With car sales in the dumps, many dealers say last year’s models have piled up on the lots and they’re having a hard time selling them.
For some dealers, more than 50% of their inventory is left-over 2008 models that never sold. Dealers ordered too many cars from the factory before the economy tanked late last year. Now they’re stuck with them and losing money each day they sit on the lot.
Incentives on these leftover models are already high and seem to be going higher. For example, the 2008 Chevrolet Suburban currently has a $7,000 rebate. The 2009 model has a rebate of only $1,000.
In some cases, the rebates on a brand new 2008 model are so high, it actually costs less to buy new vs. used. GM and Chrysler in particular have the most leftover inventory.
If you’re looking to buy and want to save a bundle, you should consider getting a leftover model. As long as you keep the car for 5 years or longer, you stand to do well.
To see the latest rebates for 2008 leftover models in your area, get a price quote here.