If you’re in the market for a brand new car, now may be the time to buy!
A report from TrueCar.com found that August usually has the lowest average transaction price of the year, because dealers are trying to clear out inventory before the next model year arrives.
Read more: 10 cars you'll most regret buying
Consumer Reports: 10 best end-of-summer new car deals
Consumer Reports did some of the homework, analyzing available incentives for the following 2016 car models that meet its stringent testing standards.
These cars are between 10% to 20% below MSRP, with savings of up to $5,000:
2016 Hyundai Veloster Automatic
- MSRP: $19,935
- Invoice: $19,541
- Market average: $16,410
2016 Ford F-150 4WD Regular Cab 6-1/2 Ft Box XLT
- MSRP: $36,525
- Invoice: $34,889
- Market average: $30,161
2016 Ford Fusion Hybrid SE
- MSRP: $26,865
- Invoice: $25,551
- Market average: $22,465
2016 Lincoln MKZ
- MSRP: $36,115
- Invoice: $34,418
- Market average: $31,462
2016 Hyundai Sonata 2.4L SE
- MSRP: $22,585
- Invoice: $21,994
- Market average: $19,953
2016 Kia Forte Automatic LX
- MSRP: $18,550
- Invoice: $18,011
- Market average: $16,429
2016 Buick LaCrosse Leather
- MSRP: $36,825
- Invoice: $36,107
- Market average: $32,794
2016 Mercedes-Benz E350
- MSRP: $54,025
- Invoice: $51,048
- Market average: $48,705
2016 Chevrolet Malibu Limited 1LT
- MSRP: $24,710
- Invoice: $24,114
- Market average: $22,337â€‹
2016 Mazda6 Touring Automatic
- MSRP: $25,830
- Invoice: $24,771
- Market average: $23,369
To read more about how these cars performed in Consumer Reports' testing, go to their website.
Read more: Clark's tips for getting a deal on a new car
Avoid the #1 mistake that car buyers make
Once you narrow down your list of vehicles, you’ll want to get instant price quotes online using sites like CarsDirect.com, TrueCar.com and Overstock.com.
But there’s a very common mistake that car buyers make that we want you to avoid.
Do yourself a favor and go to your credit union, online bank or even a traditional bank to pre-qualify for a car loan before you get to the dealership.
Credit unions offer interest rates on car loans that can be 2.5% lower than other lenders.
If the car dealership is able to beat the rate you’ve prequalified for, by all means give them a chance to make some money when they originate the loan.
But don't let them make money by gouging you on the markup of a loan!
If you're buying a new car, check out Clark's new car buying guide. If you're buying used, then you'll want to read his used car buying guide.
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