With the price of new cars breaking records this year, finding a good deal has become something akin to searching for a grain of salt in a pile of sand. This is true even for would-be value brands that exist for the sole purpose of saving consumers money.
A new analysis from Consumer Reports found that even entry-level vehicles made by value-oriented automakers like Kia and Hyundai are selling well above MSRP.
In a Sept. 15 article with the not-so-subtle title of “Worst Deals on New Cars Right Now,” Consumer Reports noted that these five Kia models currently sell for at least 20% above the MSRP in some locations:
- Kia Sorento: 23% over MSRP, with a price range of $29,590-$48,090.
- Kia EV6: 21% over MSRP, with a price range of $41,400-$56,400.
- Kia K5: 21% over MSRP, with a price range of $23,790-$31,190.
- Kia Telluride: 21% over MSRP, with a price range of $33,390-$45,190.
- Kia Rio: 20% over MSRP, with a price range of $16,450-$17,390.
Three more KIA models have been selling for 19% over MSRP, according to Consumer Reports: the Sportage, Seltos and Forte. In addition, two Hyundai models are selling for at least 18% over MSRP: the Accent and Kona.
It should be noted that in almost all cases, the lower end of the above price ranges are still well below the average new-car price of $48,301 in August 2022, according to Kelley Blue Book. In some cases, the upper end of the range is also well below the average.
That might be the only good news right now, however. In addition to high sticker prices, car buyers also face higher interest rates on car loans as the Federal Reserve continues to hike interest rates in an effort to slow inflation.
As GOBankingRates previously reported, the estimated typical monthly payment for a new car recently hit a new all-time high of $733, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index.
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