The Subaru Outback Is In Uncharted Waters Now

Are you looking to purchase a 2024 Subaru Outback? If so, you'll want to read this and find out what's new with Subaru's popular midsize SUV. Recently, Consumer Reports (by subscription) updated its data on the most discounted new cars you can buy now. It’s a surprise to me that the Outback is now on the list.

It's hard to believe that the Outback is selling below sticker price or the manufacturer's suggested retail price (MSRP), as it's called. Previously, the Outback would sell for MSRP or slightly above for some trim levels and significantly more than MSRP for the Outback Wilderness. 

Things Are Changing

MSRP is the price at which Subaru advertises its vehicles, and it is visible on the window sticker of every new car. Subaru of America suggests that its dealers charge this price for their vehicles. The actual selling price may be higher or lower than the MSRP, depending on supply and demand for the specific vehicle. And that's what is changing now. 

Subaru's new model inventory has been increasing this spring because of two main reasons.

1. Subaru of Indiana Automotive, where the Outback is manufactured, has produced more new models than last year. You'll see more Outback models on Subaru retailers' lots now. Supply is up.
2. Because banks are charging higher interest rates for new cars, fewer buyers can afford them. Demand is down, so Subaru of America offers the Outback at attractive interest rates and terms. 

How Much Can You Save On The Outback?

Consumer Reports says the Outback is among the ten most discounted new cars selling under the MSRP. CR says the average savings off the MSRP is $2,056. The best deal is on the 2024 Subaru Outback Touring XT AWD. 

Consumer Reports says, "For the (Outback) analysis, we looked back at recent transaction data from TrueCar, a CR partner, to see where people are finding significant savings off the sticker price on 2024 models."

2024 Subaru Outback

• Price Range:  $28,895 - $42,795
• CR MPG:  Overall 24 / City 16 / Hwy 32 mpg
• #2 of 17  Midsized SUVs

2024 Subaru Outback Touring XT AWD

MSRP: $42,795

• Average savings off MSRP: $2,056
• Average transaction price: $40,739
• The Outback Is In Uncharted Waters Now

By that, I mean it's not typical to see the popular Outback, Subaru's third-best-selling car, discounted so heavily. On Subaru's website, the 2024 Outback Limited-time offer is displayed prominently at the top of the first page. That's how much things have changed. 

Subaru says, "Now through May 31, 2024, get 2.9% APR Financing for 72 months on a new 2024 Outback. This is a manufacturer's (Subaru of America) offer. No down payment is required."

CNN says the average new care interest rate now is 5.64% if you have a FICO credit score between 781 and 850. It's 7.01% with a score of 661 to 780. It's 9.6% with a score of 601 to 660. And it's 12.28% for a score between 501 and 600. 

How can Subaru offer such a low interest rate? 

Subaru of America is buying down the rate through a deal with JPMorgan Chase Bank. Chase is Subaru's auto financing and leasing lender through the Subaru Motors Finance (SMF) program. 

With that said, you do need to have a good credit score to qualify for the special Outback and other model offers. Subaru says, "Financing for well-qualified applicants only. The length of the contract is limited. Subject to credit approval and vehicle insurance approval." 

More Subaru Special Offers

And it's not just the Outback. The Solterra is the model that tops the CR list. Customers can now get 0% percent financing for 72 months on a new 2023 or 2024 Solterra EV. Subaru even says no down payment is required. 

Subaru Wants To Move The 2024 Forester Before The Next-Gen Model Arrives

Subaru of America offers 72-month financing on the hot 2024 Forester compact SUV at a low 2.9% APR. No down payment is required. If you put down $2,760, the payment is $319/month for 36 months. 

For reference, I've included Consumer Report's list of the most discounted new cars in order of the most discounted model. Notice that two Subaru models make the list for the first time. 

1. Subaru Solterra: 7% Off
2. Alfa Romeo Giulia: 6% Off
3. Volvo XC40: 6% Off
4. Buick Enclave: 6% Off
5. Alfa Romeo Stelvio: 6% Off
6. Mercedes-Benz C-Class: 6% Off
7. Volvo S60: 5% Off
8. Subaru Outback: 5% Off
9. Alfa Romeo Tonale: 5% Off
10. Toyota Crown: 5% Off

How Low Can Prices Go?

CR says, "Of course, you may be able to negotiate an even lower price, but bear in mind that there's a limit to how low prices can go, especially as demand sometimes outstrips supply these days."

As I wrote in a previous story, Subaru is experiencing a perfect storm that is benefiting buyers of the Outback and other new Subaru models. 

Now It's Your Turn

Are you ready to pull the trigger and buy a new Subaru Outback? We want to hear from you. Click the red Add New Comment link below.

I am Denis Flierl, a top Torque News reporter since 2012. I’ve invested over 13 years in the automotive industry in a consulting role, working with every major car brand. I am an experienced Rocky Mountain Automotive Press member. You'll find my expert Subaru analysis here. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.

Photo credit: Adventure Subaru