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If you are looking for a great deal on a new car, now is the time to act. Dealers right now still have an exorbitant amount of 2018’s and 2019’s that have to go to make room for the new 2020’s that are headed to dealer lots as we speak.
During the mid-summer months, there is typically a lull in car sales, which lead to large discounts from dealer to try and make up for the deficit. This year, however, there are more previous year models available than ever before, meaning even steeper discounts as dealers try to unload the unsold inventory.
In a typical year, the previous model years are sold out by this point, with only a few stragglers here and there. This year, however, customers have not been buying as many cars as dealers suspected, and now they have an overabundance of unsold dealer stock being sold far below invoice price.
Dealers will plan for unsold inventory, the lost overhead is already accounted for. Car sales this year have dropped below expected values and now dealers are left with an overabundance of unsold 2018 and 2019 models.
According to JD Power, there are more 2018 and 2019’s available than ever before. 3.5% of last month's sales were 2018 models. Up 2.5% from last year, this is the biggest deficit since before the 2008 financial crisis.
This is bad news for dealers, but good news for consumers. On average, a dealer loses around $1,100 more on incentives and discounts for a previous year model over a current year. These discounts are further increased when you run into a situation such s this where dealers are desperate to move their inventory.
Every day that a 2018 sits on a dealer's lot, is another day they can’t replace that car with a newer, easier to sell one. They want these cars GONE! Give them someone to sell it to!
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