February 2021: Steep SUV Discounts Due to Excess Inventory

Any plan to buy an SUV or luxury SUV should get moved to the top of your wish list. It might seem impossible to get a great discount, but the recent upswing of excess inventory is driving prices down considerably. The New York Times¹ reveals that a unique situation formed by overproduction and reduced market interest has created the perfect opportunities for SUV fans to save big.

Your goal to purchase a large vehicle like this could be closer at hand than you think. The savings and dealer discounts that may be available can put you behind the wheel for less. As you start your SUV shopping process, pay attention to the following facts can help you get the best deals possible.

SUV or Luxury SUV? Which Is Right For You?

Understanding the difference in these two types of sport-utility vehicles can help you make a decision about what models and extra features to consider. SUVs offer many excellent benefits to people who want to transport gear, materials, or a large family. Edmunds² writes that Luxury SUVs add extra layers of comfort, premium materials including exotic wood trim and leather seats, high-end stereos and other entertainment features, and functional boosts that provide a better experience while driving.

Additional safety features they also come standard on SUVs with the luxury label. Also, you will probably get a more powerful engine according to the popular Edmonds automotive site.

Boost Buying Power With SUV Financing

Due to the overabundance of SUVs and luxury SUVs sitting on dealer lots, sellers are offering more accessible financing options for buyers USA Today reports³. Demand has pulled back from larger vehicles in recent months, which has affected the overall market in a way that caught auto manufacturers off guard. The shift creates an excess of inventory and need to sell more to clear up space and capital for future inventory.

Dealerships and other sellers now compete for buyers who are ready to drive off in a new or off-lease SUV as soon as they can, CNBC⁴ notes. To this end, it has become easier to receive financing than in past years.

The Search for Hot SUV Deals

As with most purchases that occur these days, the quest for an affordable SUV begins on the Internet. This allows you to explore everything from manufacturer's suggested retail price to the discounts offered by both local and out-of-state dealers. As dealerships vie for attention and sales, they can change and improve their discounts and incentives relatively frequently. Keep an eye on the announcements to find the best time to buy your new luxury SUV.

“There’s more money on the hood than I’ve ever seen,” said Rick Resinger, sales manager at the Champion Chevrolet dealership in Howell, Mich. “For the right person, I can get $10,000 in rebates. That’s just huge. It’s like getting a second car free.”¹

Do not wait too long. At this point, the vehicle manufacturers are already shifting their production to meet the demand of other types of cars and trucks. Soon, customers will buy up all the excess inventory and the prices will return to higher levels. Do your research, track inventories, discounts, and dealer incentives, and then choose the best option of SUV or luxury SUV for your needs and enjoyment.

1. NY Times, Automakers Offer Big Incentives to Spur Sales
2. Edmunds, Best Luxury SUVs
3. USA Today,Off-lease used cars are flooding market, pushing prices down
4. CNBC, US auto sales rise as SUVs, trucks dominate