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Tesla, Hyundai, and Kia Have Shocking Memorial Day EV Deals
As we approach Memorial Day weekend, prepare for some of the best EV deals of the year. Historically a prime time for savings, 2024 Memorial Day EV sales are looking especially good. With the average new car loan rate near 10% APR, it’s crucial to take advantage of low APR offers featured in these deals. Elevated levels of new EV inventory is creating the perfect storm for big discounts. If you’re in the market for an electric vehicle, now could be your best chance at a bargain.
Here are the top Memorial Day EV deals available today.
2024 Tesla Model Y
Memorial Day Offer: Finance with 0.99% APR until May 31, 2024. Lease from $399/month with $2,999 due at signing.
Base Price: $44,990 – $51,490
Range: 279 – 320 miles
The Tesla Model Y is a standout in the EV market, offering a compelling combination of price, range, and technology. It’s the best-selling EV in America, and is now cheaper than ever before. Amazing financing offer aside, we’ve never seen a Model Y lease deal this attractive.
One of the key benefits of owning a Tesla is access to the expansive and reliable Tesla Supercharger network, which ensures convenient long-distance travel and faster charging times. This Memorial Day, Tesla’s offer of a 0.99% APR financing rate makes the Model Y an even smarter buy.
Build your Model Y at Tesla.com
2024 Hyundai IONIQ 5
Memorial Day Offer: Finance with 0% APR (all trims) for 60 months + $7,500 customer cash until June 3, 2024. Lease the IONIQ 5 SE for $299/month for 24 months with $3,499 due.
Base Price: $41,400 – $53,500
Range: 220 – 303 miles
The Hyundai IONIQ 5 is one of the fastest-charging electric vehicles on the market today, capable of charging from 10% to 80% in just 18 minutes. The Memorial Day offer of 0% APR for 60 months translates to significant savings compared to the average new car loan rate of 9.95% APR.
Consider this: financing a $50,000 car at 0% APR versus 9.95% APR over five years can save you nearly $14,000 in interest.
Despite not qualifying for the federal tax credit for EVs, Hyundai’s $7,500 cash offer makes up for that, making the IONIQ 5 a smart and economical choice. Learn more about offer details.
Browse Hyundai IONIQ 5 listings with the power of local market data
2024 Kia EV9
Memorial Day Offer: 0% APR for 48 months + $9,000 cash. Lease for $419/month for 24 months with $4,999 due.
Base Price: $54,990 – $69,900
Range: 270 – 304 miles
The Kia EV9 has earned multiple awards for its innovative design and performance. With ultra-fast charging, a long range of up to 304 miles, and three rows of seats, it’s easy to see why.
This Memorial Day, Kia’s offer of 0% APR for 48 months plus a $9,000 cash incentive makes the EV9 an irresistible deal. The lack of a federal tax credit is more than offset by the substantial cash incentive. Deals like this don’t come around often. Learn more about this offer.
Browse Kia EV9 listings with the power of local market data
The Best Deal: 2024 Kia EV6
Memorial Day Offer: 0% APR for 60 months + $9,000 cash. Lease the EV6 RWD Wind for $249/month for 24 months with $3,999 due.
Base Price: $42,600 – $61,600
Range: 252 – 310 miles
The Kia EV6 stands out as the best new EV offer for Memorial Day 2024. With a combination of 0% interest for five years and a significant $9,000 cash incentive, it’s a deal that’s hard to beat.
Additionally, the EV6 can charge from 10% to 80% in as little as 18 minutes, making it a practical choice for those who value convenience and efficiency. If you’re looking to go electric without breaking the bank, and refuse to sacrifice charging speed and long range, this is the EV offer you’ve been waiting for. Learn more about this offer.
Browse Kia EV6 listings with the power of local market data
It’s a Great Time to Buy – But More Deals Ahead
With low APR offers and massive cash discounts, Memorial Day is a fantastic time to buy a new EV. Charging infrastructure is growing, and even becoming more reliable. Whether you’re drawn to Tesla’s expansive and reliable Supercharger network or the unique offerings from Kia and Hyundai, there’s something for everyone this month.
Not ready to commit? Don’t fret. The best time of the year to buy a car isn’t Memorial Day, it’s year-end sales. Come December, expect great deals on 2024 models everywhere you look as 2025s arrive. Will financing offers be this great? It depends on what the Federal Reserve decides to do with interest rates between now and then. Time will tell!
Free Car Buying Help Is Here
Ready to outsmart the dealerships? Download your 100% free car 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!
10 Cars and Trucks With the Biggest Price Increases in 2024
Despite an abundance of inventory and high interest rates, new car prices keep rising. Many automakers are increasing the starting prices of their vehicles at a pace that far exceeds inflation. Time and time again, we’ve seen automakers drop affordable base models, despite consumer appetite for cheaper options. Here are 10 models with the biggest MSRP increases in 2024, and how you can still negotiate a better deal.
