TrueCar, Inc. (NASDAQ: TRUE), the most efficient and transparent
online destination to find a car, today announced its list of the
best deals on new and used vehicle purchases and trade-in values
going into Labor Day Weekend.
Understanding vehicle price, payment and trade-in value are core
to TrueCar’s offering and core parts of your overall deal. Whether
you’re buying a new or used vehicle we wanted to provide car
shoppers with some of the best deals on high demand vehicles based
on how that deal compares to the prior month. And if you’re
looking to trade in your next vehicle and apply it toward a new
one, we show you the used vehicles that have experienced the
greatest increases in market value compared to the prior month.
“Labor Day is traditionally one of the best times of year to get
a great deal across a variety of models as automakers load up the
lot with the new model year and discount the outgoing model,” said
Nick Woolard, Director OEM Analytics at TrueCar. “While this Labor
Day will still feature many deals, production pauses early in the
pandemic have created supply shortages impacting some vehicle
availability, which tends to lower incentive offers on those
models. Consumers looking to buy will need to move more quickly and
be even savvier this year in order to identify the best
opportunities for savings.”
“This month, we are seeing 8% average savings off MSRP for new
vehicles with as much as five to ten thousand dollars off MSRP for
certain new vehicles,” added Woolard.
Keep in mind that there are many variables that determine
payment such as rate, term, credit, down payment and more. Visit
TrueCar to find the best deals customized to your specific vehicle
configurations and your local area.
Best Labor Day Deals on New Cars and
TrucksNavigating the new car incentive landscape is
complex for any car buyer and deals also require context. We
look at deals across popular models, and at each incentive type
offered (cash, lease, finance) and surface the incentive type
showing the biggest offer on that model when compared with the
prior month. Some vehicles will rarely see a certain incentive
type, or will see low incentive offers, so those may be highlighted
as well.
While finance deals were king at the beginning of the pandemic
in March and April, we’ve seen automakers pulling back on these
types of incentives. If you’re set on an APR offer, there are still
many good options out there, however we’re generally seeing higher
cash and lease offers on popular models this month.
Kia Optima:Avg. incentive amount:
$5,452Featured incentive type: Cash – the average cash offer on
this vehicle is up 12% from last monthAvg. cash incentive amount:
$4,747 Why this model: The average incentive offer on this popular
sedan is up 6% from last month and the average incentive across
cash, lease and finance represents a 22% average savings off
MSRP.
Ford EcoSport: Avg. incentive amount:
$5,241Featured incentive type: Cash – the average cash offer on
this vehicle is up 25% from last monthAvg. cash incentive amount:
$5,346Why this model: The average incentive offer on this popular
vehicle is up 16% from last month and the average incentive across
cash, lease and finance offers represents a 20% savings off
MSRP.
Dodge Journey:Avg. incentive amount:
$4,902Featured incentive type: Cash – the average cash offer on
this vehicle is up 2% from last month Avg. cash incentive amount:
$4,917Why this model: The average incentive on this model is up 2%
from last month which represents an 18% average savings off
MSRP.
Cadillac XT4: Avg. incentive amount:
$7,486Featured incentive type: Lease – the average lease offer on
this vehicle is up 6% from last month Avg. lease incentive amount:
$10,251Why this model: The average incentive on this model is up 8%
from last month which represents a 16% average savings off
MSRP.
Ford Expedition Avg. incentive amount:
$8,205Featured incentive type: Lease – the average lease offer on
this vehicle is up 8% from last month Avg. lease incentive amount:
$14,351Why this model: The average incentive on this model is up 6%
from last month which represents a 12% average savings off
MSRP.
