Unsold Crossover Inventory Causing Prices to Drop
Things You May Like
Getting a great, affordable deal on a crossover SUV may seem too good to be true. But there’s never been a better time than right now to buy crossover vehicles at reasonable prices. As Bloomberg News reports1, that’s because many dealerships are being left with excess inventory due a combination of market demand shifts and overproduction of crossovers by manufacturers.
If you’re in the market for a crossover SUV, acting now could save you substantially. Here’s what you need to know about crossovers: why they’re more affordable now, and what you need to do to find the best deals.
Alexandr Shevchenko / Shutterstock
What Exactly is a Crossover?
Crossovers SUVs are basically the new minivan, except they’re a much more stylish vehicle. Meant for families, crossover SUVs range from small and sporty city cars to spacious trucks and all-wheel drive, combined with everyday comfort that keeps owners satisfies for years to come. Essentially, crossovers are the perfect blend of SUV and car. Because of the extreme versatility of this type of vehicle, they’ve exploded in popularity recently and established themselves as one of America’s best-selling cars.
So, what exactly makes a car a crossover? A crossover SUV is generally a tall, four-door hatchback which may have all-wheel drive along with extra ground clearance resembling an SUV. They’re called crossovers because they offer most of the utility of an SUV, but have a car-like ride and better gas mileage than traditional bulky SUVs. Most drivers seem to like them because they sit higher than in most cars, getting a better view of traffic.
Monthly Payments for Crossovers are More Affordable Than Ever
If you want a crossover, now may well be the best opportunity you’ll ever have to get a significant deal on one. Two developments in the auto marketplace have combined to put considerable downward pressure on the prices of new crossovers.
The first is the fact that off-lease used vehicles have become widely available over the last two years, The Chicago Tribune2 reports, giving buyers access to low-mileage, relatively “new” used vehicles. The second is a more general phenomenon in the auto market, which is the shift in consumer demand away from sedans and towards SUVs, as Forbes notes3. This shift has left many automakers producing more SUVs and crossovers while competing fiercely for customers. Combined, these two effects have created a new wave of crossover inventory and affordable financing options.
This situation has led manufacturers and dealerships to offer various deals that bring down the cost of monthly payments on new crossovers. For instance, you can be driving a Nissan Rogue for as little as $229/month4, a Honda HR-V for $189/month5, a Kia Sportage at $159/month6, a Chevrolet Trax for $139/month7, or a Ford EcoSport for $199/month8. Between cash incentives and low financing rates, deals such as these are popping up all over the place forcing every manufacturer to compete and offer more attractive discounts almost every month.
How to Find the Best Deals
Even though crossover manufacturers and dealerships are offering considerable deals on their inventory, you’ll still have to do some work to find the best prices. Searching for deals online is often the best option, as it allows you to see both manufacturer and individual local dealership incentives, as well as compare the offers that are available on different models of crossover SUVs. In addition, many deals are placed online exclusively in order to reach a broader range of potential customers.
To save even more money, you can also wait for dealerships to discount unsold inventory. Keep an eye out at your local dealerships to find out when inventory clearance sales are occurring. If you can make your purchase during one of these sales, you can save hundreds or even thousands of dollars.
If you’ve always wanted to drive one of the incredible new crossovers but weren’t sure you could afford one, right now there are opportunities to save big. The auto market is making crossovers more affordable than usual but this climate won’t last forever. Start looking for deals now if you want to take advantage of the available incentives because odds are they won’t last long.