Cadillac CT5 – Up 23%
2025 Starting MSRP: $48,990 (+$9,200)
2024 Starting MSRP: $39,790
The Cadillac CT5’s price hike is one of the most significant this year. With nearly a $10,000 increase, luxury buyers might need to reconsider their budgets.
The good news for buyers is that Cadillac inventory remains above average, and that lends to negotiation leverage. There’s an 87-day supply of new CT5s on Cadillac dealer lots. There’s no shortage of this luxury sedan and smart buyers should use this to their advantage.
See CT5 listings with local market price data
Hyundai Santa Fe – Up 17%
2024 Starting MSRP: $35,345 (+$5,260)
2023 Starting MSRP: $30,085
You’ve likely seen the completely redesigned 2024 Hyundai Santa Fe on the road by now. Some say it looks stellar, while others call it a wannabe Land Rover. No matter what you think about this popular SUV, it’s a lot more expensive than it used to be. For the redesign, Hyundai added over $5,000 to the base MSRP of the Santa Fe.
See Santa Fe listings with local market price data
Ford F-150 Lightning – Up 14%
2024 Starting MSRP: $65,090 (+$8,100)
2023 Starting MSRP: $56,990
Ford’s popular F-150 Lightning XLT became a lot more expensive for the 2024 model year. We may be well into 2024, but Ford dealers are still clearing out 2023 inventory. It’s not exactly in high demand, with a current market-day supply of 114 days.
See F-150 Lightning listings with local market price data
Nissan Titan – Up 13%
2024 Starting MSRP: $47,665 (+$5,420)
2023 Starting MSRP: $42,245
Nissan has been trying to make headway into the American truck market for years now, to very limited success. The automaker sold just 19,189 copies of the Titan in the United States last year. Compare that to the Ford F-Series’ 750,000 units sold, and it becomes laughable that prices jumped 13% year-over-year.
And get this: There’s nearly a year of Nissan Titan supply on dealership lots today. We STRONGLY encourage negotiating Nissan Titan prices. It’s a buyer’s market!
See Titan listings with local market price data
Volvo XC40 – Up 12%
2024 Starting MSRP: $41,795 (+$4,350)
2023 Starting MSRP: $37,445
Volvo’s compact SUV, the XC40, sees a noticeable price increase this year. The XC40 is already a slow-seller, with nearly triple the average new car supply today. Volvo’s US market share has been flat for the past several years. Will higher prices change that? We doubt it.
See XC40 listings with local market price data
Mercedes-Benz GLA – Up 11%
2024 Starting MSRP: $43,000 (+$4,350)
2023 Starting MSRP: $38,650
The entry-level luxury SUV, the Mercedes-Benz GLA, starts at a higher price in 2024. GLA sales have fallen slightly over the past year, so perhaps MB is rethinking the 11% price bump.
See GLA listings with local market price data
Nissan Armada – Up 9%
2024 Starting MSRP: $57,345 (+$4,750)
2023 Starting MSRP: $52,595
The Nissan Armada’s higher price in 2024 is not translating to more sales. There is a 222-day supply of the new Nissan Armada in May, meaning that inventory is nearly triple the industry average. Buyers just might be pushing back against higher prices, and perhaps giving the competition a closer look.
See Armada listings with local market price data
Volvo XC60 – Up 8%
2024 Starting MSRP: $48,195 (+$3,650)
2023 Starting MSRP: $44,545
Volvo’s midsize SUV, the XC60, has also seen a price increase. Known for its comfort and advanced safety features, the XC60 continues to appeal to those looking for a premium SUV, despite the higher price tag. Today, the XC60 sells in higher numbers that the XC40, and that wasn’t always the case.
See XC60 listings with local market price data
Ford F-150 – Up 8%*
2024 Starting MSRP: $38,765 (+$2,935)
2023 Starting MSRP: $35,830
It’s the best-selling truck in America, but it’s not the most affordable. The base Ford F-150 sees a modest price increase for 2024. However, the more popular Lariat has received a nearly $8,000 price hike for 2024, now starting at $67,190. Ford has finally cleared out most remaining 2023 inventory, so expect to see more 2024s on dealer lots. At least low-APR financing offers make the price hikes more manageable.
See F-150 listings with local market price data
Mercedes-Benz GLE – Up 8%
2024 Starting MSRP: $63,800 (+$4,950)
2023 Starting MSRP: $58,850
The luxury SUV segment sees the Mercedes-Benz GLE with nearly a $5,000 price increase. Its blend of luxury, technology, and performance makes it a top choice among luxury buyers. However, GLE sales fell 8% in the US last year, so it’s a wonder that prices were hiked so much.
See GLE listings with local market price data
Car Price Inflation Is Real
The trend of rising car prices shows no sign of slowing down in 2024. While these increases might seem daunting, empowered buyers can still find ways to negotiate better deals. Staying updated on price trends and being prepared to negotiate are key strategies in this evolving market. Luckily, CarEdge has 100% free resources to get you there!
Download Your FREE Car Buying Cheat Sheets
Ready to outsmart the dealerships? Download your 100% free car 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!
Looking for detailed, local car market data to give you the upperhand in negotiating? Learn more about CarEdge Pro. It’s expert data, unleashed!
