If you’re in the market for a new car this year, it might pay off to wait just a little longer. With fall upon us, we could be heading into prime time for scoring some major savings on vehicles, thanks to substantial price drops. While dealerships often roll out enticing deals during holiday weekends like Labor Day or Veterans Day, the real savings could arrive throughout October and November. This is when car prices tend to fall even further, translating into even better deals for buyers.
As Nigel Tunnacliffe, co-founder and CEO of Coastline Academy, explains, “Fall and winter are often a great time to buy, as dealers and automakers begin slashing prices on current stock to make room for next year’s models.” He adds, “Older models often deliver similar, if not identical, benefits to their newer counterparts. Doing a little research beforehand can help you capitalize on some exceptional deals.”
Tunnacliffe also emphasizes keeping an eye on broader market trends. “This year, rising oil prices are driving up demand for EVs and hybrids, creating potential for big savings if you know where to look,” he says.
Here are four models expected to see significant price cuts this season:
2023-2024 Toyota Corolla Hybrid
The Toyota Corolla Hybrid consistently ranks as one of the top-performing hybrids, blending fuel efficiency with reliability. According to Tunnacliffe, with the 2025 model set to debut in the fall, we can expect significant price drops for the 2023 and 2024 editions.
“While some may want to wait for the latest model, the 2023 and 2024 Corollas hold up remarkably well,” he says. “The model has been consistently reliable for years, so you won’t be sacrificing much by going for an older version.”
Plus, Tunnacliffe points out that the Corolla Hybrid offers more than just savings. “At Coastline Academy, we’ve used hundreds of Corollas, both new and used, for driver training. Even older models maintain excellent safety and performance standards,” he adds. “Buying a slightly older Corolla could give you great value for years to come.”
2023 Hyundai Ioniq
The upcoming 2025 Hyundai Ioniq has been attracting plenty of attention, but don’t overlook previous models, Tunnacliffe advises.
“The earlier Ioniq models still pack a punch with top-tier tech and cabin design that set this electric SUV apart,” he says. With the 2025 version on the way, Hyundai is offering rebates and incentives on the 2023 models, which makes this season a great time to buy.
“For those who found the Ioniq’s price tag too steep in the past, the current deals offer a more affordable way to get behind the wheel of this standout EV,” Tunnacliffe explains.
2024 Mazda CX-90
With oil prices projected to rise in the coming months, Tunnacliffe predicts that larger, more fuel-hungry vehicles could see price cuts as manufacturers and dealerships offer incentives to keep sales moving.
“Consumers who play their cards right can take advantage of these price drops while avoiding high fuel costs by opting for more efficient models in these categories,” Tunnacliffe says.
“The Mazda CX-90 is a versatile SUV that outshines much of the competition in fuel economy, making it one of the top picks for buyers looking for a quality SUV this fall and winter,” he notes.
2023 Tesla Model 3
“Over the past couple of years, the supply of EVs has outpaced demand, leading to price cuts across the board,” Tunnacliffe explains. Tesla, in particular, has seen its prices trending downward, especially in the used market.
“Even older Tesla Model 3s continue to perform exceptionally well by today’s standards,” Tunnacliffe says. “Given the rising oil prices, a Tesla—especially a used one—can provide incredible value without the premium price tag.”
With the 2023 Model 3, you’re not just getting a great deal on an electric vehicle—you’re investing in a well-built car that will continue to save you money at the pump, or rather, by avoiding the pump altogether.
