Looking to buy a new car, but not sure which deals are good, and which are bad? Here’s an updated list from Consumer Reports analysts about the worst deals on new cars right now based on just how high above MSRP many car shoppers are willing to go.
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Car Models Selling Well Above their MSRP
Are you willing to pay nearly $10,000 above the MSRP for a new car? Hopefully not. However, recent research shows that some popular makes and models are being sold well above their recommended MSRP.
In fact, according to a recent Consumer Reports newsletter, “…the average price for new cars has increased slightly to $48,281 in October 2022, according to Kelley Blue Book. It is up $1,775 over the average price in October 2021.”
So, which models are selling so high? True to form over the past year, Kia and Hyundai are listing their more popular models anywhere from 15% to 21% above MSRP. To help car shoppers identify those models and what to expect, Consumer Reports latest update focuses on 10 examples of models with specific trims that reveal just what you can expect if you are determined to own one of their listed “Worst Deals on New Cars” models.
That said, here is a summary of the list presented in ranked order from highest to lowest above MSRP. For a more detailed breakdown of the data, please visit the CR website. Note that while access to some information requires a CR membership, the potential savings make it negligible in comparison when looking for the latest information to aid your car buying research.
WORST NEW CAR DEALS RIGHT NOW
1. 2023 Kia Sportage (21% Over MSRP)
Price Range: $25,990 - $42,990
CR MPG: Overall 25 / City 17 / Hwy 34 mpg
Rated #10 of 27 Compact sport-utility vehicles
Trim Example: 2023 Kia Sportage Plug-In Hybrid X-Line AWD
MSRP: $38,490
Average spent over MSRP: $8,078
Average transaction price: $46,568
2. 2023 Kia Seltos (20% Over MSRP)
Price Range: $22,840 - $28,340
CR MPG: Overall 28 / City 20 / Hwy 35 mpg
Rated #7 of 15 Subcompact sport-utility vehicles
Trim Example: 2023 Kia Seltos Nightfall 1.6T AWD
MSRP: $27.040
Average spent over MSRP: $5,450
Average transaction price: $32,490
3. 2023 Kia Rio (18% Over MSRP)
Price Range: $16,550 - $17,490
CR MPG: Overall 33 / City 22 / Hwy 48 mpg
Rated #13 of 14 Small sedans
Trim Example: 2023 Kia Rio LX Sedan IVT
MSRP: $16,550
Average spent over MSRP: $3,058
Average transaction price: $19,608
4. 2023 Hyundai Venue (18% Over MSRP)
Price Range: $19,500 - $22,750
CR MPG: Overall 32 / City 23 / Hwy 41 mpg
Rated #8 of 10 Small hatchbacks
Trim Example: 2023 Hyundai Venue SE IVT
MSRP: $19,500
Average spent over MSRP: $3,589
Average transaction price: $23,089
5. 2023 Kia Telluride (18% Over MSRP)
Price Range: $35,690 - $52,785
CR MPG: Overall 21 / City 14 / Hwy 30 mpg
Rated #1 of 17 Midsized sport-utility vehicles 3-row
Trim Example: 2023 Kia Telluride SX-Prestige AWD
MSRP: $50,390
Average spent over MSRP: $9,273
Average transaction price: $59,663
6. 2023 Kia Carnival (18% Over MSRP)
Price Range: $32,900 - $46,000
CR MPG: Overall 21 / City 13 / Hwy 32 mpg
Rated #1 of 6 Midsized minivans
Trim Example: 2023 Kia Carnival SX Prestige
MSRP: $46,000
Average spent over MSRP: $8,375
Average transaction price: $54,375
7. 2023 Hyundai Ioniq 5 (18% Over MSRP)
Price Range: $41,450 - $56,500
CR MPGE: Overall 98 / City 110 / Hwy 87 mpge
Rated #9 of 35 Luxury compact sport-utility vehicles
Trim Example: 2023 Hyundai Ioniq 5 SE
MSRP: $45,500
Average spent over MSRP: $8,231
Average transaction price: $53,731
8. 2023 Kia K5 (17% Over MSRP)
Price Range: $25,090 - $31,190
CR MPG: Overall 32 / City 20 / Hwy 52 mpg
Rated #6 of 14 Midsized cars
Trim Example: 2023 Kia K5 GT-Line AWD
MSRP: $28,190
Average spent over MSRP: $4,677
Average transaction price: $32,867
9. 2023 Hyundai Elantra (16% Over MSRP)
Price Range: $20,500 - $34,150
CR MPG: Overall 33 / City 21 / Hwy 49 mpg
Rated #9 of 14 Small sedans
Trim Example: 2023 Hyundai Elantra Hybrid Blue
MSRP: $24,400
Average spent over MSRP: $3,810
Average transaction price: $28,210
10. 2023 Kia Soul (15% Over MSRP)
Price Range: $19,790 - $24,090
CR MPG: Overall 28 / City 21 / Hwy 35 mpg
Rated #4 of 10 Small hatchbacks
Trim Example: 2023 Kia Soul EX IVT
MSRP: $24,090
Average spent over MSRP: $3,727
Average transaction price: $27,817
And finally…
For additional Consumer Reports related articles about cars and shopping, here are three selected pieces that are informative for consumers:
• Best Car Tires of 2022 Update from Consumer Reports
• Consumer Reports on How to Buy a Used Car Includes these Recommended Models
• Consumer Reports Best Used Cars and SUVs for Every Budget
COMING UP NEXT: Consumer Reports Car-Based Pickup Truck Buy This, Not That Recommendations
Timothy Boyer is a Torque News automotive reporter based in Cincinnati. Experienced with early car restorations, he regularly restores older vehicles with engine modifications for improved performance. Follow Tim on Twitter at @TimBoyerWrites for daily new and used vehicle news.
Image Source: Pixabay
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