August 2024 Car Buying Guide: Maximize End-of-Summer Deals
As summer winds down, August presents unique opportunities for car buyers. Our comprehensive guide reveals the best strategies for securing deals, comparing vehicle options, and navigating financing in today's market.
Why August is a Prime Month for Car Buyers
Contrary to popular belief, August consistently ranks among the top months for automotive discounts. Historical data shows:
- 2014: Highest discount month of the year
- 2015: Top 3 discount month
- 2020-2023: Average 6.8% below MSRP for select models
-
2024 Tesla Cybertruck
$134524
electric
445 mi
Very Good Deal
0 (5)
Tesla Model X 75D AWD
$48000
electric
18036 mi
Good Deal
0 (5)
MINI Cooper S 4-Door Hatchback FWD
$35860
20 mi
Very Good Deal
0 (5)
Pro Tip: The last two weeks of August often yield the deepest discounts as dealers clear inventory for new model year vehicles.
2024's Top Rated Vehicles by Category
Our automotive experts have tested these standout 2024 models:
Best Pickup Trucks
- Nissan Frontier Pro-4X - Best midsize value
- Ford F-150 Lightning - Top electric pickup
Top SUVs & Crossovers
- Hyundai Kona (2024 redesign)
- Subaru Ascent (family favorite)
Luxury Performers
- Genesis G70 3.3T
- Mercedes-Benz CLS450
- --TOP ADVERTISEMENT HERE--
New vs. Used: Making the Right Choice
| Consideration | New Vehicles | Used Vehicles |
|---|---|---|
| Depreciation | Highest in first 3 years | Slower depreciation curve |
| Warranty Coverage | Full factory warranty | Limited or expired |
| Technology | Latest features | Potentially outdated |
Smart Financing Strategies
Current Auto Loan Rates (August 2024)
- New cars: 5.2%-7.8% APR (720+ credit score)
- Used cars: 6.5%-9.3% APR (720+ credit score)
-
2014 Toyota 4Runner
$20899
Gas
140789 mi
Good Deal
0 (5)
2020 Lincoln Aviator
$36811
Gas
81310 mi
Very Good Deal
0 (5)
2023 Jaguar I-PACE
$79999
electric
43 mi
Good Deal
0 (5)
Leasing vs. Buying Analysis
Leasing makes sense if:
- You prefer new cars every 2-3 years
- Your annual mileage is predictable
Dealership Negotiation Tactics
Avoid these common pitfalls:
- Focusing only on monthly payments - Negotiate total price first
- Buying unnecessary add-ons - Resist pressure for extended warranties
