Labor Day Offers Big Used Car Savings for Consumers
McLEAN, VA -- Aug. 28, 2014: The upcoming Labor Day holiday weekend offers smart shoppers an excellent chance to capitalize on end of summer new vehicle deals meant to clear out inventory for incoming model year cars and trucks.
"Labor Day discounts are historically some of the most generous seen throughout a given year and this year's promotions should be among the best in recent memory," said Mike Stanton, Vice President & COO of NADA Used Car Guide.
Faced with slowing new sales growth, manufacturers have dialed up incentive spending and many kicked off model year sell-down sales back in July to get a jump start on the competition.
Both Ford and GM are offering promotions of 0% financing for 72 months on many of their popular models, while Nissan and Toyota are offering similar 0% APR deals for a 60 month term.
For consumers shopping a particular segment, some of the best deals can be found in the hotly contested compact and midsize car segments where deals are averaging nearly as much as they are for more expensive luxury cars.
Consumers should also find ample inventory to choose from as well as strong deals, which won't be the case heading deeper into the fall.
"Sales for current model years decline rapidly from September on," said Jonathan Banks, Executive Automotive Analyst at NADA Used Car Guide, "generally moving from an average of 74% in August and September to just 22% in December."
Incredibly strong trade-in prices make the holiday proposition even better. "Dealers are hungry for quality used vehicles so they continue to make highly competitive trade-in offers."