TrueCar Announces the Best Deals on Popular New and Used Vehicles and Trade-Ins for Labor Day Car Sales

Rhea-AI Summary

TrueCar, Inc. (NASDAQ: TRUE) has announced its best deals for new and used vehicles ahead of Labor Day Weekend, highlighting significant average savings of 8% off MSRP on new vehicles. Incentives have increased for models like the Kia Optima and Ford EcoSport, with cash offers up 12% and 25% respectively. However, ongoing supply shortages impact inventory and incentive offers. TrueCar also notes a projected 4% year-over-year increase in used vehicle sales, with certain models gaining value. Consumers are encouraged to act quickly to secure deals amidst the competitive market.

Positive

• Average savings of 8% off MSRP for new vehicles.
• Significant increases in cash incentives for popular models.
• Used vehicle sales projected to increase by 4% year-over-year.

Negative

• Supply shortages impacting vehicle availability and incentives.

SANTA MONICA, Calif., Sept. 01, 2020 (GLOBE NEWSWIRE) -- TrueCar, Inc. (NASDAQ: TRUE), the most efficient and transparent online destination to find a car, today announced its list of the best deals on new and used vehicle purchases and trade-in values going into Labor Day Weekend.

Understanding vehicle price, payment and trade-in value are core to TrueCar’s offering and core parts of your overall deal. Whether you’re buying a new or used vehicle we wanted to provide car shoppers with some of the best deals on high demand vehicles based on how that deal compares to the prior month.  And if you’re looking to trade in your next vehicle and apply it toward a new one, we show you the used vehicles that have experienced the greatest increases in market value compared to the prior month.

“Labor Day is traditionally one of the best times of year to get a great deal across a variety of models as automakers load up the lot with the new model year and discount the outgoing model,” said Nick Woolard, Director OEM Analytics at TrueCar. “While this Labor Day will still feature many deals, production pauses early in the pandemic have created supply shortages impacting some vehicle availability, which tends to lower incentive offers on those models. Consumers looking to buy will need to move more quickly and be even savvier this year in order to identify the best opportunities for savings.”

“This month, we are seeing 8% average savings off MSRP for new vehicles with as much as five to ten thousand dollars off MSRP for certain new vehicles,” added Woolard.

Keep in mind that there are many variables that determine payment such as rate, term, credit, down payment and more. Visit TrueCar to find the best deals customized to your specific vehicle configurations and your local area.

Best Labor Day Deals on New Cars and Trucks
Navigating the new car incentive landscape is complex for any car buyer and deals also require context.  We look at deals across popular models, and at each incentive type offered (cash, lease, finance) and surface the incentive type showing the biggest offer on that model when compared with the prior month. Some vehicles will rarely see a certain incentive type, or will see low incentive offers, so those may be highlighted as well.

While finance deals were king at the beginning of the pandemic in March and April, we’ve seen automakers pulling back on these types of incentives. If you’re set on an APR offer, there are still many good options out there, however we’re generally seeing higher cash and lease offers on popular models this month.

Kia Optima:
Avg. incentive amount: $5,452
Featured incentive type: Cash – the average cash offer on this vehicle is up 12% from last month
Avg. cash incentive amount: $4,747
Why this model: The average incentive offer on this popular sedan is up 6% from last month and the average incentive across cash, lease and finance represents a 22% average savings off MSRP.

Ford EcoSport:
Avg. incentive amount: $5,241
Featured incentive type: Cash – the average cash offer on this vehicle is up 25% from last month
Avg. cash incentive amount: $5,346
Why this model: The average incentive offer on this popular vehicle is up 16% from last month and the average incentive across cash, lease and finance offers represents a 20% savings off MSRP.

Dodge Journey:
Avg. incentive amount: $4,902
Featured incentive type: Cash – the average cash offer on this vehicle is up 2% from last month
Avg. cash incentive amount: $4,917
Why this model: The average incentive on this model is up 2% from last month which represents an 18% average savings off MSRP.

Cadillac XT4:
Avg. incentive amount: $7,486
Featured incentive type: Lease – the average lease offer on this vehicle is up 6% from last month
Avg. lease incentive amount: $10,251
Why this model: The average incentive on this model is up 8% from last month which represents a 16% average savings off MSRP.

Ford Expedition
Avg. incentive amount: $8,205
Featured incentive type: Lease – the average lease offer on this vehicle is up 8% from last month
Avg. lease incentive amount: $14,351
Why this model: The average incentive on this model is up 6% from last month which represents a 12% average savings off MSRP.

Full list of best Labor Day Deals featured models:

Brand and Model	Segment	Avg. Incentive Amount		MoM Increase in Incentive Amount		Avg. MSRP		Avg. Transaction Price		Avg. Savings off MSRP		Avg. Lease Payment		Avg. Finance Payment
Ford EcoSport	Micro Utility	$5,241		16	%	$25,849		$21,681		20	%	$314		$416
Chevrolet Blazer	Midsize Utility	$5,817		3	%	$41,420		$39,505		14	%	$411		$592
Chevrolet Suburban	Fullsize Utility	$7,102		3	%	$66,122		$63,751		11	%	$805		$885
Cadillac XT4	Prem Compact Utility	$7,486		8	%	$46,915		$42,490		16	%	$530		$632
Hyundai Sonata	Midsize	$4,018		9	%	$29,846		$27,042		13	%	$327		$491
Ford Expedition	Fullsize Utility	$8,205		6	%	$69,744		$64,281		12	%	$721		$893
Dodge Journey	Midsize Utility	$4,902		2	%	$27,089		$25,023		18	%	$316		$516
Ford Escape	Compact Utility	$4,582		6	%	$31,002		$28,506		15	%	$369		$455
Kia Optima	Midsize	$5,452		6	%	$25,088		$22,264		22	%	$284		$461
Ford Fusion	Midsize	$4,176		10	%	$27,281		$23,866		15	%	$321		$437
Mazda CX-3	Micro Utility	$3,322		9	%	$22,596		$21,268		15	%	$267		$334
Volkswagen Tiguan	Compact Utility	$3,355		7	%	$30,879		$29,950		11	%	$382		$455
Hyundai Kona	Micro Utility	$3,420		7	%	$26,236		$23,841		13	%	$297		$389

