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In the early hours of March 26, 2024, the Francis Scott Key Bridge in Baltimore met a catastrophic fate as the Dali, a vessel with a capacity of 10,000 containers, collided with one of its pillars. This incident led to the immediate closure of the Port of Baltimore, a critical node in global logistics and trade. According to Maryland Governor Wes Moore, over 52 million tons of foreign cargo valued at around $80 billion were managed through this port last year, marking it as the 11th largest port in the United States.
Much of the Port’s trade involves the automotive industry, both domestic and international. This has car buyers wary of the tragic event’s possible impacts on car prices, just as new car prices are finally dropping.
Will the Baltimore bridge collapse impact car prices? If so, will the impact be immediate and broad, or more nuanced in nature? Let’s take a look at the knowns and unknowns as the situation stands today.
The Impacts on the Automotive Industry
The Port of Baltimore is not just any port; it stands as the premier gateway for the import and export of automobiles and light trucks in the United States. In 2023, the port processed 847,158 cars and light trucks. Major automakers like Nissan, Toyota, General Motors, and Volkswagen as well as luxury brands such as Audi. Jaguar Land Rover, and Lamborghini heavily rely on this port for their operations.
Auto imports from Germany, Mexico, Japan and the United Kingdom heavily use the Port of Baltimore, but will have to find immediate alternatives.
The collapse of the Baltimore Bridge casts a shadow of uncertainty over the automotive industry. The immediate impact will be felt in exports, particularly for American manufacturers like General Motors. However, imports will surely be impacted as well. With $23 billion of the port’s imports in 2023 being autos and light trucks, the disruption is bound to send ripples through the market.
The effects won’t be confined to Baltimore alone. The East Coast boasts eight major ports, with Baltimore ranking fourth in size. Ports like New York, Norfolk, and Savannah are already gearing up to absorb the diverted cargo. The shift could temporarily relieve some pressure, but the long-term ramifications remain uncertain, especially for European automakers who depend heavily on Baltimore’s roll-on/roll-off vehicle facilities.
Will the Baltimore Bridge Collapse Raise Car Prices?
Just as new car prices are finally beginning to fall, this disaster has the ability to reverse course for at least some of the auto market. To grasp where the new car market stands today, take a look at price trends over the past four months:
Despite the logistical nightmares, the current oversupply of new cars in the market might cushion the immediate economic impacts. New car prices have been falling for months. With a 90-day supply of new cars in the U.S., exceeding the usual 60 days, the overall automotive industry has a buffer against short-term disruptions. Some new cars now take over one year to sell on average.
That’s not to say that relatively minor impacts are already being felt. Car Dealership Guy on X shared the first direct impacts known, with Jaguar Land Rover’s shipment of 800 vehicles being forced to detour.
The Clock Starts Now
Ultimately, impacts will be determined by how long it takes to rebuild. The original bridge took 5 years to construct. The US Coast Guard has said it may take ‘years’ to rebuild. If the Port of Baltimore is reopened sooner, impacts on the industry could be minimized. But if we’re talking 5 years without a fully operational port, new car prices could see a more pronounced impact.
We’ll update this page with the latest news on rebuilding and reopening as it becomes available.
Will Gas Prices Rise?
The bridge collapse could also tighten the screws on the region’s gasoline supply, particularly ethanol. With the Baltimore area relying on a blend of gasoline and ethanol delivered by train and barge, alternate routes must be found swiftly before East Coast gas prices tick upwards. Some industry analysts already predicted oil prices to approach $100/barrel before the bridge disaster.
Following the Baltimore bridge collapse on March 26, repercussions on the automotive industry are still unfolding. As logistical networks strain under the sudden disruption, the resilience of the global trade and supply chain faces a significant test. For now, it appears that the following car brands are most likely to be affected in the near-term, according to Car Dealership Guy:
Nissan
Toyota
General Motors
Volvo Car
Jaguar Land Rover
Volkswagen including Audi, Lamborghini and Bentley
While supply chain constraints may be more immediate for these brands, the effects will be primarily on exports for OEMs like General Motors. Stay tuned to this page for the latest car market updates as more information becomes available.
In 2024’s car market, we’ll take good news where we can get it. Since 2018, new car prices have soared 32% on average. However, we’re seeing a different trend this spring: falling new car prices. Market-wide, the average transaction price for a new car sold in the U.S. has fallen by 5% since the start of the year. Yet, a closer look depicts a more nuanced picture, with certain brands experiencing significant price drops. Let’s delve into these changes and what they signify for consumers and the industry alike.
