SANTA MONICA, Calif., Aug. 31, 2021 /PRNewswire/ — Consumers looking to make a new vehicle purchase are going to have a much tougher time finding discounts this Labor Day weekend than in years past, according to the car shopping experts at Edmunds. Edmunds data reveals that the average transaction price for new vehicles climbed to a record high of $42,832 in July. Edmunds analysts say the record prices are due to a combination of the chip shortage constraining the supply of new vehicles and automakers and dealers feeling less pressured to offer discounts as consumer demand runs high. According to Edmunds’ days-to-turn (DTT) data, one in 20 new vehicles sell the same day that they hit the dealer lot, one in three new vehicles sell within the first week, and nearly half of all new vehicles sell within the first two weeks.
“The chip shortage saga continues for the auto industry. Consumers accustomed to big blowout model-year selldown discounts at this time of year might be in for a bit of sticker shock this Labor Day weekend,” said Ivan Drury, Edmunds’ senior manager of insights. “Even if you’re successful in locating a vehicle online at a price that you’re willing to pay, demand is so high that there’s no guarantee that it will still be sitting on the lot by the time you make it to the dealership. Don’t be shy in reaching out and communicating your interest to your local dealer the minute you find the vehicle you want to maximize your chances of driving it home.”
To help car shoppers in Chicago do their research ahead of the holiday weekend, Edmunds experts put together two lists: the top 10 vehicles offering the best deals in the area and the top 10 vehicles that are seeing the biggest markups, which were determined by comparing each vehicle’s average list price on Edmunds.com as of August 30, 2021, to the manufacturer’s suggested retail price (MSRP). Both lists can be found below.
“Research is more critical now than ever for car shoppers to get a leg up in today’s market,” said Drury. “Using these lists is a great way to get started, but as you narrow down your options, make sure to pay close attention to features and options. A trim level can make a huge difference in what a vehicle is equipped with, and with such limited inventory on hand, you’re going to want to make sure the vehicle you buy has all of the features you need.”
Shoppers can start searching for available new vehicle inventory at dealerships in Chicago on Edmunds here.
Top 10 New 2021MY Vehicles Offering the Best Deals in Chicago, Illinois (August 2021)
|
Make |
Model |
Average |
MSRP |
List Price vs. MSRP |
|
Jeep |
Renegade |
$24,438 |
$29,285 |
-17% |
|
Chevrolet |
Trax |
$20,212 |
$23,592 |
-14% |
|
Ram |
1500 Classic |
$40,320 |
$45,149 |
-11% |
|
Buick |
Enclave |
$49,241 |
$53,920 |
-9% |
|
Jeep |
Grand Cherokee |
$42,965 |
$47,070 |
-9% |
|
Chrysler |
300 |
$33,054 |
$36,264 |
-9% |
|
Chevrolet |
Equinox |
$28,673 |
$31,026 |
-8% |
|
Buick |
Encore |
$25,482 |
$27,787 |
-8% |
|
Nissan |
Murano |
$40,446 |
$44,143 |
-8% |
|
Nissan |
Maxima |
$40,933 |
$44,200 |
-7% |
Top 10 New 2021MY Vehicles Ranked by Greatest Average Markup in Chicago, Illinois (August 2021)
|
Make |
Model |
Average |
MSRP |
List Price vs. MSRP |
|
Volkswagen |
Atlas Cross Sport |
$45,071 |
$44,426 |
+1% |
|
Chevrolet |
Tahoe |
$65,405 |
$64,588 |
+1% |
|
Chevrolet |
Trailblazer |
$28,409 |
$28,151 |
+1% |
|
Mercedes-Benz |
Sprinter |
$57,559 |
$57,106 |
+1% |
|
Kia |
K5 |
$30,322 |
$30,136 |
+1% |
|
Ford |
F-250 Super Duty |
$60,586 |
$60,236 |
+1% |
|
Volkswagen |
ID.4 |
$46,157 |
$45,921 |
+1% |
|
Chevrolet |
Camaro |
$46,008 |
$45,081 |
+2% |
|
Chevrolet |
Suburban |
$68,272 |
$66,908 |
+2% |
|
Kia |
Telluride |
$45,577 |
$44,169 |
+3% |
About Edmunds
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America’s best workplaces by Fortune and Great Place to Work, Edmunds is based in Santa Monica, California. Follow us on Twitter, Facebook and Instagram.
CONTACT:
Talia James-Armand
Associate Director, PR and Communications
[email protected]
310-309-4900
http://edmunds.com/about/press
SOURCE Edmunds
