With the autumn season about to hit, there are lots of things falling, from leaves to car prices. If you are looking for a time to hit the marketplace to find a new car, fall might be the most opportune time, particularly when it comes to Sports Utility Vehicles (SUVs).
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In fact, there are already a few guesses from automotive experts about car models set to dip in value this fall. According to Geoff Cudd, a consumer advocate and owner of FindTheBestCarPrice.com, the SUV market “… could experience price drops as consumers lean towards smaller, more fuel-efficient vehicles in response to rising fuel costs.”
Shawn Miller, the senior writer at Modified Rides, added, “The fall season often brings pricing adjustments as manufacturers prepare for next year’s models and look to move inventory, making this a prime time for market shifts.”
No estimate is perfect, but here are the four SUVs experts predict to have massive price drops in October 2024.
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Ford Explorer
Despite being one of the pioneering SUVs of its time and a legacy vehicle in the Ford line up, the Explorer might take a hit this fall when it comes to price.
“Many consumers delayed large purchases during the past couple of years due to economic uncertainty,” explained Daniel Vasquez, an auto expert and the owner of Dynamic Auto Movers.
“Now that dealerships are restocked with new vehicles, there’s an oversupply of models like the Ford Explorer. To clear inventory, expect price cuts or added incentives to move these vehicles.”
Similarly, Miller predicted, “Larger gasoline-powered SUVs like the Explorer might experience price reductions as consumers lean towards more fuel-efficient or electric options.”
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Chevrolet Tahoe
Chevy’s full-size SUV market is finding itself in the same boat as Ford, facing off against the increasingly competitive marketplace. The Tahoe might be the latest victim to see a value drop in October.
“SUVs have been incredibly popular for a while, but as gas prices fluctuate and more fuel-efficient vehicles become available, larger gas-guzzling models may drop in price,” said Dean Bosworth, the founder of DB Car Keys.
And according to Miller, with buyers showing more interest in hybrid and electric models, the eventual outcome could be a potential price drop for traditional models, such as the Tahoe.
Jeep Grand Cherokee
With rising fuel costs, larger SUVs like the Jeep Grand Cherokee may become less attractive to cost-conscious buyers. In Miller’s professional opinion, “… a crowded SUV market and a slow shift toward electrified models, the Grand Cherokee could face downward pressure on prices.”
Vasquez agreed, saying, “This shift in demand, especially with more fuel-efficient or hybrid SUVs entering the market, will likely push prices down.”
Toyota Highlander
Along with the other models listed, Bosworth highlighted the Toyota Highlander as one to keep an eye on in terms of price drops.
“The fall season is often a key time for dealerships to adjust pricing as they prepare for new models to arrive and aim to hit year-end sales targets,” Bosworth explained. “Additionally, a potential economic slowdown could impact consumer spending, pushing car dealerships to offer steeper discounts.”
Agreeing, Miller said, the “… increased competition in the mid-size SUV category, especially with hybrid and electric entrants, could cause the prices of traditional models like the Highlander to soften.”
Between economic factors, such as the price of gas, and the push-pull of supply and demand for certain models, the SUV market could see prices going down quite a bit in October.
“This fall, we could see a surplus of used SUVs hit the market as more drivers trade them in for electric or hybrid models,” added Bosworth. “The result? Lower prices as dealerships try to clear inventory before the year-end.”
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