Full list of best Labor Day Deals featured
models:
Brand and Model |
Segment |
Avg. IncentiveAmount |
MoM Increase in
IncentiveAmount |
Avg.MSRP |
Avg. Transaction Price |
Avg. Savings off MSRP |
Avg. Lease Payment |
Avg.Finance Payment |
Ford EcoSport |
Micro Utility |
$5,241 |
16 |
% |
$25,849 |
$21,681 |
20 |
% |
$314 |
$416 |
Chevrolet Blazer |
Midsize Utility |
$5,817 |
3 |
% |
$41,420 |
$39,505 |
14 |
% |
$411 |
$592 |
Chevrolet Suburban |
Fullsize Utility |
$7,102 |
3 |
% |
$66,122 |
$63,751 |
11 |
% |
$805 |
$885 |
Cadillac XT4 |
Prem Compact Utility |
$7,486 |
8 |
% |
$46,915 |
$42,490 |
16 |
% |
$530 |
$632 |
Hyundai Sonata |
Midsize |
$4,018 |
9 |
% |
$29,846 |
$27,042 |
13 |
% |
$327 |
$491 |
Ford Expedition |
Fullsize Utility |
$8,205 |
6 |
% |
$69,744 |
$64,281 |
12 |
% |
$721 |
$893 |
Dodge Journey |
Midsize Utility |
$4,902 |
2 |
% |
$27,089 |
$25,023 |
18 |
% |
$316 |
$516 |
Ford Escape |
Compact Utility |
$4,582 |
6 |
% |
$31,002 |
$28,506 |
15 |
% |
$369 |
$455 |
Kia Optima |
Midsize |
$5,452 |
6 |
% |
$25,088 |
$22,264 |
22 |
% |
$284 |
$461 |
Ford Fusion |
Midsize |
$4,176 |
10 |
% |
$27,281 |
$23,866 |
15 |
% |
$321 |
$437 |
Mazda CX-3 |
Micro Utility |
$3,322 |
9 |
% |
$22,596 |
$21,268 |
15 |
% |
$267 |
$334 |
Volkswagen Tiguan |
Compact Utility |
$3,355 |
7 |
% |
$30,879 |
$29,950 |
11 |
% |
$382 |
$455 |
Hyundai Kona |
Micro Utility |
$3,420 |
7 |
% |
$26,236 |
$23,841 |
13 |
% |
$297 |
$389 |
Pricing and savings information is based on transaction data
available to TrueCar as of 8/24/2020. Average cash, lease and
finance savings are subject to change and individual savings may
vary by factors such as location, individual vehicle attributes,
dealer, credit approval, credit score, APR, applied residual value,
amount financed and term. Average lease and finance payments
are may vary based on similar factors as well as down payment.
Average finance and lease savings based on an assumed 4.15% APR and
ALG residual value benchmarks.
Best Labor Day Deals on Used Cars and
TrucksGiven the economic uncertainty and inventory
shortages on the new car market, even more consumers are flocking
to the used car market. In fact, while new vehicle sales are still
projected to be down about 11% when compared to the same time last
year, TrueCar’s forecast has used vehicles sales up 4%
year-over-year for August. This month we’re seeing some of
the best deals on alternative fuel and high mpg vehicles.
Our methodology looked at popular used vehicles at a model level
and curated those that have experienced significant
month-over-month decreases in the list price.
Brand and Model |
Segment |
MoM Drop in List Price |
Chevrolet Bolt EV |
Electric |
-5.1 |
% |
Nissan LEAF |
Compact |
-4.3 |
% |
Chevrolet Volt |
Compact |
-4.2 |
% |
Ford C-Max |
Compact |
-3.8 |
% |
BMW i3 |
Prem Electric |
-3.0 |
% |
Chevrolet Spark |
Microcar |
-3.0 |
% |
Lincoln MKT |
Prem Midsize Utility |
-2.8 |
% |
Toyota Prius Prime |
Compact |
-2.8 |
% |
Toyota Prius v |
Midsize |
-2.8 |
% |
Kia Sedona |
Minivan |
-2.7 |
% |
Toyota Yaris |
Subcompact |
-2.7 |
% |
MINI Countryman |
Subcompact Utility |
-2.7 |
% |
Mitsubishi Mirage |
Compact |
-2.6 |
% |
Kia Niro |
Subcompact Utility |
-2.5 |
% |
FIAT 500 |
Subcompact |
-2.5 |
% |
Change in list price calculated as a model average of vehicle
level price changes for nationwide listings as of 8/15/2020
compared to the prior month. Individual vehicle price changes may
vary based on a variety of factors, including location, individual
vehicle attributes and dealer.