The 5 Best Memorial Day Truck Sales (May 2024)
Historically a prime time for deals, 2024 Memorial Day truck sales are shaping up to be particularly great. This year, elevated levels of new truck inventory and the hefty floorplanning costs faced by dealers are creating the perfect storm for big discounts. If you’re in the market for a new ride, and can’t afford to wait for year-end truck deals, now could be your best chance at a bargain. These are the best Memorial Day truck sales for May 2024, available today.
2024 GMC Sierra 1500
Starting MSRP: $38,345 (Average selling price: $60,309)
Current Market Day Supply: 103 days (holding steady)
Negotiability Score: High
2024 Sierra 1500: 1.9% APR + $3,250 cash allowance + NO payments for 90 days.
For remaining 2023 Sierra 1500s, get up to $8,000 in cash incentives.
GMC is offering one of the best truck deals for Memorial Day. With 1.9% APR, a generous cash offer, and no payments for three months, buyers can save several thousand dollars. If you can find a remaining 2023 model, you’re likely to rake in even bigger savings. This offer expires on 6/3/2024. Learn more at GMC.com.
See GMC Sierra 1500 listings with local market data
2024 Chevrolet Silverado 1500
Starting MSRP: $37,445 (Average selling price: $55,537)
Current Market Day Supply: 109 days (holding steady)
Negotiability Score: High
2024 Silverado 1500: 1.9% APR + $5,750 cash offer w/ trade-in
Remaining 2023 Silverado 1500s: $7,250 customer cash
With 109 days of market supply, there’s an abundance of 2024 Silverado 1500s on Chevy dealer lots. At a time when the average new car loan rate is near 10%, this 1.9% APR offer is a great deal that will save you big time over the long run. This offer expires on 6/3/2024. Learn more at Chevrolet.com.
See Chevrolet Silverado 1500 listings with local market data
2024 Toyota Tundra
Starting MSRP: $48,645+ (Average selling price: $63,796)
Current Market Day Supply: 61 days (trending down)
Negotiability Score: Low
Toyota Tundra (2024s and remaining 2023 models): 3.99% APR for 60 months, or just 1.99% APR for 48 months.
With just 61 days of market supply, the Toyota Tundra is the least negotiable truck on sale today. However, Toyota being Toyota, they’re still offering a compelling financing deal for Memorial Day. While the Tundra’s 3.99% APR is not quite as great as the offers from GMC and Chevrolet, it’s still a great interest rate if you prefer this truck. This offer expires on 6/3/2024. Learn more at Toyota.com.
See Toyota Tundra listings with local market data
2024 Ford F-150
Includes the gas, hybrid, and electric F-150 variants.
Starting MSRP: $38,765 (Average selling price: $58,473)
Current Market Day Supply: 111 days (holding steady)
Negotiability Score: High (2023 models), Average (2024 models)
Remaining 2023 F-150 models: 1.9% APR for 72 months
New 2024 F-150 models: 3.9% APR for 60 months
The best-selling truck in America is building up on dealer lots as the cost of financing discourages many buyers. In fact, thousands of brand-new 2023 models remain unsold, so Ford’s Memorial Day sales are out to change that. These offers expire on 6/2/2024. Learn more at Ford.com.
See Ford F-150 listings with local market data
2024 Nissan Titan
Starting MSRP: $40,350 (Average selling price: $56,474)
Current Market Day Supply: 305 days (rising)
Negotiability Score: Very High
5.9% APR financing for 84 months + up to $3,590 in cash savings
Nissan is aggressively pursuing a larger share of the U.S. truck market, though with mixed results. Their previous zero percent financing campaign has ended, but they’re now offering a variety of cash incentives that could save buyers up to $3,590.
For truck buyers who need a longer loan term, Nissan’s 84-month loan offer at 5.9% could save buyers a few thousand dollars in interest versus financing through a bank. However, we advise shorter loan terms when possible to save on interest. This offer ends on May 30, 2024. Learn more at NissanUSA.com.
See Nissan Titan listings with local market data
Let Us Do the Work For You
Tired of negotiating, dishonest pricing, and all of the back-and-forth that comes with buying a new truck? Let us do it for you! Learn more about CarEdge Concierge. It’s your ticket to saving more, and stressing less! Home delivery is available.
Prefer a DIY route with expert tools at your fingertips? CarEdge Pro is what you’re looking for! We’re simply here to help!
Is Now a Good Time to Buy a Used Car? Do Your Homework First!
As summer 2024 approaches, more drivers are wondering if now is a good time to buy a used car. When it comes to the used car market, the details matter. With the average listing price hovering around $25,540, nearly unchanged from the start of the year, it might seem tough to get a deal. But the price is only half the battle, as you’re about to see.
Let’s dive into the details.
Three Crucial Considerations for Used Car Buyers: Credit Score, Budget, and Timeline
1. The Importance of Credit Scores in 2024
Does Credit Score Matter in 2024? YES. Knowing your current credit score will help you plan for the cost of financing. Planning to pay cash? GREAT! But if not, lenders will use your credit score and debt-to-income ratio to determine if you qualify for a car loan.
