This Memorial Day kicks off a buyer's market for new cars

Memorial Day weekend is expected to bring significant discounts on new cars, particularly for electric vehicles. The automotive industry is experiencing an increase in new car production and dealers are offering more discounts to make room for incoming models. Ford dealers are offering higher incentives on the Ford Bronco and GMC Sierra pickup. Electric vehicles like the Volkswagen ID.4 and Kia Niro EV are also selling at average discounts of more than 13%. Additionally, zero-percent financing deals for buyers with good credit have become more common. Overall, new vehicle inventory at dealerships is the highest it has been since late 2020. There is a larger stock of previous year models available, with 2023 models accounting for 6.8% of all new vehicles on lots. Dealers for Stellantis brands, including Dodge, Chrysler, Jeep, and Ram, offer the most significant discounts. However, some manufacturers have tighter inventory and higher sell-through rates, resulting in less attractive sales. Sedans and hatchbacks are more likely to have better deals compared to compact SUVs, which are in high demand.