Although the lingering summer heat still persists, the season has transitioned into autumn. From now until the end of the year, there are many exciting things to look forward to: holidays, vacations, fine dining, and shopping. The year-end is also considered the golden time for shopping, as discounts and sales gradually unfold. Many people may anticipate discounts on electronic products, but what they may not realize is that prices of certain car models, including those beloved by the Chinese community, could also drop.
Thinking of buying a new car from a Japanese brand? October of this year might be the best time to make your purchase.
According to financial website gobankingrates, several automotive experts have revealed that with the arrival of autumn, car prices, including those imported from Japan, could decrease.
Senior writer Shawn Miller of the automotive blog “Modified Rides” shared, “Factors such as interest rates, fuel costs, and the increasing drive towards sustainable development could potentially lead to price drops in the automotive market.”
CEO Emil Sultanov of Long Term Car stated, “As car manufacturers ramp up the supply of electric vehicles, they may put discounts on older models to pave the way for new technology.” He added, “Moreover, the post-pandemic stable production means oversupply, especially for fuel cars, which will drive prices down.”
Hence, if you are in the market for a Japanese car, in October, you may have the opportunity to purchase Mazda, Toyota, and Honda models at discounted prices.
Miller noted that while Camry has been a popular choice in the sedan category, the shift towards SUVs and the increasing market share of electric vehicles may reduce the demand for traditional sedans like Camry.
Dean Bosworth, founder of DB Car Keys, also mentioned, “Japanese cars are known for their reliability, but this fall, prices of models like Toyota Camry are expected to decrease.”
Accord has always competed with Camry, with both models being favored by Americans, especially the Chinese community.
“Similar to the situation faced by Camry, the shift in consumer preferences towards SUVs may lead to price drops for midsize sedans like Accord,” Miller said.
Sultanov concurred, stating, “Increased supply, stable production post-pandemic, and intense competition among electric car manufacturers could be driving factors behind the price drops.”
Joyce Gutierrez, an automotive expert from 4WheelOnline, stated, “The 2024 Toyota Corolla Hybrid is renowned for its reliability and fuel efficiency, and prices are expected to decrease.”
She attributed the anticipated price drop to several key factors influencing the automotive market. “Advancements in technology and intensified competition among manufacturers make hybrid technology more accessible and affordable,” Gutierrez analyzed. She added that as more manufacturers introduce hybrid models, the market becomes saturated, resulting in price reductions.
Government incentives and subsidies for electric vehicles may also prompt manufacturers like Toyota to adjust pricing strategies to remain competitive, Gutierrez noted.
Miller highlighted, “Intensifying competition in the compact SUV market and the rise of electric vehicles may lead to price adjustments for these popular models.”
Dean Bosworth, founder of DB Car Keys, added that as more consumers shift towards electric and hybrid vehicles, a decline in demand for traditional fuel sedans and SUVs, especially those of Japanese brands, may be observed.
Gutierrez mentioned a significant price drop of up to $6,000 for the 2024 Nissan Ariya EV.
“This move is largely influenced by the increasing competition in the electric SUV field,” she said. “As more manufacturers enter the market with advanced technology and appealing pricing strategies, Nissan is compelled to adjust pricing to maintain a competitive edge.”
Gutierrez stated that the automotive market is undergoing significant shifts, with the 2024 Mazda CX-90 being no exception.
“A major contributing factor is the heightened competition in the SUV segment,” she explained, “As more manufacturers release new models with competitive pricing and advanced features, Mazda needs to adjust pricing strategies to remain attractive to consumers. This competitive landscape forces manufacturers like Mazda to offer more value-driven products, hence the price reductions.”
Automotive expert and author of the “All About Wheels” blog, Blake Shaw, described Mazda CX-90 as a popular yet underrated three-row SUV. She highlighted the recent price cuts the model has experienced, particularly for the premium trim levels.
“To offset the impact of rising financing costs, Mazda has reduced the price of the Turbo Premium Plus model by $4,050,” Shaw stated.