iSeeCars Study Reveals Electric and Hybrid Vehicles Among those Selling at a Discount
In recent years, car shopping has become an increasingly frustrating experience due to strained new car inventories and inflated prices. However, a recent study by iSeeCars has identified a glimmer of hope for car buyers, as some models are now selling below their Manufacturer’s Suggested Retail Price (MSRP). While the discounts may not be substantial, it is a rare occurrence in today’s market. The study found that electric vehicles (EVs) dominated the list of models selling below MSRP, with the Kia EV6 leading the way with a discount of 3.1%. Let’s delve into the details and implications of this intriguing development.
EVs and Hybrids Among the Models Selling at a Discount
The iSeeCars study revealed that the majority of vehicles selling below MSRP in October were electric, with a few exceptions such as the Nissan Armada and Infiniti QX80. While the discounts were not significant, they signify a shift in the market. EVs and hybrids have historically commanded a premium due to strong demand and initial production challenges. However, the fact that they are now available at a discount could indicate a change in buyer demand. It is worth noting that it is still too early to draw any definitive conclusions from this trend.
Industry Average Continues to Rise
Despite the positive news of some models selling below MSRP, the overall industry average is still heading in the wrong direction. According to the study, the average MSRP of new cars sold last month was $42,510, while the average sales price was $46,077. This 8.4% overage is surprising, considering that it comes many months after the worst of the pandemic. However, Karl Brauer, iSeeCars’ executive analyst, offers a glimmer of hope, stating, “There are still very few ‘deals’ in the new car market. Shoppers looking to pay below MSRP for a new car will have to do their research, but a small number of models can be bought below sticker price.”
The Impact of Wavering Buyer Demand
The fact that some models are now selling below MSRP raises questions about the current state of buyer demand. While it is too early to sound any serious alarm bells, this trend could indicate a shift in consumer preferences. The initial surge in demand for EVs and hybrids may be waning, leading to a more balanced market. It will be interesting to see how automakers and dealerships respond to this changing landscape and whether they will adjust their pricing and production strategies accordingly.
Researching the Best Deals
For car shoppers hoping to snag a deal below MSRP, diligent research is key. While the overall market may not be conducive to finding discounts, there are still a small number of models available at a lower price. Prospective buyers should keep an eye on the latest market trends, consult reputable sources, and consider alternative options such as certified pre-owned vehicles. By staying informed and patient, car shoppers can increase their chances of finding a favorable deal in today’s challenging market.
Conclusion:
The news of some models selling below MSRP offers a glimmer of hope for car buyers amidst the current challenging market conditions. While the majority of vehicles still command inflated prices, the fact that electric and hybrid models are now available at a discount suggests a potential shift in buyer demand. However, it is important to approach this trend with caution and continue monitoring the market for further developments. As the automotive industry navigates the ongoing challenges, diligent research and patience remain essential for car shoppers seeking the best deals.
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