Best Labor Day Deals on Trade-In Values on Cars and
TruckKnowing your trade-in value is a key component of
determining the affordability of your next car, as many consumers
use their trade-in toward the down payment on their new vehicle,
helping bring down their monthly payment.
Below, we’re highlighting popular used models with the highest
increases in list prices from the prior month, demonstrating a lift
in demand and value for those models. As you’ll see below, pickup
trucks dominate this month’s list.
“Used vehicles typically lose value or depreciate over time, so
a vehicle that depreciates less is a win,” continued Woolard. “This
month several popular used models are actually gaining value
compared to the prior month signaling a great time to get top
dollar on the trade-in.”
Whether you’re just curious or you’re ready to move forward with
a trade-in to put toward your next car, you can use TrueCar’s Trade
experience to find out what your current car is worth. Visit
TrueCar.com/trade to input your vehicle’s condition and receive a
cash value on your vehicle.
Brand and Model |
Segment |
Avg. List Price Increase MoM |
Jeep Liberty |
Compact Utility |
3.1 |
% |
Ram 2500 |
Fullsize Pickup |
0.8 |
% |
Ford Super Duty F-250 |
Fullsize Pickup |
0.5 |
% |
Nissan Frontier |
Midsize Pickup |
0.5 |
% |
Ram 1500 |
Fullsize Pickup |
0.5 |
% |
Jeep Wrangler |
Compact Utility |
0.4 |
% |
Ford F-150 |
Fullsize Pickup |
0.4 |
% |
Jeep Gladiator |
Midsize Pickup |
0.3 |
% |
Ford Super Duty F-350 |
Fullsize Pickup |
0.2 |
% |
Toyota Tundra |
Fullsize Pickup |
0.2 |
% |
Change in list price calculated as a model average of vehicle
level price changes for nationwide listings as of 8/15/2020
compared to the prior month. Individual vehicle list price
changes may vary based on a variety of factors, including location,
individual vehicle attributes and dealer. Changes in used
vehicle list prices are assumed to be correlated with corresponding
changes in trade-in value, but this correlation between list prices
and trade-in values may not exist for the identified models or may
not be experienced to the same degree.
If you’re active duty military, veteran or a family member of
one, visit TrueCar Military at truecar.com/military for our
Military Appreciation Package.
Additional media assets are available here.
About TrueCar TrueCar is a leading
automotive digital marketplace that enables car buyers to connect
to our nationwide network of Certified Dealers. We are building the
industry's most personalized and efficient car buying experience as
we seek to bring more of the purchasing process online. Consumers
who visit our marketplace will find a suite of vehicle discovery
tools, price ratings and market context on new and used cars – all
with a clear view of what's a great deal. When they are
ready, TrueCar will enable them to connect with a local
Certified Dealer who shares in our belief that truth, transparency
and fairness are the foundation of a great car buying experience.
As part of our marketplace, TrueCar powers car-buying
programs for over 250 leading brands, including AARP, Sam’s
Club, and American Express. Nearly half of all new-car buyers
engage with TrueCar powered sites, where they buy smarter
and drive happier. TrueCar is headquartered in Santa
Monica, California, with offices in Austin,
Texas and Boston, Massachusetts.
For more information, please visit www.truecar.com, and
follow us on Facebook or Twitter. TrueCar media
line: +1-844-469-8442 (US toll-free) Email: pr@truecar.com
TrueCar Contacts:
Shadee Malekafzali
Senior Director, Public Relations
shadee@truecar.com
424-258-8694
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