Car-Buyers Holding Out for Memorial Day Bargains, Reports Edmunds.com
SANTA MONICA, Calif. — May 17, 2010 — Edmunds.com, the premier online resource for automotive information, expects that Memorial Day weekend car sales will be especially strong this year.
New car sales have been relatively weak so far this month, suggesting that in May SAAR may drop slightly from April's 11.2 million. However, Memorial Day weekend is traditionally a great opportunity for discounts, and buyers have become conditioned to expect them.
"Over the past week we've seen a notable uptick in the online activity linked to purchase intent," explained Edmunds.com CEO Jeremy Anwyl. "Given the bargain-hunting behavior we've witnessed throughout the recession, I'm guessing that demand is building for anticipated Memorial Day sales events."
So far in May, the average incentive is down about $200 per vehicle sold compared with April, but it is not unusual for automakers to launch holiday weekend deals at the eleventh hour. The Internet's most comprehensive database of regional and national car incentives can be found at http://www.edmunds.com/incentives/RebateController?step=0.
"Ironically, car shoppers motivated by the expectation of discounts don't always pay less for their cars," noted Edmunds.com Senior Analyst Ray Zhou, PhD. "During the Chrysler and GM bankruptcies, the Toyota recall crisis and other significant periods when one would expect discounts to be rampant, we actually saw transaction prices for new cars rise. On those occasions, it is likely that many people didn't do as much research or negotiation as they could have."
About Edmunds Inc. (http://www.edmunds.com/about/)
Edmunds Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been selected by consumers as the "Most Useful Web Site" according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated "#1" in Keynote's study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site. AutoObserver.com launched in 2007 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.