New Car Prices Are Falling, For Some More Than Others
Without further ado, take a look at the fresh data below. Then, we’ll dive into the details! I think it’s safe to say that new car prices are falling, regardless of whether or not MSRPs are. (Actually, MSRPs are falling too!)
Our latest analysis, leveraging CarEdge Data, offers a fresh perspective on the pricing strategies of major car manufacturers. Or perhaps this isn’t the result of strategies, but rather the result of months of oversupply combined with high interest rates.
Remarkably, brands like Dodge, Chevrolet, Cadillac, and Ford have seen substantial price reductions. Just how big are we talking? Average selling prices for these brands are down nearly 10% in just three months.
Here’s a look at the data from top-selling makes in America:
Make
12-2023 Avg Price
3-2024 Avg Price
% Price Drop
Dodge
$55,264
$48,306
-12.59%
Chevrolet
$48,748
$44,240
-9.25%
Cadillac
$73,239
$67,636
-7.65%
Ford
$55,614
$51,526
-7.35%
GMC
$66,706
$62,154
-6.82%
Jeep
$54,434
$50,887
-6.52%
Ram
$66,987
$63,159
-5.71%
Hyundai
$37,308
$35,310
-5.36%
Nissan
$34,502
$32,682
-5.28%
Mitsubishi
$31,637
$30,010
-5.14%
Jaguar
$73,727
$70,020
-5.03%
Chrysler
$50,621
$48,134
-4.91%
Mercedes-Benz
$78,165
$74,741
-4.38%
Buick
$37,661
$36,066
-4.24%
Audi
$65,355
$62,826
-3.87%
Lincoln
$65,236
$62,768
-3.78%
Honda
$36,597
$35,242
-3.70%
Kia
$35,456
$34,184
-3.59%
BMW
$71,943
$69,467
-3.44%
Infiniti
$59,839
$57,781
-3.44%
Mazda
$35,596
$34,620
-2.74%
Acura
$51,194
$50,124
-2.09%
Genesis
$63,604
$62,380
-1.92%
Subaru
$35,327
$35,573
0.70%
Toyota
$38,298
$39,370
2.80%
Dodge leads with a price drop of over 12%, followed closely by others such as Chevrolet and Ford, which have dropped by more than 7% in a few months. Even Honda, Hyundai, Kia, and Mazda have seen falling prices too. Luxury car prices are down across the board.
The only car brands with rising car prices in 2024? For that, we look to two popular Japanese brands: Toyota and Subaru. With less inventory than most of the overall market (44 days of supply for Toyota, and 86 days of supply for Subaru), it’s not unexpected. At least both of these brands sell cars for well under today’s ridiculously high average price of roughly $47,000.
The Bigger Picture: The Bubble Has Burst!
Zooming out, overall new car price trends indicate a market that is correcting itself after years of steady increases. It’s about time. This change in direction is crucial for consumers seeking an affordable new car, especially as interest rates look to remain high for most if not all of 2024.
How do we know that the new car market’s bubble is bursting?
Consider the following:
In March 2024, there’s an 80-day supply of new cars on dealer lots. Normally, this figure is closer to 60 days. The oversupply continues to grow.
Incentive spending is growing: Discounts and incentives in January averaged 5.7% of the selling price, up from 5.5% in December and nearly 100% higher than a year ago.
As the data here shows, only two mainstream OEMS have rising selling prices in 2024. On average, transaction prices have fallen 5% this year.
In Conclusion: Prices Will Continue to Fall
Late March is the end of the quarter, and that means dealers and automakers alike are going all-out to sell cars. Come April, some of the best deals will vanish, but not for long. With new car inventory remaining high, there will still be deals in April, just not quite as many zero percent APR offers or great lease deals.
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Looking for a new car that won’t break the bank when it comes to insurance? You’re in the right place! We’ve gathered the 10 least expensive cars to insure in 2024. From family-friendly SUVs to off-road Jeeps, we’ll explore models that offer great value not only in purchase price but also in ongoing insurance costs. Let’s dive in and discover which vehicles can save you money and keep you covered on the road.
The Mazda CX-5’s average insurance rate beats the national average for popular SUV models by $819/year. However, a young adult with a low credit score could pay over $5,000 per year. On the other hand, an older driver with great credit could pay as little as $1,200/year.
