I already discussed the pattern of car price drops based on month, if you missed it, read it here. Articles like that can be very useful for shoppers, but may be missing a needed level of granularity. One such item would have been a breakdown of price drops on a vehicle based on specific models.
For example, wouldn’t it be helpful for people looking to buy a used Chevrolet Suburban to know that it drops about 3% in price before being bought or for people looking to buy a Hyundai Genesis that drops 6%? The information in this post should offer better insight on how cars drop in price depending on their model. The average car on Mojo Motors drops more than $800 before being sold, but this number varies model-to-model.
This chart shows the models whose prices dropped the most while on Mojo Motors. Notice that most of the models actually dropped less than the average price drop across all cars. This happens because dealers often drop prices of their cars by fixed amounts, and the standardized drops create a larger percent based change on cheaper vehicles.
The models with the largest price drop amount by dollars are all luxury vehicles. It makes sense that these would drop the most in price because they are expensive vehicles to begin with. These vehicles all drop a sizable amount before being purchased, but may take longer to drop in price due to their luxury nature. Expensive or cheap to begin with, all these models are great candidates to ‘Follow’ before you purchase them with Mojo Motors.
The best way to know if you’re getting a good price on a used car or truck is research. Figure out the price you should pay and wait until the right vehicle gets into that range. Don’t forget to use Mojo Motors and ‘Follow’ your favorite used cars or trucks so we can alert you when prices drop.
Written by Michael Milstein