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.
As May’s new car specials are announced, we’ll update this page with the biggest and best deals. For now, these are the best new car offers out there. 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.
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…
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.
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.
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.
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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.
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.
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.
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 Insights. 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 Insights.
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 Insights
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.
If you’re in the market for a new set of wheels, you might want to hold off on signing any papers just yet. Historical data and current trends both suggest that waiting until the summer could yield significant savings, especially this year. Here’s why delaying your purchase until the warmer months might be a smart move.
The Seasonal Cycle of Car Sales
Car sales, like many other retail sectors, are subject to seasonal fluctuations. Typically, the period from April to June sees a decline in wholesale values of used cars. This dip is crucial because it usually precedes a similar trend in the retail market. What starts as a decrease at the auctions eventually translates to lower prices on dealership floors. This means that by mid-summer, potential car buyers can access better deals as sellers adjust to the new market realities.
New Car Inventory and Interest Rates
Currently, the automotive market is navigating through a difficult phase characterized by high interest rates. These rates affect the cost of floorplanning—the method dealerships use to finance their inventory of vehicles. Believe it or not, car dealers don’t own their lot inventory outright.
As a result, holding onto large volumes of new cars becomes increasingly costly for dealers. To mitigate this financial strain, dealerships are expected to become more aggressive in selling new cars as the year progresses.
The push to offload new cars at lower prices sets off a chain reaction in the entire market. Lower new car prices put downward pressure on used car values. Used car prices had been steadily falling, only to rise slightly in the past month.
There needs to be a reasonable price difference between new and used cars to attract buyers toward older models, and as prices for new vehicles drop, so too must the prices of used ones. This ensures that both segments of the market adjust to maintain consumer interest across the board.
Simply put, as new car incentives get better, used car prices tend to fall as sellers try to attract buyers. You, as the buyer, can take advantage of that in the summer months ahead.
The Best Time to Buy: July and August
Overall, the end of the year is always the best time to shop for car. But that’s several months away, and most of today’s shoppers can’t wait that long. So with that and the factors we covered in mind, the months of July and August emerge as the optimal time for purchasing a car.
During these summer months, dealerships are keen to clear out existing inventory to make room for the new model year vehicles arriving in the fall. This urgency is reflected in the kinds of incentives they offer: deeper discounts, more attractive financing options, and generous trade-in values.
As we just went over, these new car incentives also translate to lower used car prices. So no matter what type of vehicle you are in the market for, lower prices are just a few months ahead. And if you’re buying new, manufacturer incentives are likely to bring even better APR financing offers as well.
👉 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!
Practical Tips for Summer Car Shopping
Research and Compare: Before heading to the dealerships, arm yourself with information. Use tools like CarEdge Insights to compare prices and features across different models and understand the fair market value of the cars you are interested in. Learn more about CarEdge Insights.
Check for Incentives: Manufacturers often offer regional incentives that may not be widely advertised. Check manufacturer websites and CarEdge Deals for the latest information on rebates, low-interest financing, and lease specials. See this month’s best specials.
Test Drive in Advance: Test drive vehicles now and decide what you want so when the sales start, you’re ready to act quickly on a good deal. Here’s how to test drive the smart way.
By waiting until the summer to purchase your next vehicle, you’re on track to spend less and have more deals to choose from. Keep an eye on CarEdge for the latest updates on market trends and dealer incentives to make an informed decision when the time is right. Remember, the best time to buy a car might just be when the temperatures are high, and the prices are low!
You can always track the best deals with these resources, all updated monthly:
States eligibile for below invoice pricing and 100% free delivery:
Alabama, Arkansas, Texas, Oklahoma, Florida, Georgia, Kentucky, Louisiana, Maryland, Delaware, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
What if I don’t live in these states? If you're outside these areas, don't worry! We're committed to making sure everyone can enjoy our deals. Although the delivery fee will not be waived, you can still purchase from CarEdge and either pay for shipping or coordinate pickup at a participating dealer.
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