Here’s the breakdown of Mazda CX-5 insurance rates by driver profile:
Popular for: The Mazda CX-5 stands out in the compact SUV market for its engaging driving experience and premium feel, often compared favorably to more expensive luxury vehicles. With advanced safety features, standard all-wheel drive, and a comfortable cabin, the CX-5 is a top choice.
The Honda CR-V’s average insurance rate is $816/year less than the national average for popular SUV models. A young adult with a low credit score might pay upwards of $7,000 per year, whereas an older driver with a strong credit history could see rates as low as $1,200/year.
Here’s the breakdown of Honda CR-V insurance rates by driver profile:
Popular for: Its reliability and affordability. The Honda CR-V is a favorite among families and individuals seeking a versatile and cost-effective vehicle. Its stellar reputation has put it in the top 5 best-selling cars in America for several years in a row.
The Hyundai Kona’s insurance costs are $809/year below the national average for popular SUV models. Young drivers with poor credit might face premiums over $7,700/year, while older drivers with good records could pay around $1,200/year.
Here’s the breakdown of Hyundai Kona insurance rates by driver profile:
Popular for: The Hyundai Kona is known for its stylish design and compact size, making it an ideal choice for city driving and easy parking. It is available in gas, plug-in hybrid, and electric options. The electric Kona is a great car for urban driving.
Subaru Outback’s insurance premium undercuts the national average by $807/year. For young drivers with poor credit, the cost could soar above $7,700/year, but older drivers with good credit may only pay about $1,200/year.
Here’s the breakdown of Subaru Outback insurance rates by driver profile:
Popular for: Its rugged capability and spacious interior. The Subaru Outback appeals to adventure seekers and families alike. It provides considerably more room for passengers and cargo compared to the popular Subaru Crosstrek.
The Subaru Crosstrek’s insurance rate is $804/year lower than the national average. Young drivers with poor credit could face rates up to $7,700/year, whereas older, creditworthy drivers might pay close to $1,200/year.
Here’s the breakdown of Subaru Crosstrek insurance rates by driver profile:
Popular for: Its compact size mixed with off-road ability. The Subaru Crosstrek is favored for both urban and outdoor adventures, and received a notable refresh for the 2024 model year. With a base MSRP well under $30,000, it’s an amazing value.
The Hyundai Tucson’s average insurance price is $798/year less than the national average. Premiums for young drivers with poor credit can reach $7,800/year, while older drivers with good credit might see rates as low as $1,300/year.
Here’s the breakdown of Hyundai Tucson insurance rates by driver profile:
Popular for: Its comfort, technology, and safety features, the Hyundai Tucson is well-regarded by families and tech-savvy drivers. However, the Tucson has been mostly overshadowed by it’s big brother, the fully redesigned Hyundai Santa Fe.
Mazda CX-30’s insurance cost is $795/year below the national average. Young drivers with poor credit may pay up to $7,800/year, but older drivers with excellent credit could get rates as low as $1,300/year.
Here’s the breakdown of Mazda CX-30 insurance rates by driver profile:
Popular for: With standard all-wheel drive, solid reliability ratings, and a surprisingly affordable price, the CX-30 has been gaining fans year after year. With today’s low APR offer, this is a deal worth considering.
The Jeep Wrangler’s insurance rate is $792/year less than the national average. Young drivers with low credit scores might pay around $7,800/year, while older drivers with high credit scores could pay about $1,300/year.
Here’s the breakdown of Jeep Wrangler insurance rates by driver profile:
Popular for: Off-road prowess and iconic design. The Jeep Wrangler is a top choice for adventure enthusiasts, but Jeep reliability ratings leave much to be desired.
The Best Jeep Wrangler Offer Today: Lease a 2024 Wrangler 4-Door Sport for $349/month for 36 months with $4,899 due. See local listings with market data.
The Kia Niro’s insurance is $791/year below the national average. Young drivers with poor credit might see premiums up to $7,800/year, while older drivers with good credit can expect rates around $1,300/year.
Here’s the breakdown of Kia Niro insurance rates by driver profile:
Popular for: Its eco-friendly options and practicality. The Kia Niro is favored by environmentally conscious consumers and urban commuters. Fully-electric and plug-in hybrid options are available at attractive prices
The Toyota RAV4’s average insurance cost is $787/year less than the national average. For young drivers with poor credit, premiums can reach $7,800/year, while older drivers with good credit might pay as low as $1,300/year.
