Biggest New Car Discounts - April TrueTrends Report
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SEE ALSO: 4 Steps To Becoming a Smarter Car Buyer
SANTA MONICA, Calif., April 16, 2010; As the economy continues its recovery, deals are cropping up for consumers this spring and TrueCar's April TrueTrends Report helps consumers get the most car for their money in this buyers market. TrueCar.com, the leader in new car pricing data, forecasts the best deals available for the next 30 days, as automakers and dealers continue to offer deep discounts on many models to move inventory.
The April 2010 TrueTrends Report includes the following highlights:
-- The biggest discounts of the month on 2010 models by body type are
forecasted as follows:
Top 2010 Models by Body Type
Body Type 2010 Models % Below MSRP
Sedan Chevrolet Cobalt 20%
Sport
Utility Jeep Grand Cherokee 19%
Coupe Ford Focus 17%
Pickup Ford Ranger 17%
Convertible Ford Mustang 11%
Van Toyota Sienna 11%
Wagon Hyundai Elantra Touring 10%
-- 2010 Models with the largest total incentives in order include: BMW
M6, Infiniti M45, Nissan Titan, Volvo XC70, and the Chevrolet
Silverado 1500.
-- Luxury manufacturers have really picked up steam in their efforts to
move products, offering some of the best discounts and showing the top
5 largest average price drop, month over month.
-- US automakers continue to offer the highest discounts, holding four of
the top five spots (Hyundai, at 11%, is the only non-American make on
the list). Ford (14%), Chevy, Chrysler and Mercury (all 11%) top the
list, with the Chevy Cobalt (20%) topping the model list.
-- The end of April is anticipated to be a really good time to buy a car,
with several days offering a projected average discount over 6.5%.
TrueCar.com's projections show Monday, April 26th as the best day to
buy a car and May 2nd as the worst day.
"The relative economic recovery we have seen so far this year has already started improving consumer demand for cars," said Jesse Toprak, VP of Industry, Trends and Insights for TrueCar.com. "As demand increases - with the consumers who have postponed their car purchase for the last couple of years due to economic uncertainty - we expect prices to start stabilizing, most likely in the second half of the year. This means that the discounts we see a few months from now will probably not be as generous as those we have today. Bottom line: if you are in the market, buy now."
TrueCar Price Flex Score, Greatest Discounts and Days in Inventory
TrueCar uses several methods to identify the best new car deals of the month. Not only does TrueCar track vehicles with the greatest discounts, but the TrueCar Price Flex Score measures how elastic the transaction price is for a particular model. A high Flex Score means a possibility of a great swing (high or low) in the price, from MSRP, while a low Flex Score means the price is far less negotiable and that the transaction price range is much narrower. Consumers have the best chance of obtaining a discount with the most flexible scores.
TrueCar Projections for April
Most Flexible 2010 Models
Body Type Model Score
--------- ----- -----
Sedan Hyundai Elantra 100
Sport
Utility Mazda Tribute 100
Wagon Hyundai Elantra Touring 99
Coupe Honda Accord Coupe 98
Pickup Toyota Tacoma 93
Convertible Volvo C70 91
Van Mazda MAZDA5 88
The TrueTrends Report also tracks the Average Days in Inventory by make/model and body type. The longer a vehicle is in inventory, the more likely a dealer is willing to offer a discount. TrueTrends provides this Average Days in Inventory information to consumers, adding yet another layer of data beyond just the average prices so they can get the best deals possible.
2010 Vehicles: Longest Days in Inventory
Rank Make Model Days in Inv
---- ---------- -----------
1 Hyundai Sonata 131
2 Ford Mustang 98
3 BMW 535i 97
4 Ford Transit Connect 90
5 Kia Forte 88
SEE ALSO: 4 Steps To Becoming a Smarter Car Buyer
The April TrueTrends Report can be read in its entirety on the Truth Blog at TrueCar.com.
About TrueCar
TrueCar shows car buyers and car dealers how much people actually paid for a particular car in a specific local area. With TrueCar pricing, both new car buyers and new car dealers can know at any time what is considered a good or great price on a new car. Consumers no longer need to walk into a dealership partially informed and fully suspicious - using TrueCar they walk in knowing the price of a fair deal. Dealers benefit by TrueCar's real-time, unbiased information about marketplace pricing, helping them price cars for increased sales, and ultimately gaining market share over other dealers. Our innovative new car pricing service is offered free of charge on our website at www.truecar.com, on our mobile site at mobile.truecar.com, and via syndication of our tools and pricing data to leading automotive research sites throughout the web.
About TrueCar Data
TrueCar obtains data directly from car dealers, respected dealer management system (DMS) providers, and well-known data aggregators within the automotive space. We also acquire vehicle configuration data, customer and dealer incentives data, financing and loan data, vehicle registration and insurance data, and much, much more. TrueCar is insatiable about data with our goal to find 100% of all purchase transactions, even if that means finding the same transaction multiple times from multiple sources within the car-buying ecosystem. Our data is among the most timely and comprehensive in the industry, as we are able to process most car sales within a week of the actual sales date, and have a substantial fraction on the site within 48 hours of the actual sale. TrueCar believes the greater our informational accuracy, the greater benefit we provide to both dealers and consumers.