgin, IL-IN-WI
Make/Model
Total For Sale
# Sold - 45 Days
Days Supply
Ford F-150 XLT Hybrid
479
211
102
Chevrolet Silverado LT 4WD
546
150
164
Ram 1500 Big Horn/Lone Star
469
66
320
Toyota RAV4 XLE Premium
198
432
21
Toyota Camry LE FWD
113
156
33
GMC Sierra Elevation 4WD
167
69
109
Honda CR-V Sport FWD
125
380
15
Toyota Tacoma TRD Off Road 4WD
289
324
40
Tesla Model Y Long Range (used - 2021)
29
20
65
Jeep Grand Cherokee Limited 4WD
173
119
65
Toyota Highlander XLE FWD
303
637
21
Toyota Corolla LE
214
241
40
Chevrolet Equinox LS
131
203
29
Ford Explorer XLT
572
126
204
Tesla Model 3 RWD (used - 2021)
11
17
29
Nissan Rogue SV
482
405
54
Jeep Wrangler Unlimited
115
31
167
Hyundai Tucson SEL
528
598
40
Subaru Crosstrek Limited
33
229
6
Honda Accord EX
188
185
46
Dallas-Fort Worth-Arlington, TX
Make/Model
Total For Sale
# Sold - 45 Days
Days Supply
Ford F-150 XLT Hybrid
1269
301
190
Chevrolet Silverado LT 4WD
918
176
235
Ram 1500 Big Horn/Lone Star
832
140
267
Toyota RAV4 XLE Premium
134
229
26
Toyota Camry LE FWD
122
199
28
GMC Sierra Elevation 4WD
294
86
154
Honda CR-V Sport FWD
423
260
73
Toyota Tacoma TRD Off Road 4WD
117
173
30
Tesla Model Y Long Range (used - 2021)
19
15
57
Jeep Grand Cherokee Limited 4WD
225
81
125
Toyota Highlander XLE FWD
207
235
40
Toyota Corolla LE
103
191
24
Chevrolet Equinox LS
53
102
23
Ford Explorer XLT
616
114
243
Tesla Model 3 RWD (used - 2021)
24
20
54
Nissan Rogue SV
678
445
69
Jeep Wrangler Unlimited
114
54
95
Hyundai Tucson SEL
253
320
36
Subaru Crosstrek Limited
15
79
9
Honda Accord EX
279
188
67
Houston-The Woodlands-Sugar Land, TX
Make/Model
Total For Sale
# Sold - 45 Days
Days Supply
Ford F-150 XLT Hybrid
1378
352
176
Chevrolet Silverado LT 4WD
894
263
153
Ram 1500 Big Horn/Lone Star
1021
139
331
Toyota RAV4 XLE Premium
192
223
39
Toyota Camry LE FWD
139
151
41
GMC Sierra Elevation 4WD
331
63
236
Honda CR-V Sport FWD
352
322
49
Toyota Tacoma TRD Off Road 4WD
139
216
29
Tesla Model Y Long Range (used - 2021)
27
11
110
Jeep Grand Cherokee Limited 4WD
180
56
145
Toyota Highlander XLE FWD
250
250
45
Toyota Corolla LE
98
150
29
Chevrolet Equinox LS
25
87
13
Ford Explorer XLT
538
147
165
Tesla Model 3 RWD (used - 2021)
23
13
80
Nissan Rogue SV
601
399
68
Jeep Wrangler Unlimited
48
41
53
Hyundai Tucson SEL
194
366
24
Subaru Crosstrek Limited
5
60
4
Honda Accord EX
201
187
48
The trend couldn’t be more clear: there’s a massive oversupply of trucks, and a shortage of popular, more affordable crossovers, SUVs and sedans. Buyers are holding back on truck purchases, yet automakers keep producing more and more. They make less profit per affordable vehicle sold, and in these greedy times, they’re producing less and less of them. We saw it just the other day with the cancellation of the Chevrolet Bolt to make way for $80,000+ electric trucks.
Let’s talk about what you should do to overcome these obstacles when buying in 2023. With a but of insider know-how, buyers still have the upper hand.
With the latest market update in mind, CarEdge co-founder and auto industry veteran Ray Shefska wanted to share these timely recommendations with car buyers.
“My advice for buyers can be summed up in one word, patience. With dealer floor plan costs rising and inventory levels growing, a consumer’s patience should be rewarded with lower prices either via direct discounts from the dealership or in combination with manufacturer customer incentives in the form of rebates. Depending on how we see sales play out for the month of May, lower than what they had hoped for, is my expectation. I would not be surprised to see manufacturers offer both customer rebates and subvented interest rates in May to spur slowing sales. Dealers hate aged new vehicle inventory and with trucks sitting for so long, many dealers will react the only way they know how, and that would be discounting trucks to move them.
PATIENCE is the word of the day.”
Be flexible.
To find the best deals in the current market, car buyers need to be flexible in their choices. Buyers may need to be open to different makes and models to take advantage of the best deals. For example, a buyer in the market for a new Honda CR-V may want to test drive the new Nissan Rogue or even a Ford Explorer, two models with more inventory. If you’re shopping for a model that’s in short supply, now’s probably not the time to be picky about paint color, wheels or other nonessentials.
Do your research.
To make informed buying decisions, car buyers should conduct thorough research on the models they are interested in. With CarEdge Data, buyers can access valuable information on depreciation, resale value, and more. Armed with this knowledge, buyers can negotiate better deals and avoid being taken advantage of by car dealerships. Don’t make a hasty decision – take the time to do your research and make an informed choice.
CarEdge Insights
