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Memorial Day Car Shopping: Edmunds Experts Advise on the Best Strategies for Deal-Seekers During New Car Shortages
[May 26, 2021]

Memorial Day Car Shopping: Edmunds Experts Advise on the Best Strategies for Deal-Seekers During New Car Shortages


SANTA MONICA, Calif., May 26, 2021 /PRNewswire/ -- Car shoppers should take the time to do extra research and consider alternative brands and purchasing options if they want to snag a better deal on a new vehicle this Memorial Day weekend. According to the car shopping experts at Edmunds, bargains are increasingly difficult to come by as the global chip shortage continues to severely constrain the supply of new vehicles and consumer demand runs high.

"...there are still some decent financing deals out there if you know where to look," - Ivan Drury, analyst, Edmunds

"Memorial Day historically has been an opportunity for dealers and automakers to kick off huge summer sell-down sales, but things are looking a lot different this year," said Jessica Caldwell, Edmunds' executive director of insights. "On top of the initial disappointment of fewer free hot dogs and doughnuts at the dealership this holiday weekend, shoppers are going to have to work a lot harder to find the vehicles that they want. They might need to compromise on features to find more affordable vehicles, or even consider more alternative purchasing options than they have in the past."

Edmunds experts note that car shoppers who are struggling to find affordable options in the new market this holiday weekend could benefit from leasing their next vehicle instead of financing a new purchase. Edmunds analysts have put together two lists: a list of the top vehicles to consider leasing instead of purchasing to achieve the greatest monthly savings and a list of the most affordable lease options on the market as of May. Both lists can be found below.

"If you can't find the truck or SUV of your dreams out there but still need to jump into a new vehicle, leasing is a great solution," said Ivan Drury, Edmunds' senior manager of insights. "You'll be able to find cheaper monthly payments, and since a lease is usually a much shorter commitment than a purchase, you can test the waters with a new brand or vehicle type that you might not have considered in the past. By the time you come back to the market, the inventory situation will be in a much better place."

Edmunds experts also note that consumers who are committed to purchasing their next vehicle instead of leasing could benefit the most from shopping around based on available financing. Edmunds analysts have put together a list of vehicles that commanded the lowest average annual percentage rates (APRs) as of May, which can be found below.

"Automakers and dealers aren't pushing out as many cash-based incentives right now, but there are still some decent financing deals out there if you know where to look," said Drury. "Although average APRs are somewhat reflective of the creditworthiness of the shoppers who bought them, these vehicles are being incentivized by automakers that are taking advantage of low corporate borrowing costs."

For more general tips on how to shop for a car on a holiday weekend, Edmunds experts have put together a helpful guide that can be found here.

 





Most Affordable Monthly Leased Vehicles
(2021 Model Year)


Vehicle Category

Vehicle Make

Vehicle Model

Average Monthly Payment

Mainstream car

Chevrolet

Bolt EV

$216

Mainstream car

Nissan

Leaf

$225

Mainstream car

Kia

Forte

$268

Mainstream SUV

Chevrolet

Trax

$252

Mainstream SUV

Buick

Encore

$260

Mainstream SUV

Mazda

CX-3

$272

Mainstream truck

Nissan

Frontier

$393

Mainstream truck

Toyota

Tacoma

$398

Mainstream truck

Ram

1500 Classic

$408

Luxury car

Acura

ILX

$341

Luxury car

BMW

2 Series Gran Coupe

$469

Luxury car

Acura

TLX

$471

Luxury SUV

Lexus

UX 200

$447

Luxury SUV

BMW

X1

$488

Luxury SUV

Lexus

NX 300

$498


 

Leased Vehicles with Greatest Savings Compared to Financed Vehicles
(2021 Model Year)


Vehicle Category

Vehicle Make

Vehicle Model

Finance Monthly Payment

Lease Monthly Payment

Savings

Mainstream car

Toyota

Prius Prime

$613

$306

$307

Mainstream car

Chevrolet

Bolt EV

$440

$216

$224

Mainstream car

Dodge

Charger

$806

$633

$172

Mainstream SUV

Jeep

Wrangler

$766

$534

$232

Mainstream SUV

Chevrolet

Tahoe

$1,066

$856

$210

Mainstream SUV

Toyota

Highlander

$697

$487

$210

Mainstream truck

Ram

2500

$1,000

$676

$325

Mainstream truck

Ram

1500

$779

$534

$245

Mainstream truck

Ram

1500 Classic

$620

$408

$212

Luxury car

Mercedes-Benz

E-Class

$1,069

$873

$197

Luxury car

Acura

ILX

$504

$341

$164

Luxury car

Audi

A4

$706

$546

$160

Luxury SUV

Cadillac

XT6

$851

$656

$195

Luxury SUV

Lexus

RX 350L

$797

$627

$170

Luxury SUV

Cadillac

XT5

$725

$559

$166

 

Financed Vehicles Averaging the Lowest APR
(2021 Model Year)


Vehicle Category

Vehicle Make

Vehicle Model

Average APR

Mainstream car

Subaru

Legacy

1.2%

Mainstream car

Subaru

Impreza

2.1%

Mainstream car

Mazda

MX-5 Miata RF

2.1%

Mainstream SUV

Subaru

Ascent

0.9%

Mainstream SUV

Subaru

Outback

1.3%

Mainstream SUV

Honda

Pilot

1.9%

Mainstream truck

Honda

Ridgeline

2.3%

Mainstream truck

Ram

1500

3.6%

Mainstream truck

Nissan

Titan

4.2%

Luxury car

BMW

5 Series

2%

Luxury car

BMW

4 Series

2.6%

Luxury car

Acura

TLX

2.7%

Luxury SUV

Volvo

XC40 Recharge

1.5%

Luxury SUV

Infiniti

QX80

1.6%

Luxury SUV

Infiniti

QX50

1.8%

 

About Edmunds
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America's best workplaces by Fortune and Great Place to Work, Edmunds is based in Santa Monica, California. Follow us on Twitter, Facebook and Instagram.

CONTACT:
Talia James-Armand
Associate Director, PR & Communications
PR@Edmunds.com
310-309-4900
http://edmunds.com/about/press

 

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SOURCE Edmunds


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