Over the past decade, uncontrollably high gas prices and a need (or desire) for more driving changed the trajectory of the SUV market among auto manufacturers forever. Drivers with gas guzzling SUVs quickly exchanged them for more efficient vehicles, and drivers avoided purchasing any new vehicles for almost an entire decade.
As a result, manufacturing slowed, SUV prices shot up, and most Americans ran away from SUVs like the plague. Yet SUVs aren’t as expensive as you think – especially if you shop on Labor Day this year.
Labor Day Signals Big SUV Sales
Major manufacturers learned that consumers simply don’t have the appetite for a heavy, inefficient SUV that could cost them a significant portion of their income at the pump regardless of gas prices.
So, automakers crafted a new line of SUVs and crossovers, designed to blend the size and comfort of SUVs with the performance and efficiency of sedans. With this development and an increased demand in the more efficient vehicles, manufacturers started upping production once again, leaving many dealerships with an influx of SUVS to get off their lot this year.
Labor Day is the last chance for automakers: it’s the last holiday of summer, right before next year’s new models arrive on dealership lots. And it’s a weekend when consumers are looking to spend significantly. In order to get rid of their SUV oversupply, dealerships start dropping prices.
How You Can Find These Once-A-Year Deals
This Labor Day, more so than ever, new SUV buyers will benefit from incentives offered by dealers who need to make space for 2019 models arriving in the fall and winter. As USA Today¹ writes, Labor Day signals the start of clearance season, and incentives are now as high as $12,000.
So whether you want an SUV to take your family on a cross-country road trip before school starts, or your commute requires a fuel-efficient ride with cargo space, cash back incentives will appear on Labor Day weekend. In addition to cash back incentives, you’re likely to see prices start to fall on 2018 SUVs that aren’t selling – or models that have been sitting on dealership lots for some time now.
The popular 2018 Hyundai Santa Fe is a crowd favorite that’s seeing a discount of 17% just for Labor Day, Consumer Reports² notes. In addition, Kia is offering interested SUV buyers a discount of 14%, dropping the price of the 2018 Soul down to $18,224 – that’s over $3,000 off.
Here are a few more steep discounts on new SUVs available right now through September 4, 2018:
- The 2018 Jeep Grand Cherokee is eligible for up to $4,000 off its MSRP, CarsDirect³ reports.
- The 2018 Cadillac Escalade is available for $2,000 cash back and 0% financing for qualified buyers, Trucks.com⁴ writes.
- 1.9% financing is available, Trucks.com⁵ reports, on the 2018 Infiniti QX80 for buyers who finance through their local dealership.
- The 2018 Ford Edge, according to U.S. News⁶, is available with $1,000 cash back and 0% financing for qualified buyers.
To get the biggest Labor Day savings in your area, do your research and search deals, as many of the dealerships’ biggest deals are location-based. Different cities and regions may offer bigger cash back incentives, better financing offers, or even discounts on outgoing models to make room for the next wave of new cars. Luckily, with some research, this means you could find yourself with even bigger savings than the above this Labor Day!
Like anything, it’s always a good idea to be aware of the latest research. We recommend comparing at least 3 or 4 options before making a final decision. Doing a search online is typically the quickest, most thorough way to discover all the pros and cons you need to keep in mind.
