Buyer beware: 4 out of 5 car shoppers overpaid in January
Shoppers are paying an average of $4,048 over list for one luxury brand
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Car dealers aren't offering many deals these days, according to a new report from Edmunds.
The Cadillac Escalade is the best-selling full-size luxury SUV and top models are listed at over $100,000. (Cadillac)
A study from the online marketplace found that 82.2% of new car buyers paid over the manufacturer's suggested retail price (MSRP) in January, up from .3% in January 2020, before the coronavirus pandemic started affecting the industry
The average price paid above sticker was $728, while savvy shoppers were getting a discount of $2,648 just two years ago. Cadillac's customers led the way by paying a $4,048 premium, followed by Land Rover's ($2,565) and Kia 's ($2,289).
The Kia Telluride is one of the hottest vehicles on sale today. (iStock)
The Kia Telluride SUV was also the quickest-selling vehicle in January, according to iseecars.com, needing an average of just 12.8 days to move off the lot.
Alfa Romeo sold 10,539 Stelvios last year, which made the SUV its most popular model. (AP)
"This is in part driven by affluent consumers being willing to shell out more cash to get the vehicles that they want, but there's also a vast population of individuals who are being forced to do so simply because they need transportation and have no other choice," Jessica Caldwell, Edmunds executive director of insights, said.
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Of the 33 brands looked at by Edmunds, only six were selling cars under MSRP: Mini, BMW, Ram, Lincoln, Volvo and Alfa Romeo, with the last of those letting its luxury sports sedans and SUVs go at a $3,421 discount.
Edmunds suggests holding off on a new car purchase if you can, but said price relief isn't expected to arrive very soon.