In fact, your credit score can help you determine if now is a god tiod time to buy a used car, or possibly even the worst time. Used car loan rates now average north of 13% APR. But that’s just the average. Shoppers with lower credit scores (under 650) will only qualify for higher rates, perhaps approaching 20% APR for the lowest scores, if you can get qualified at all.
Check out the 2023 data from Experian via MarketWatch to see the average auto loan rates by credit score. This is very similar to what shoppers should expect today, as rates have remained high over the past year.
How much does interest rate matter with a used car loan? Let’s look at a realistic example. With a $30,000 car loan over 72 months, the difference in interest paid between a loan at 5% APR and one at 15% APR is substantial. It’s always best to opt for a shorter loan term, but we’ll use this example since more drivers are stretching out their payments as prices rise.
What’s the difference in interest paid? With a 5% APR, you would pay approximately $4,776 in interest over the 72 months of the loan. However, at a 15% APR, the interest spikes to $13,632, resulting in an additional $8,856 in interest costs. This highlights the significant financial impact that APR can have on the total cost of a loan.
No matter when you get serious about buying, DO NOT overlook the power of having a good credit score. It’s the difference between paying a little interest, and eye-gouging amounts owed month after month.
👉 Finance Your Car Like a Pro With This Cheat Sheet (100% FREE)
For more about what credit score car dealers and banks use, check this out.
2. Know Your Budget
The reality of 2024 is stark: cars are more expensive, and finding a reliable, low-mileage vehicle under $10,000 is virtually impossible. According to research from iSeeCars, while 49.3% of all used cars were priced under $20,000 in 2019, today that number stands at just 12.4%.
Before you fall in love with a make or model, use tools like CarEdge’s Car Search to set realistic expectations and shop within your means.
👉 Bookmark This FREE Out-the-Door Price Calculator
3. Consider Your Timeline
If you’re not in urgent need of transportation, waiting might be wise. We anticipate used car prices could drop an additional 2-5% later in the summer and potentially even more towards the end of the year. Delaying your purchase could save you thousands, especially if interest rates begin to decrease as predicted. Although with inflation staying stubbornly high, the general consensus is that interest rates will remain at current levels for at least a few more months, if not longer.
Considering New Cars Too? See This Month’s BEST Deals.
So Is Now a Good Time to Buy a Car? CarEdge’s Advice for 2024
Deciding whether to buy a used car now or later in 2024 boils down to your personal circumstances—your budget, your credit score, and how urgently you need a vehicle. If your situation allows, waiting a few months could be financially beneficial, both in terms of lower prices and potentially reduced interest rates. This is especially true if you could use more time to improve your credit score. Qualifying for the best rate possible will save you thousands in interest payments with most used car loans today.
However, if you need a car soon, finding a well-priced deal now is possible IF you’re prepared to negotiate. Check out the free tools below! And remember to use CarEdge Pro to equip yourself with local car market data. You’ll negotiate like a pro in no time!
So overall, is now a good time to buy a used car? The answer is that it’s an okay time, and better times are ahead once prices drop further, and these insanely high interest rates come down. But the future is notoriously hard to predict. If you need a ride quickly, you CAN score a deal with negotiation know-how.
Free Car Buying Help Is Here
Navigating the used car market can be complex, but with CarEdge, you’re never alone. Ready to outsmart the dealerships? Download your 100% free car 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!
Stay tuned to CarEdge for more insights and tips on car buying in 2024!
The 10 Least Reliable Car Brands of 2025: Consumer Reports, Recalls, and More
Shopping for a new car is an exciting time, but knowing which brands to steer clear of can save you from a lot of future headaches. At CarEdge, we’re diving deep into rankings from Consumer Reports, and complimenting their legendary work with our own car market updates from CarEdge Pro. Here’s a breakdown of the 10 least reliable car brands in 2025. If you buy one of these cars, you ought to have a car maintenance emergency fund at your disposal, or start getting quotes for extended warranty protection!
Looking for the MOST reliable car brands? Check those out here.
Consumer Reports’ 2025 Reliability Rankings: The Least Dependable Car Brands
We hope you enjoy the real-time car market data we’ve included. Head over to CarEdge Pro for localized data that YOU can use to negotiate effectively.
Consumer Reports provides an annual snapshot of car reliability, all based on data from over 300,000 vehicles that addresses 17 common trouble areas. The non-profit has been helping car buyers make smart choices for 88 years. In 2025, the CR rankings reveal a few brands that, well, might not be your best bet if reliability tops your priority list. For comparison’s sake, we’ve also included the number of recalls for each manufacturer over the past year ending in January 2025, via the NHTSA.
Although Rivian is the least reliable car brand according to Consumer Reports, all GM brand rank near the bottom. Here’s a look at the car brands most likely to give you problems during ownership.