Here’s the breakdown of Toyota RAV4 insurance rates by driver profile:
Popular for: Affordability and reliability. The Toyota RAV4 remains a top pick for families and individuals who want a crossover that won’t break the bank.
The Best Toyota RAV4 Offer Today: $1,000 below MSRP [CarEdge Exclusive]. Learn more.
Securing the right car insurance doesn’t have to break the bank. With these popular models, you can enjoy both the drive and the savings. Ready to skip the dealership altogether and take the easy route to your next ride? Learn more about buying with CarEdge. We’re here to take the hassle out of the second biggest purchase most consumers will ever make!
Want Some Free Car Buying Help?
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Fed up with the haggling game in car buying? CarEdge offers a stress-free solution with the best no-haggle car deals this month. We’re all about making car buying easy and transparent, giving you peace of mind and great prices without the dealership drama. Ready to change how you buy cars? Never step foot in a dealership again!
The Details: Take advantage of remaining 2023 inventory with this fleeting deal. Hyundai refreshed the Elantra for the 2024 model year, and with that comes a base MSRP that’s now $1,100 higher. The good news? Phenomenal deals have arrived for remaining 2023 models.
👉 Free home delivery is available in the Northeast and Mid-Atlantic states.
The Details: It’s very difficult to find a deal on new RAV4s. After all, it’s the best-selling crossover in America. The team at CarEdge was able to negotiate for you, resulting in a rare $1,000 below MSRP offer for 2024 Toyota RAV4s.
Price: Lease your 2024 Trax from $369/month, or finance from $399/month. Interested? Let us know.
The Details: Everyone seems to love the redesigned 2024 Chevy Trax. It looks good, drives great, and better yet, it’s shockingly affordable. The CarEdge Network has 36 new Trax’s for sale, all at the lowest prices you’ll find anywhere.
👉 Free home delivery is available in the Northeast, Mid-Atlantic, and Southeastern states.
Price: Starting at $30,210 for the 2024 S Select with 4WD
The Details: The cost of financing in today’s market is not to be overlooked. The difference between today’s average new car loan interest rate of 10% APR and a deal like this easily adds up to thousands of dollars. If your in the market for a modern, all-weather crossover like the 2024 CX-5, this low APR offer is worth your attention.
👉 Free home delivery is available in Southeastern states and the Mid-Atlantic. Interested? Let us know.
Price: Starting at $38,116 for the 2023 F-150 XL regular cab, or $50,622 for the SuperCrew cab
The Details: America’s best-selling truck has gotten a lot more expensive over the years, but the CarEdge Team is out to provide relief any way we can. With our CarEdge Network of pro-consumer dealers, we’re able to pre-negotiate pricing for you, simplifying your entire shopping and buying experience. For a limited time, secure a rare 1.9% APR for as long as 72 months for remaining NEW 2023 F-150s. This could save you SEVERAL thousand dollars in interest over the course of your loan payoff!
Save Time, Stress AND Money [Avoid the Dealership!]
This month’s no-haggle car deals are a rare find, offering significant savings on some of the most sought-after models. These exceptional deals, like the Hyundai Elantra at $3,500 below MSRP and the Ford F-150 with a low 1.9% APR, are hard to come by. These offers represent a unique opportunity to save money while avoiding the usual dealership stress. Act quickly to take advantage of these unparalleled offers, as deals like these don’t come around often.
CarEdge is here to save you time, stress, and a whole lot of money.
Despite new car prices remaining at historically high levels, a sales slowdown has led to MSRP reductions for multiple models in the first three months of the year. An oversupply of electric vehicles has intensified competition, prompting major automakers like Ford, Hyundai, Chevrolet, and Nissan to cut prices on their flagship models. But it’s not just EVs – even popular Jeep and Mazda models are now thousands of dollars cheaper. Here are seven models that have actually gotten cheaper in 2024.
Jeep Grand Cherokee
Price Drop: -$4,525
The Details: For the 2024 model year, Jeep has significantly reduced prices across most of the Grand Cherokee lineup. Price reductions range from $2,000 on lower trims to $4,595 on the high-end Summit Reserve trim, bringing its starting price below $70,000. These cuts are consistent across both two-row and three-row models, with the exception of the Laredo A and hybrid 4xe trims.
Jeep inventory has been building to record levels, adding a particular sense of urgency to Jeep’s sales push. Smart buyers can take advantage of this negotiability to save even more.
👉 Today’s Best Offer: $3,500 cash allowance, or $3,000 in lease support.
