10 Car Models That Will Have Massive Price Drops in October 2023
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According to Cox Automotive, a parent company of Kelley Blue Book, wholesale used vehicle prices rose by 1% between August and September. However, new car prices dropped $60 over the past month to $47,397 — 3% higher than the same time last year.
So far, the UAW strike has had no impact on new car prices, but Cox Automotive chief economist Jonathan Smoke indicated we’ll likely start seeing the first signs of changes in October. Smoke claimed that automakers prepared for the strike by building up a significant inventory of new cars, which is at its highest level since early spring 2021. The UAW strike also started small at first, which helped soften the blow.
“We have gone from 57 days’ supply when the strike started to an aggregate of 52 days,” Smoke explained. “That’s still enough to keep prices relatively stable.”
This figure is an average, and not every model is affected the same way, Kelley Blue Book pointed out. The Ford Bronco and Chevrolet Colorado are currently in short supply, and Smoke said we may see prices begin to rise. Prices on used versions could go up, too, he said, “particularly with vehicles that are less than four years old and near substitutes for new.”
Kelley Blue Book reported that the auto market is also dealing with higher interest rates on car loans, which haven’t been this high in more than 20 years. The interest rate on a new car loan averaged 7.4% in the third quarter, the highest since 2007, according to car research group Edmunds and as reported by Financial Times. The average monthly payment was $736 — a record high.
But if you’re in the market for a new car, you can still score some sweet deals. Here are some of the biggest discounts on new cars in October 2023, according to data from RealCarTips:
1. 2023 Ram 1500 Tradesman
2. 2023 Kia EV6 Light Electric
3. 2023 Hyundai IONIQ 5 SEL Electric
4. 2023 Alfa Romeo Giulia Veloce
5. 2024 Alfa Romeo Giulia Standard
6. 2023 Hyundai IONIQ 6 SE Standard Range Electric
7. 2023 Nissan Titan S
8. 2024 Ram 1500 Laramie
9. 2023 Dodge Durango SXT
10. 2022 Mercedes SL AMG SL 63
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