TrueCar Shares Best End-of-Month Cash, Lease and Finance Deals on New Vehicles for October 2020

Rhea-AI Summary

TrueCar, Inc. (NASDAQ: TRUE) reported a rebound in vehicle inventory for October 2020, the first increase since May. This trend may enhance consumer access to popular vehicles as the end-of-year buying season approaches. The average savings for new car buyers is approximately 8.3% off MSRP, with significant cash, lease, and finance deals across various models. Used vehicle prices remain above historical averages, yet prices are starting to decline, which presents a favorable trade-in market for consumers. TrueCar aims to streamline car buying experiences through its digital marketplace.

Positive

• First inventory rebound since May, indicating market improvement.
• Average savings of 8.3% off MSRP for new vehicle purchases.
• Significant cash, lease, and finance deals reported across popular models.
• Used vehicle prices still above historical averages, beneficial for trade-ins.

Negative

• Market inventory remains tighter than normal despite improvements.
• Used vehicle prices are beginning to decline, which may affect resale values.

Plus Best Deals on Used Vehicle and Trade-Ins

SANTA MONICA, Calif., Oct. 22, 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 end-of-month deals on new and used vehicle purchases and trade-in values for October 2020.

“There are finally some positive signs on the inventory front,” said Nick Woolard, Director of OEM Analytics. “October is the first month since May that we’re starting to see inventory rebound on the new car side.”

“While inventory is still a bit tighter than normal, more inventory means consumers will have an easier time finding popular vehicles on their local dealers’ lots,” continued Woolard. “It may present pricing advantages as well, as low supply, high demand vehicles are not typically discounted and can often go for over MSRP. This is a good trend for car buyers going into the busy Black Friday and end-of-year car buying season.”

Best Cash, Lease and Finance Deals on New Cars
Navigating the new car incentive landscape is complex for any car buyer. We look at deals across popular models, and at each incentive type (cash, lease, finance) and surface the best offer when compared with the prior month. This month we’re seeing average savings of close to 8.3% off MSRP across all new models.

Cash

1. Toyota Camry Hybrid (Midsize car)
   Avg. MSRP: $31,125
   Avg. Paid: $26,214
   Avg. incentive amount: $3,246
   Cash incentive: the average cash offer on this vehicle is $2,989, up 54% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 10% average savings off MSRP.
   
   
2. Volvo XC90 (Premium Midsize Utility)
   Avg. MSRP: $64,947
   Avg. Paid: $60,457
   Avg. incentive amount: $6,853
   Cash incentive: the average cash offer on this vehicle is $3,369, up 31% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 12% average savings off MSRP.
   
   
3. Buick Enclave (Midsize utility)
   Avg. MSRP: $50,739
   Avg. Paid: $43,916
   Avg. incentive amount: $7,032
   Cash incentive: the avg. cash offer on this vehicle is $6,677, up 20% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 14% average savings off MSRP.
   
   
4. Chevrolet Traverse (Midsize Utility)
   Avg. MSRP: $41,414
   Avg. Paid: $38,342
   Avg. incentive amount: $3,756
   Cash incentive: the average cash offer on this vehicle is $3,157, up 21% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 9% average savings off MSRP.
   
   
5. GMC Canyon (Midsize Pickup)
   Avg. MSRP: $39,570
   Avg. Paid: $36,163
   Avg. incentive amount: $3,463
   Cash incentive: the average cash offer on this vehicle is $3,129, up 16% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 9% average savings off MSRP.

Lease

1. Subaru Ascent (Midsize Utility)
   Avg. MSRP: $43,175
   Avg. Paid: $39,302
   Avg. incentive amount: $2,818
   Lease incentive: the average lease offer on this vehicle is $4,117, up 30% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 7% average savings off MSRP.
   
   
2. Chevrolet Silverado 1500 (Fullsize Pickup)
   Avg. MSRP: $50,089
   Avg. Paid: $44,564
   Avg. incentive amount: $5,844
   Lease incentive: the average lease offer on this vehicle is $11,766, up 21% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 12% average savings off MSRP.
   
   
3. Chevrolet Blazer (Midsize Utility)
   Avg. MSRP: $40,930
   Avg. Paid: $37,238
   Avg. incentive amount: $5,220
   Lease incentive: the average lease offer on this vehicle is $6,790, up 20% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 13% average savings off MSRP.
   
   
4. Chevrolet Colorado (Midsize Pickup)
   Avg. MSRP: $36,273
   Avg. Paid: $33,345
   Avg. incentive amount: $3,688
   Lease incentive: the average lease offer on this vehicle is $5,845, up 19% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 10% average savings off MSRP.
   
   
5. Volvo XC60 (Premium Compact Utility)
   Avg. MSRP: $54,358
   Avg. Paid: $50,549
   Avg. incentive amount: $6,383
   Lease incentive: the average lease offer on this vehicle is $7,428, up 14% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 12% average savings off MSRP.