The Details: The 2024 Jeep Gladiator has been updated with a new grille and a 12.3-inch touchscreen, with its starting price reduced by $1,725 to $39,790 for the base Sport model. Opting for the Sport S trim raises the starting price to $43,290, while the more luxurious and capable Rubicon and Mojave trims are priced at $54,890.
There are plenty of Jeep Gladiators to choose from on dealer lots. CarEdge Data shows a current day supply of 79 days for the nearly 10,000 remaining 2023 Gladiators, and 163 days of supply with new 2024s taken into the picture.
👉 Today’s Best Offer: 15% below MSRP, or lease for $589/month for 36 months with $5,599 due.
The Details: Believe it or not, every single Mustang Mach-E on dealer lots in March was a 2023 model. Why introduce the new model year when over 20,000 of last year’s vehicles remain unsold? That’s the predicament Ford finds themselves in. It’s also why Ford is continuing a rare 0% APR incentive for the Mach-E.
The good news is that all 2023 Mustang Mach-Es have received a massive price cut. The Mustang Mach E now has a base MSRP of $39,895, down from $42,995. The higher-end Mach-E GT spec will cost about $7,600 less, at $52,395. Other versions including the extended-range premium version will drop in price by $8,100 to $48,895.
👉 Today’s Best Offer: 0% APR for 72 months + $3,000 cash offer. Lease for $403/month for 36 months with $5,473 due.
The Details: 2024 Chevrolet Blazer EV sales have resumed following a software-related stop-sale. In a push to garner interest, GM dropped prices for the Blazer EV across the board. The least expensive version now starts at $50,195 for the LT AWD trim, and that’s before the $7,500 EV tax incentive. More versions of the Blazer EV are on the way later in 2024, including the more affordable base model.
👉 Today’s Best Offer: Lease from $469/month for 36 months with $2,939 due.
The Details: Nissan has reduced the price of its 2024 Ariya, with the base front-wheel-drive model now starting at $40,980, a $3,600 decrease. Higher trims saw larger price cuts of up to $6,000. The top-end 389-hp e-4ORCE Platinum+ version is priced at $55,580. Despite not qualifying for the $7,500 federal tax credit due to its Japanese manufacturing, these reductions make the Ariya more competitive, especially against rivals like the Ford Mustang Mach-E and electric offerings from Hyundai and Kia.
👉 Today’s Best Offer: 0% financing for 72 months plus $1,000 loyalty cash.
The Details: Mazda’s newly-arrived flagship model, the three-row CX-90, is already receiving significant price cuts. Everyone seems to love the CX-90, but at near-luxury prices, perhaps Mazda’s fanbase was disinterested with today’s financing costs. The highest trim, the Turbo Premium Plus, has seen the most significant price reduction of $4,050, now priced at $50,275. The 340-hp Turbo S models have also seen price cuts of $4,000. The base Turbo Select model’s price has decreased by $1,750, bringing it under $40,000 to $39,220.
👉 Today’s Best Offer: Lease from $379/month for 36 months with $4,899 due. Buy with 2.9% APR financing + $1,500 conquest cash bonus.
The Details: The 2024 Hyundai Ioniq 6 is now up to $4,100 cheaper, starting at $38,615. This reduction applies to the base rear-drive, standard-battery model, with other versions seeing cuts between $2,450 and $3,050. These price adjustments are attributed to improved production efficiencies and scale. The standard battery version of the Ioniq 6 offers a 240-mile driving range, while models with the larger battery can achieve up to 361 miles.
👉 Today’s Best Offer: $7,500 total cash savings + 2.99% APR financing or lease from $249/month.
As we navigate through mid-2024, the persistence of high interest rates is setting the stage for potential further MSRP reductions, particularly from Nissan and Stellantis brands like Ram, Dodge, and Jeep. These brands have witnessed a noticeable build-up in inventory levels, indicating a shift in consumer preference and a growing need to adjust pricing strategies. In simple term, more price cuts are likely on the way.Â
Check back for the latest price updates as we move further into 2024.
States eligibile for below invoice pricing and 100% free delivery:
Alabama, Arkansas, Texas, Oklahoma, Florida, Georgia, Kentucky, Louisiana, Maryland, Delaware, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
What if I don’t live in these states? If you're outside these areas, don't worry! We're committed to making sure everyone can enjoy our deals. Although the delivery fee will not be waived, you can still purchase from CarEdge and either pay for shipping or coordinate pickup at a participating dealer.
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