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If you’re in the market for a new car, now may be the time to buy — particularly for certain kinds of cars.
In general, “Labor Day is a good time to buy or lease a new vehicle,” says Scot Hall, the executive vice president of car leasing site Swapalease.com — in part because it’s when dealers and manufacturers offer discounts in a bid to sell their new 2016 models to make room for their 2017 model cars.
And this year may be a particularly good Labor Day to buy a car, because earlier car sales haven’t met expectations and now dealers have more inventory than they have in past years to get rid of, says Jill Gonzalez, an analyst with personal finance site WalletHub.com.”It wasn’t exactly a blockbuster month in August, so that puts extra pressure on the industry to step up its game in September, especially this coming Labor Day weekend,” explains Jessica Caldwell, the executive director of industry analysis at car site Edmunds.com.
Plus, financing a new car is cheaper now for many consumers, as interest rates on new car loans are the lowest in three years, says Gonzalez. The the typical rate is now about 1.5%.
That said, many experts say that, in general, it makes more sense to buy a used car than a new car, at least for those looking for a deal. Indeed, new cars lose an estimated 20% of their value within the first year; after that, depreciation slows.
Still, a brand-new car is tempting to many buyers and has a number of advantages like the latest technology and an accident-free record. So if you’re in the new-car market, here are four cars that Edmunds.com says will likely offer great deals.
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2016 Mercedes-Benz E-Class Sedan
Yes, this car will still be expensive, but thanks, in part to the fact that it will get a redesign for 2017, there are deals to be had, Edmunds.com reports. The site’s editors found deals for up to $10,000 off the manufacturer’s suggested retail price.
Still, it’s important to note that there is a downside to buying or leasing a car that will soon be redesigned, says Swapalease’s Hall. For one, buying the older car — when the newer one will have a new look — automatically dates the model. And when you do that there tend to be two camps “one camp loves the styling of new one and one loves the old one,” he says — which may limit resale.
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2016 Buick Lacrosse
Like the Mercedes E-Class Sedan, this sedan is scheduled for a redesign in 2017, which means there are deals here: Edmunds found offers that sliced off as much as $6,200 from the manufacturer’s suggested retail price.
This is one of a number of sedans on this list. That’s thanks to the fact that sedans are losing popularity among consumers, says Hall — which could impact your ability to resell the car.
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2016 Cadillac SRX
This luxury SUV will get a makeover and new name in 2017 — as the Cadillac XT5 — and “there are still a fair number of SRX models left,” notes Edmunds. Thus, the site found offers of $8,000 off manufacturer’s suggested retail price.
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2016 Hyundai Genesis Sedan
In 2017, this car will be rebranded the Hyundai Genesis G80, so consumers may be able to offers of $3,000 - $5,500 off the manufacturer’s suggested retail price. “An added bonus is that there won’t be much difference in the 2017 version: Hyundai is creating its own luxury brand, ‘Genesis Motors,’ and this model will carry over largely unchanged but with a new name: Genesis G80,” Edmunds.com notes.
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2016 Hyundai Genesis Sedan
In 2017, this car will be rebranded the Hyundai Genesis G80, so consumers may be able to offers of $3,000 - $5,500 off the manufacturer’s suggested retail price. “An added bonus is that there won’t be much difference in the 2017 version: Hyundai is creating its own luxury brand, ‘Genesis Motors,’ and this model will carry over largely unchanged but with a new name: Genesis G80,” Edmunds.com notes.
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