TrueCar Shares Best End-of-Month Cash, Lease and Finance Deals on New Vehicles for October 2020
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 **X**C**60* (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.
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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 **De**als on Trade-I**n* *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.
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*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.
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