The Truth About Unsold SUV Prices

The radical hardships undergone by the economy this year have created an unprecedented opportunity for savvy internet users. In fact, people of all ages interested in amazing deals on SUV’s have reason to research further – seniors, younger people, even first time vehicle buyers. Huge surpluses of SUV’s can cause vehicle dealers fits, leading to amazing images of vast car lots full of unsold inventory – as well as the potential for amazing deals for savvy buyers.

 

Unsold SUV deals are worth further research

 

The Truth About Unsold SUV’s

Huge lots full of unsold vehicles may provoke a visceral reaction. We’re used to dealer lots full of shiny cars and trucks being sold to happy customers – not giant gluts of idle vehicles taking up space. But did you know that most car dealerships try to revolve their inventory every 90 days or quicker?(1) With this being the case, it’s easy to understand what such unprecedented sales droughts can do to the retail auto industry!

In addition, vehicle dealers have many own costs to consider. They have to pay their staff, pay for the real estate the dealerships sit on, and pay the financing fees on all the vehicles that on their lot waiting to be sold. That’s right- they don’t pay cash for all the vehicles on their lot- they typically finance them just like end buyers. With all this being the case, it’s easy to see how problematic such gluts can be in the vehicle-selling industry. Unsold vehicles may represent a dire threat to them… but it can be a great opportunity for savvy vehicle buyers!

 

Unsold SUV’s And The Internet

In the old days the only way to find big savings on cars was to visit lots of dealerships and hope that one of them had great deals available. This was obviously a time-consuming and inexact process! Today, however, the internet has revolutionized the way people buy cars. Many buyers now use the internet to aid them in finding good deals. However, the truth is that only 59% of people report researching online before buying a vehicle.(2) This means that 41% are losing out on a hugely valuable advantage!

If you research online to find the best deals possible on vehicles, you automatically have a leg up on almost half of all vehicle buyers. And- if you really put in the time and effort to fully discern what’s available, you can get a even bigger advantage and potentially enjoy huge savings! This ability to use the internet to find the best vehicle prices, combined with the opportunity represented by unsold inventory, could mean extremely rare opportunities for savvy buyers!

 

Major Types Of SUV’s

SUV’s have been growing in popularity for years now.(3) But what are the major categories of SUV’s that people shop for? And what exactly differentiates them?

SUV’s are often sorted into three groups.(4) The first group is “Car-Based SUV’s”, which are more commonly referred to as “Crossovers”. The second is “Medium Truck-Based SUV’s”. And the third is “Large truck-based SUV’s”.

Below you’ll find a breakdown on each of these.

Crossovers/Car-Based SUV’s – These are, unsurprisingly, the smallest SUV’s on the market. As their moniker suggests, they can appear like a cross between a sedan and a more traditional SUV. Well-known examples of Crossover SUV’s include the Honda CR-V, the Ford Edge, the Nissan Murano, the Toyota RAV4, and the Kia Sportage. Crossover SUV’s have become particularly popular in recent years. In fact, they went from just 4% of the market in 2000 to nearly 40% in 2018!(5)

Medium Truck-Based SUV’s – These are the middle variant among SUV’s. They are larger than Crossover SUV’s but smaller than Large Truck-Based SUV’s. As a result, they tend to be somewhat more ‘muscular’ than crossovers, but can also get worse gas mileage because of their additional size. Examples of Medium Truck-Based SUV’s include the Toyota 4Runner, the  Chevy Blazer, the Jeep Cherokee, the Dodge Durango, the Ford Escape, the Ford Explorer, and the Jeep Grand Cherokee.

Large Truck-Based SUV’s – These are the biggest and burliest of SUV’s, and as a result they often have the best towing capacity and the worst gas mileage. They are more akin to the old 1980’s and 1990’s SUV’s that are remembered fondly for their massive size and power. Many today only have the same five seats as do smaller SUV’s, however they will typically be roomier and also have more space for storage. Common examples of this SUV category include the GMC Denali, the Cadillac Escalade, the Ford Expedition, Lincoln Navigator, the Chevy Tahoe, and the GMC Yukon.

 

Conclusion

Hopefully this breakdown has been useful for you! There’s no doubt that SUV’s are more popular than ever… They’re also more expensive though, and opportunities to get them at low prices can be few and far between! Savvy vehicle-buyers know that these opportunities only come along rarely, and when they do the “picks of the litter” will go to the best-prepared purchaser!

If you’re interested in the best deals on Unsold SUV inventory then make sure to dive into the subject and find out where and how to get those deals!

 

 

Sources:
(1) https://yourautoadvocate.com/guides/unsold-new-cars/
(2) https://v12data.com/blog/25-amazing-statistics-on-how-consumers-shop-for-cars/
(3) https://www.statista.com/topics/6185/suv-market-worldwide
(4) https://itstillruns.com/list-different-types-suvs-6296743.html
(5) https://advocacy.consumerreports.org/research/the-rise-of-the-crossover-the-segment-thats-really-driving-the-auto-industrys-sales