The 10 Least Reliable Car Brands in 2025:
- Rivian
- Cadillac
- GMC (Tie)
- Jeep (Tie)
- Volkswagen
- Tesla
- Predicted Reliability Score: 36/100
- Average Selling Price: $41,000 (estimate)
- Chevrolet
- Volvo
- Genesis
- Ford
👉 See local car market prices and trends with CarEdge Pro
The Least Dependable Car Brands Surprisingly Don’t Have Much In Common
From frequent breakdowns to excessive recalls, these brands show various signs of potential trouble for consumers. Surprisingly, the least reliable car brands are often expensive. With the likes of Rivian, Tesla, Volvo and Volkswagen on the list, it’s clear that when it comes to reliability, you don’t always get what you pay for.
Other than that, we see a mix of manufacturers from around the world on this unfortunate list. In a massive improvement from last year, only one Stellantis brand is on the list. General Motors, on the other hand, had falling reliability ratings, with three of the four GM brands on the bottom 10. Chrysler, the only GM brand not making an appearance, wasn’t rated by Consumer Reports due to ‘insufficient data’.
👉 By the way, these are the 10 MOST reliable car brands, according to CR
Breaking Down Reliability by Powertrain
According to Consumer Reports, hybrid vehicles lead the pack among electrified powertrains in terms of reliability. “On average, hybrid powertrains remain reliable, while pure electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) are improving despite continuing reliability problems.”
On the other hand, plug-in hybrid vehicles tell a different story, facing 70% more issues than gasoline (ICE) vehicles. Consumer Reports found that fully electric vehicles (BEVs) have 42% more problems than gas-powered or traditional hybrid vehicles. This is a big improvement from last year, when EVs had 79% more issues than ICE vehicles.
Want Free Car Buying Help in 2025?
While it’s crucial to consider reliability, don’t forget to weigh other factors such as fuel efficiency, safety features, and overall cost of ownership. Check out our detailed CarEdge cost of ownership rankings to get a fuller picture.
Ready to outsmart the dealerships? Download your 100% free car 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!
Why 2024’s Memorial Day Car Sales Are Shaping Up to Be Big
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
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
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.
Electric Car Prices are Plummeting: Depreciation Crisis Or Buyer’s Market?
Electric car prices have fallen off of a cliff. Depending on your stance in the market, this could be great news, or far from it. Since September 2022, the average used electric car price has tumbled from $63,069 to $33,645. That is a 47% loss of value in a little over a year and a half.
At the same time, used internal combustion engine vehicles have seen their prices decline too. Since September of 2022, used cars powered by internal combustion engines have seen their average price decline from $34,000 to $32,000. This 6% loss in value over 18 months is more like what we would expect.
A closer look at some EVs for sale today reveals that a 47% drop in value would actually be a better scenario, believe it or not. Should EV buyers consider this drastic drop in value to be a good or bad sign? We’ll get into that too.
EV Depreciation Shock: Popular EVs Lose Half Their Value Instantly
The actual value of new electric cars is significantly lower than their starting MSRPs. Take for example this BMW i4 that is currently for sale. The manufacturers suggested retail price is $64,740. The CarEdge Target Discount from the dealer is 8% off of MSRP which is a price of $59,561.
What happens when you plug this vehicle into CarEdge.com/sell and receive instant cash offers? With just 500 miles entered on the odometer, the highest cash offer is $28,370 from CarGurus.
That is an astounding 56% loss of value the moment you drive the car off the lot!
Things get even worse when you look at the Mercedes-Benz EQS. This 2023 Mercedes-Benz EQS has a manufacturers suggested retail price of $156,170. The CarEdge Target Discount is 15% off of MSRP, leading to a selling price of $132,745. 15% off of a Mercedes seems like an excellent deal! Until …
When you plug this vehicle into CarEdge.com/Sell with 500 miles you get an instant cash offer of $67,000. Again, a 57% loss in value.
Even Ford’s Big Discounts Aren’t Enough…
When Ford launched their flagship ‘Tesla-killer’ EV in 2021, nearly infinite demand was expected by Ford’s leadership. “It’s hard to produce Mustang Mach-Es fast enough to meet the incredible demand, but we are sure going to try,” said Ford CEO Jim Farley at the time.
How times have changed. From boasting production targets of 200,000 copies by 2023, to struggling to sell last year’s inventory even today, Ford EV sales have not lived up to their corporate expectations.
The good news for buyers is that great deals can be had on a new Mustang Mach-E. But is it enough to lift buyers out of negative equity from day one?
Let’s take a look at an example from the CarEdge Community.
This new 2022 Mustang Mach-E was STILL on the dealer lot in early 2024. In fact, about 100 new 2022s remain across the nation. With a $27,000 discount, surely it’s a steal, right? Not so fast…
Here’s how much online car buyers would pay for that exact car, the moment it is driven off of the lot…
That’s right, a 48% drop in market value from day one. Although this was a 2022 model, roughly two-thirds of all new Mustang Mach-Es on dealer lots today are leftovers from 2023. No one should be paying MSRP for last year’s cars in spring or summer of 2024. See how low prices are near you.