Pricing and savings information is based on transaction data available to TrueCar as of 8/24/2020. Average cash, lease and finance savings are subject to change and individual savings may vary by factors such as location, individual vehicle attributes, dealer, credit approval, credit score, APR, applied residual value, amount financed and term.  Average lease and finance payments are may vary based on similar factors as well as down payment. Average finance and lease savings based on an assumed 4.15% APR and ALG residual value benchmarks.

Best Labor Day Deals on Used Cars and Trucks
Given the economic uncertainty and inventory shortages on the new car market, even more consumers are flocking to the used car market. In fact, while new vehicle sales are still projected to be down about 11% when compared to the same time last year, TrueCar’s forecast has used vehicles sales up 4% year-over-year for August.  This month we’re seeing some of the best deals on alternative fuel and high mpg vehicles.

Our methodology looked at popular used vehicles at a model level and curated those that have experienced significant month-over-month decreases in the list price.

Brand and Model	Segment	MoM Drop in List Price
Chevrolet Bolt EV	Electric	-5.1	%
Nissan LEAF	Compact	-4.3	%
Chevrolet Volt	Compact	-4.2	%
Ford C-Max	Compact	-3.8	%
BMW i3	Prem Electric	-3.0	%
Chevrolet Spark	Microcar	-3.0	%
Lincoln MKT	Prem Midsize Utility	-2.8	%
Toyota Prius Prime	Compact	-2.8	%
Toyota Prius v	Midsize	-2.8	%
Kia Sedona	Minivan	-2.7	%
Toyota Yaris	Subcompact	-2.7	%
MINI Countryman	Subcompact Utility	-2.7	%
Mitsubishi Mirage	Compact	-2.6	%
Kia Niro	Subcompact Utility	-2.5	%
FIAT 500	Subcompact	-2.5	%

Change in list price calculated as a model average of vehicle level price changes for nationwide listings as of 8/15/2020 compared to the prior month. Individual vehicle price changes may vary based on a variety of factors, including location, individual vehicle attributes and dealer.

Best Labor Day Deals on Trade-In Values on Cars and Truck
Knowing your trade-in value is a key component of determining the affordability of your next car, as many consumers use their trade-in toward the down payment on their new vehicle, helping bring down their monthly payment.

Below, we’re highlighting popular used models with the highest increases in list prices from the prior month, demonstrating a lift in demand and value for those models. As you’ll see below, pickup trucks dominate this month’s list.

“Used vehicles typically lose value or depreciate over time, so a vehicle that depreciates less is a win,” continued Woolard. “This month several popular used models are actually gaining value compared to the prior month signaling a great time to get top dollar on the trade-in.”

Whether you’re just curious or you’re ready to move forward with a trade-in to put toward your next car, you can use TrueCar’s Trade experience to find out what your current car is worth. Visit TrueCar.com/trade to input your vehicle’s condition and receive a cash value on your vehicle.

Brand and Model	Segment	Avg. List Price Increase MoM
Jeep Liberty	Compact Utility	3.1	%
Ram 2500	Fullsize Pickup	0.8	%
Ford Super Duty F-250	Fullsize Pickup	0.5	%
Nissan Frontier	Midsize Pickup	0.5	%
Ram 1500	Fullsize Pickup	0.5	%
Jeep Wrangler	Compact Utility	0.4	%
Ford F-150	Fullsize Pickup	0.4	%
Jeep Gladiator	Midsize Pickup	0.3	%
Ford Super Duty F-350	Fullsize Pickup	0.2	%
Toyota Tundra	Fullsize Pickup	0.2	%

Change in list price calculated as a model average of vehicle level price changes for nationwide listings as of 8/15/2020 compared to the prior month. Individual vehicle list price changes may vary based on a variety of factors, including location, individual vehicle attributes and dealer. Changes in used vehicle list prices are assumed to be correlated with corresponding changes in trade-in value, but this correlation between list prices and trade-in values may not exist for the identified models or may not be experienced to the same degree.

If you’re active duty military, veteran or a family member of one, visit TrueCar Military at truecar.com/military for our Military Appreciation Package.

Additional media assets are available here.

About TrueCar

TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our nationwide network of Certified Dealers. We are building the industry's most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including AARP, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin, Texas and Boston, Massachusetts.

For more information, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) Email: pr@truecar.com

TrueCar Contacts: 
Shadee Malekafzali
Senior Director, Public Relations

424-258-8694

FAQ

What are the average savings on new vehicles from TrueCar for Labor Day 2020?

TrueCar reports average savings of 8% off MSRP for new vehicles.

Which models have the highest cash incentives from TrueCar for Labor Day Weekend?

Kia Optima and Ford EcoSport have cash incentives up 12% and 25%, respectively.

How much are used vehicle sales expected to change year-over-year according to TrueCar?

TrueCar forecasts a 4% increase in used vehicle sales year-over-year.

What impact do supply shortages have on vehicle incentives according to TrueCar?

Supply shortages are lowering incentive offers on some vehicle models.