Now’s The Time For SUV Shopping
The market for sport utility vehicles is starting to look a lot like the housing market, spreading pain to consumers, automakers and dealers. Just like hapless homeowners, countless car owners are now “underwater,” driving vehicles that are worth less than the balance on their car loans. And just like desperate homeowners, the sellers of S.U.V.’s are having to painfully cut asking prices.
Dealers normally spend this time of year raking in some of their biggest profits and breathlessly promoting Detroit’s newest models. Instead, they almost cannot give S.U.V.’s away.
Automakers are offering discounts of $10,000 or more on some S.U.V.’s just to get rid of them, so dealers have space to stock more of the fuel-efficient cars consumers are clamoring for. On average, new sport utility vehicles sold for 20% below sticker price in July.
