The average price of a new car was $48,397 in September, according to Kelley Blue Book. Dealer discounts and other incentives fell this past summer, keeping prices relatively stable.
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As of Q2 2024, some of the best-selling vehicles were full-sized trucks like the Ford F-150, which had an average sales price of $67,443. The prices of electric vehicles (EVs) also have risen recently, though they’re still 0.9% lower than they were in September 2023.
If you’re in the market for a new vehicle, or you’re thinking of selling one you already own, it helps to know what’s ranking high and what’s not. Here are eight car models that could have significant price drops in November, according to automotive experts.
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2023 Toyota Camry
Typical starting MSRP: $27,415
“I can say that the Toyota Camry has been a reliable and popular sedan, but with the 2024 model already out, the 2023 version is likely to see discounts, especially if dealerships are trying to clear inventory,” said Joe Giranda, director of sales and marketing for CFR Classic. “It’s a solid car; but, when newer models come in, prices naturally drop.”
For added context, the 2025 model has a starting MSRP of $28,400. Given that the price difference is marginal, the older models might need to be marked down to sell.
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2023 Ford Escape
Typical starting MSRP: $29,495
With many consumers switching to more compact vehicles, the Ford Escape might lose value.
“The Ford Escape has been facing strong competition in the compact SUV market,” Giranda said. “I believe that dealers will likely offer good discounts on the 2023 model to make room for newer stock, particularly with the growing preference for electric and hybrid SUVs.”
The 2025 model has a starting MSRP of $27,995 to $38,400.
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2023 Honda Accord
Typical starting MSRP: $28,390
“Much like the Camry, I think the 2023 Honda Accord will see price cuts,” Giranda said. “Honda is set to release its 2024 lineup, so dealers will be pushing to clear the older models to make space for the new ones.”
If this happens, the older vehicles likely will see markdowns. As dealerships take on even newer models, older ones could drop even more.
2024 Cadillac Escalade
Typical starting MSRP: $83,890
The Cadillac Escalade has a history of depreciating by roughly 40% in the first five years. It also often has issues when it comes to things like the dashboard and brake fluid leaks.
“Buyers are becoming more aware of vehicle depreciation and reliability and they’re not as willing to pay a high price for a name or status,” said Melanie Musson, an auto industry expert with CarInsurance.org. “So, Escalades will likely have to lower their price to keep buyers buying.”
Plus, the Cadillac Escalade 2025 has a starting MSRP of $89,590. If the 2024 model stays in high demand, its price could remain stable. Otherwise, it could drop.
2024 Fiat 500e
Typical starting MSRP: $34,095
The Fiat 500e is reasonably priced right now, but Musson is concerned it will drop in price due to its low range of about 80 to 120 miles.
“Some people wouldn’t even be able to complete a round-trip commute with that range,” she said. “They’re not popular, so sales are stagnant. A price drop could get them moving again.”
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2023 Chevrolet Bolt EV
Typical starting MSRP: $27,495
Giranda noted that the Chevrolet Bolt EV is a solid contender as far as EVs go. But with newer models coming out each year and consumers expecting the latest tech, its pricing could see a downward trend.
“I believe that 2023 models will drop in price as consumers shift towards more up-to-date options,” he said.
2024 Ford Lightning
Typical starting MSRP: $62,995
EVs might be popular — though perhaps not with every consumer — but the Ford Lightning could lose value as the end of the year approaches.
“The public is not as enamored with EVs as predicted, especially when it comes to those looking for a truck,” Musson said. “Most people buy trucks because they need the capabilities a truck can give them for towing and hauling. An EV truck will have drastically lower range when towing. Buyers don’t like that.”
2023 Nissan Rogue
Typical starting MSRP: $29,230
Giranda also predicted that the 2023 Nissan Rogue will have a notable price drop as dealerships start bringing in newer models. Not only that, but as the industry gears more toward hybrid and electric vehicles, traditional gas-powered SUVs like the Rogue might lose their appeal.
Like other cars on this list, the difference in price points between the older model (2023) and the newest one (2025) is almost negligible. The 2025 Nissan Rogue is expected to be priced at about $30,620. Given this, dealerships could reduce prices for the older vehicles on their lot to make room for the new.
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This article originally appeared on GOBankingRates.com: 8 Car Models That Could Have Massive Price Drops in November 2024
