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August 12, 2014 4:33 am
Consumers looking to save on a new car or truck should do their shopping in August, according to the analysts at TrueCar. New car and truck prices during the past five years in August have averaged $29,296 – $169 lower than any other month.
“This is a great example of the power of data, which shows dealers are clearing out older inventory in August,” says TrueCar founder and CEO Scott Painter.
Conventional wisdom used to be that December was prime time for new car and truck buyers. However, TrueCar data reveals that prices in December average $31,146 – the most expensive month for new cars and $1,850 higher than August.
“Consumer buying trends have been turned upside down during the past decade due to the emergence of big data,” says Painter. “New car buyers are better educated because transparent pricing information is readily available online. And price–confident consumers create a better buying experience for themselves and car dealers.”
The next lowest average is July. The average August savings are $716 less than the median price for the rest of the year.
Published with permission from RISMedia.
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