Finance

1. Honda Pilot (Midsize Utility)
   Avg. MSRP: $42,360
   Avg. Paid: $38,840
   Avg. incentive amount: $2,137
   Finance incentive: the average finance offer on this vehicle is $2,917, up 34% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents an 5% average savings off MSRP. This discount is higher than typical for this model.
   
   
2. Nissan Altima (Midsize car)
   Avg. MSRP: $27,928
   Avg. Paid: $24,814
   Avg. incentive amount: $3,452
   Finance incentive: the average finance offer on this vehicle is $5,103, up 32% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 12% average savings off MSRP.
   
   
3. Chevrolet Equinox (Compact Utility)
   Avg. MSRP: $31,330
   Avg. Paid: $26,762
   Avg. incentive amount: $5,498
   Finance incentive: the average finance offer on this vehicle is $6,427, up 25% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 18% average savings off MSRP.
   
   
4. Ram 1500 (Fullsize Pickup)
   Avg. MSRP: $56,200
   Avg. Paid: $50,842
   Avg. incentive amount: $6,224
   Finance incentive: the average finance offer on this vehicle is $7,136, up 15% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 11% average savings off MSRP.
   
   
5. Chrysler Pacifica (Minivan)
   Avg. MSRP: $44,716
   Avg. Paid: $41,973
   Avg. incentive amount: $4,407
   Finance incentive: the average finance offer on this vehicle is $6,504, up 12% from last month.
   Why this is a good deal: The average incentive across cash, lease and finance represents a 10% average savings off MSRP.
   
   Visit the TrueCar Blog for vehicle descriptions and photos.

Pricing and savings information is based on transaction data available to TrueCar as of 10/19/2020. 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 Deals on Used Vehicles
We looked at popular used vehicles at a model level and curated those that have experienced a significant month-over-month drop in the list price indicating a good deal. EV’s and other fuel-efficient sedans top our list for the third month, offering some of the best discounts available in a strong used car market.

Brand and Model	Segment	MoM Drop in List Price
Chevrolet Bolt EV	Electric	-5.4%
Chevrolet Volt	Mainstream Cars	-4.5%
Toyota Corolla	Mainstream Cars	-4.3%
Nissan LEAF	Electric	-4.2%
Ford C-Max	Mainstream Cars	-4.2%
Toyota Prius	Mainstream Cars	-4.0%
Toyota C-HR	Mainstream Utility	-3.8%
Kia Soul	Electric	-3.8%
Kia Niro	Mainstream Utility	-3.8%
Lexus ES	Luxury Cars	-3.8%
Chevrolet Cruze	Mainstream Cars	-3.7%
Chrysler Town & Country	Mainstream Utility	-3.7%
Ford Fiesta	Mainstream Cars	-3.7%
Toyota Camry	Mainstream Cars	-3.7%
Nissan Versa	Mainstream Cars	-3.7%

Change in list price calculated as a model average of vehicle level price changes for nationwide listings as of 10/15/2020 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 Deals on Trade-In Values
Below, we highlight popular used models with the smallest declines in list price compared with the prior month. A smaller drop signifies that the vehicle is retaining its market value and could fetch a stronger trade-in value.

“Used vehicle prices are generally still above historical averages, so even though prices are starting to come down, now is definitely a good time to trade-in or sell just about any vehicle,” added Woolard.

Brand and Model	Segment	MoM Change in List Price
Ram 2500	Pickups	-1.2%
Land Rover Range Rover Sport	Luxury Utility	-1.3%
Chevrolet Silverado 2500HD	Pickups	-1.4%
Ford Super Duty F-250	Pickups	-1.5%
Ford Super Duty F-350	Pickups	-1.6%
Volvo XC90	Luxury Utility	-1.9%
Mercedes-Benz S-Class	Luxury Cars	-1.9%
Mercedes-Benz GLA	Luxury Utility	-1.9%
Cadillac Escalade	Luxury Utility	-2.1%
GMC Yukon	Mainstream Utility	-2.1%
Mercedes-Benz E-Class	Luxury Cars	-2.1%
Mercedes-Benz GLS	Luxury Utility	-2.1%
GMC Sierra 1500	Pickups	-2.2%
Subaru WRX	Mainstream Cars	-2.2%
Mercedes-Benz C-Class	Luxury Cars	-2.2%

Change in list price calculated as a model average of vehicle level price changes for nationwide listings as of 10/15/2020 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.

Click here for additional media assets.

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

FAQ

What is the average savings on new vehicles from TrueCar for October 2020?

The average savings on new vehicles from TrueCar for October 2020 is approximately 8.3% off MSRP.

When was the last increase in vehicle inventory reported by TrueCar?

TrueCar reported that October 2020 marks the first month since May with an increase in vehicle inventory.

What are the best deals on used vehicles according to TrueCar in October 2020?

TrueCar highlights that popular used vehicles have seen a significant month-over-month drop in list prices, offering good deals.

How does TrueCar assist consumers in the car buying process?

TrueCar provides a digital marketplace that connects car buyers with certified dealers, offering tools for vehicle discovery and market pricing.

What trends are emerging in the trade-in market for vehicles?

The trade-in market is favorable as used vehicle prices are still above historical averages, despite beginning to decline.