What This Means For Buyers
Lower selling prices is welcome news for EV buyers, but with a few VERY important caveats.
Advice For New EV Buyers
The only folks who should be buying new EVs right now are those who plan to keep them for a long time. Otherwise, buying an EV is a very risky financial decision if there’s a chance you’ll be looking to sell anytime soon.
Unless a hefty down payment or trade-in is made, buying a new EV in 2024 puts buyers at significant risk of becoming ‘underwater’ on their car loan. This means that your car is worth less than you owe on the loan (learn more here). It’s a situation you want to avoid, no matter what.
Leasing an EV is another great option, and there are some great EV lease offers out there today. Plus, leasing is a low-stress way of trying out the EV lifestyle for the first time.
Advice For Used EV Buyers
This is where the EV depreciation crisis turns into good news for some. If you’re open to buying a used electric car, the shocking depreciation of today’s new models is in your favor. Previously, EV buyers had to decide between the benefit of the federal EV tax credit (available only on select models), or somewhat lower prices on the used market. Today, that’s no longer the case.
In 2024, the price gap between new and used EVs couldn’t be more clear. The savings that come along with a used EV are no match for even the most generous of new EV incentives. With new tools like Recurrent Auto, you can even check a used electric car’s battery health before buying.
Used EV buyers can take advantage of rapid depreciation to score a sweet deal on any used EV, from Tesla to Ford and everything in between.
👉 See for yourself with these Local Used EV Listings
Don’t Go It Alone
In 2024’s changing EV market, there are more reasons than ever to equip yourself with car buying know-how. The good news is that we have 100% FREE resources to get you there!
Ready to outsmart the dealerships? Enroll in Deal School now—CarEdge’s online, completely free car-buying course. Gain the insider knowledge to take charge of your purchase. Start mastering your deal today!
How to Sell a Car with a Loan: Your Step-By-Step Guide
For many, there will eventually come a time when you need to part ways with a beloved car – even when you still owe money on it. Selling a car with an outstanding loan can seem daunting due to the added complexity of dealing with lenders. However, with a proper understanding of the process and careful planning, you can navigate the situation with ease. Here at CarEdge, we’re diving into how you can efficiently and effectively sell your car, even if the loan isn’t fully paid off yet.
Step One: Understanding Your Loan Details
When you’re considering selling a car that you still owe money on, the first crucial step is to fully understand the details of your loan. This knowledge is not only essential for setting the right sale price but also for ensuring that the transaction is handled legally and smoothly.
First thing’s first: understand your loan. That means digging up your login credentials to get into your online account with the lender. You may even need to give them a call, or hop on the live chat.
Here’s what to figure out before selling your car with a loan balance:
- Check Your Loan Balance: Log in to your account, or contact your lender to request the current balance and the official payoff amount of your loan. The payoff amount may be higher than the balance due to the inclusion of any prepayment penalties or accrued interest.
- Understand the Payoff process: Ask your lender about the specific steps required to pay off the loan. You need to know how long it takes for them to process payments and release the lien. This timing is critical, especially if you need to coordinate with a buyer.
- Lienholder Details: While your lender holds a lien on your vehicle, making them a key stakeholder, you don’t need their explicit permission to sell the car. However, you do need to pay off the loan. When you send the payoff check to your lender, include a signed payoff authorization form. This form authorizes the bank to send the lien release or the physical title directly to the new owner. By doing this, the buyer is protected, knowing that the necessary documents to prove ownership will be sent to them by the bank.
- Obtain a 10-Day Payoff Quote: Most lenders will provide a quote that is valid for 10 days, which includes the total amount required to pay off your loan in full as of that date, including any additional fees or accumulated interest. This quote will be vital when you finalize the sale and need to settle the loan balance.
Step Two: Valuing Your Car
Next, determine how much your car is worth. Use trusted resources like Edmunds or Kelly Blue Book, and use CarEdge’s valuation tool to see how much online buyers will pay.
If you decide to go the private seller route, it’s important to price your car thoughtfully. Remember, you’re trying to sell the car quickly while also covering your remaining loan balance. Setting the right price can help you attract buyers quickly while ensuring you don’t fall short financially.
Step Three: Finding a Buyer
You have two main avenues for selling your car: a private sale or a dealership trade-in. A private sale typically yields a higher return but requires more effort on your part in terms of marketing and negotiation. Platforms like Facebook Marketplace, Cars.com, and AutoTrader are great for reaching potential buyers. On the other hand, trading in your car at a dealership is less hassle but is highly unlikely to offer as much for your car, especially with an outstanding loan.
With a dealership trade-in, it’s common to be offered 20-30% less than your car is worth in a private sale. If you could really use that additional money, going through the longer, more tedious process of selling privately may be worth it.
👉 Learn more about your options for selling a car
Step Four: Handling the Financials
The financial aspect of selling a car with an outstanding loan can be tricky. But don’t give up now! If you’re eager to sell, it’s worth the hassle. Here’s how to handle it effectively:
- Escrow Services: Using an escrow service for a private sale is strongly recommended as it adds a layer of security for both parties. The escrow service will hold the buyer’s payment until the loan is paid off and the lien is released, ensuring that the buyer doesn’t hand over money without securing the title, and you don’t transfer the title without clearing the loan.
- Addressing Shortfalls: All payoff should be made with a cashiers check to further expedite the process. If the selling price doesn’t cover the loan payoff amount, you will need to provide the additional funds to clear the loan. Consider your options for covering this shortfall, such as a personal loan or a line of credit.
- Payment to Lender: If you go this route, be sure to confirm that the buyer is comfortable with it before sealing the deal. It’s possible to coordinate with the buyer on making the payment directly to the lender. However, with a properly filled out payoff authorization stipulating that the documents go to the buyer, this would not be necessary.
- Handling Overpayments: If the car sells for more than the payoff quote, plan how the surplus will be handled. Confirm with your escrow service (or with the buyer if they will pay your lender directly) to return the excess amount to you after the loan settlement.
- Documentation: Keep meticulous records of all communications and transactions related to the loan payoff and car sale. Documentation should include the final payoff receipt from your lender and any agreements made with the buyer.
Step Five: Transfer of Ownership
Transferring ownership involves a few small hurdles, but it’s nothing you can’t do! You must inform the buyer about the lien and ensure that the loan is fully paid before transferring the title. Even with a lien, you are legally required to provide the buyer with a bill of sale, documenting the transfer of ownership to the buyer. Alongside this, include a payoff authorization when you send the loan payoff to your lender. This authorizes them to release the lien or send the physical title directly to the new owner. Once you receive a lien release from your lender, you can complete the title transfer to the new owner.
Each state has different laws, so it’s important to check your local requirements. Check with your state DMV. The information should be easily found on their website.
If you want to avoid these hurdles, consider paying off the loan balance and securing the lien release before you sell the car. This approach eliminates many potential complications that could delay the sale.
Plan Ahead to Avoid Headaches (You’ve Got This!)
Selling a car with an outstanding loan requires careful attention to financial details and diligent record-keeping. With the right approach, you can sell your loan and transfer ownership without a hitch. Remember, knowledge is power in any transaction. Understanding how to handle this process can save you from potential financial pitfalls. For more insights and resources on managing car sales and ownership, keep it tuned to CarEdge.
👉 Want to become a car market pro? How about that and more for FREE?
Sign up for Deal School today, our free course for anyone interested in buying, selling, or simply owning a car the smart way.
Why New Car Prices are Dropping As Summer Nears
It seems like there’s finally some good news on the horizon for potential car buyers. The latest car market data indicates a promising downward trend in new car prices. Let’s dig into what’s happening and why it might be the perfect time to consider that new car purchase.
Relief… To An Extent
New data from Cox Automotive confirms that new car prices are dropping this spring, a trend that’s likely to continue into summer. For the first time in nearly two years, new-vehicle average transaction prices have dipped to their lowest, standing at $47,218 in March. This is down 1% from last March and a substantial 5.4% from the market peak in December 2022. It seems like the relentless price surge is taking a breather, giving buyers a much-needed respite.
Contributing Factors
Several factors are driving falling car prices. A significant recovery in new-vehicle supply has bolstered sales results. Inventory levels at the start of March were about 2.7 million units, showing a 52% increase year over year. More cars on lots mean more competitive pricing and better deals for consumers.
Incentives are also playing a big role. The average incentive spend from manufacturers increased 11% to $3,121, reaching the highest level since May 2021. With incentives accounting for 6.6% of the average selling price, it’s clear manufacturers are keen to move cars off lots.
Take a look at the best offers this month to see just how motivated OEMs are to sell
Interest Rates Ruin Affordability
Interestingly, even with slightly lower prices, affordability remains a hurdle due to historically high interest rates. The typical new vehicle loan interest rate now sits at 10.47%. Surprisingly, the average monthly payment is down by 1.2% to $744. That’s still up 40% from 2019, when the average monthly car payment was $533.
When you combine car loan interest rates with the modern era’s high MSRPs, the result is massive interest payments. At today’s average APR of 10.47% and an average selling price of $47,218, a 72-month loan would result in about $15,000 in interest over the 6-year loan term.
How can car buyers avoid interest charges? Here are a few foolproof ways to lower your interest payments.
- Larger down payments
- Take advantage of APR offers
- Keep your credit score in top shape
- Avoid longer loan terms – stick to 60 months or less
- Buying used? Compare rates from trustworthy credit unions
Too Many Luxury Cars, Too Few Budget Models
Automakers always aim to make more money, even if that means alienating some of their customer base. In recent years, this has meant abandoning low-margin affordable models, and replacing them with luxury cars and trucks that are more profitable.Â
For example, Nissan is discontinuing the Altima next year, yet continues to push $60,000 EVs that are selling poorly.
The shift towards luxury vehicles and higher-priced models complicates car buying for the average consumer. According to Cox Automotive, out of approximately 275 new-vehicle models available in the U.S., only eight had average transaction prices below $25,000, and only two were under $20,000—namely, the discontinued Kia Rio and Mitsubishi Mirage. Contrast this with March 2021, when over 20 vehicles routinely transacted below $25,000.
Additionally, the number of vehicles transacting at prices over $100,000 has increased significantly, with 30 different models in this bracket last month alone.
Is It a Good Time to Buy a Car?
With prices down, incentives up, and a decent dip in monthly payments, this could be a strategic time to consider a purchase, especially if you’ve been on the fence. Our team of experts is confident that this summer will be a better time to buy, if you’re patient. And if you can wait even longer, year-end deals are always the best.
With interest rates still high, insurance premiums climbing, and selling prices averaging over $47,000, it’s crucial to calculate your finances carefully. Remember, it’s a lot more difficult to find a new car for under $25,000 than in years past. Budget for ALL expenses that come with a new or used vehicle, from payments to fuel, maintenance, and insurance.
Dive deeper into real-time market data with CarEdge Pro and consider using our free car buying cheat sheets to navigate these changing tides.
Stay tuned to CarEdge for the latest in car buying tips and market trends. We’re here to keep you ahead of the curve!
Down Go Truck Prices! Ford Sends 144,000 New Trucks to Dealers
As truck prices have skyrocketed, outpacing the broader auto market, buyer resistance is mounting. Bloated inventories, ever-climbing MSRPs, and high interest rates are just some of the challenges buyers face today. But truck deals are out there, if you’re a smart buyer. Here’s the latest truck market update, and our thoughts on where truck prices are headed in 2024.
Incoming: 144,000 New Trucks to Fill Dealer Lots
What do you do when truck sales slow? Make more of them, of course! At least that’s what Ford is doing. Reuters reports that Ford is shipping 144,000 F-150 and Ranger pickup trucks to North American dealers. This move is critical for Ford to meet its 2024 revenue goals and could significantly influence truck market dynamics. The company has also restarted shipments of the F-150 Lightning electric trucks, with some variants seeing price cuts of up to $5,500.
Ford vs. the Competition
Ford’s initiative to reduce its 2023 model inventory has paid off, with the market day supply for the Ford F-150 now down to 109 days, a decrease highlighted by CarEdge Pro. This reduction in inventory levels suggests dealers may be more open to negotiation, potentially benefiting buyers.
Among the big 3 in the market, the Chevrolet Silverado 1500 currently has the highest lot inventory this spring, with 113 days of supply and 101,000 new trucks for sale. Most of these are new 2024 models, so Chevy’s low APR offers must be moving the needle. In contrast, the Ram 1500 presents a lower supply with just 93 days of market supply, indicating a tighter availability which may affect pricing and bargaining power.
Looking elsewhere, the Nissan Titan seems to be seriously falling out of favor. With 265 days supply yet only 5,600 new Titans on dealer lots, who is buying these trucks right now? If you don’t mind a Nissan full-size truck, a new Titan is certainly the most negotiable new truck today. See truck market conditions in your neck of the woods with CarEdge Pro.
👉 Become a Pro Negotiator with these FREE cheat sheets.
Just want the best deals of the month? See the 5 Best Truck APR, Cash, and Lease Deals
Truck Prices Across America
Significant regional differences exist in pricing, with the average selling price for a new F-150 standing at $58,433 nationally. In Texas, the average price is slightly lower at $57,199, while in New York, it is higher at $59,707, demonstrating the influence of local market conditions on pricing strategies.
Here are the differences in truck selling prices in 5 markets where pickups are popular. These selling prices exclude taxes and fees.
| State | Ford F-150 | Ram 1500 | Chevy Silverado 1500 |
|---|---|---|---|
| Texas | $57,199 | $60,689 | $54,743 |
| California | $58,883 | $61,544 | $55,278 |
| Florida | $56,773 | $59,289 | $51,086 |
| Michigan | $58,658 | $58,304 | $53,183 |
| Arizona | $57,343 | $60,776 | $55,076 |
👉 Wondering what trucks sell for in your ZIP code? Unlock ALL of the premium car market data with CarEdge Pro
Truck Price Forecast For 2024
With the arrival of 2024 models and the presence of numerous 2023 models still on dealer lots, it’s likely that truck prices will continue to decline in the coming months. It’s finally a buyers market, at least for educated truck shoppers.
We forecast new truck prices to fall another 3-5% this summer. For the F-150 in particular, average selling prices are likely to slide closer to $56,000 by July, down about $2,000 from where they stand today.
But the deals won’t fall into your hands. Expect better deals when you show the salesperson that you understand today’s truck market. Nevertheless, 2024 presents a valuable opportunity for buyers to leverage high inventory levels to negotiate better deals.
For those considering a truck purchase, staying informed about these trends is crucial. Using resources like CarEdge’s 100% FREE car buying cheat sheets and printable strategy card can significantly enhance your negotiating position and help you secure the best possible deal.
Keep an eye on CarEdge for continuous updates and expert advice to navigate the ever-changing truck market. We are here to help you make informed decisions so you can get the BEST deal on your next truck, no matter what you’re in the market for.
