4 Car Models That Will Have Massive Price Drops in October 2024

If you are thinking about potentially buying a new car this year, you might want to wait a few more weeks. That’s because there could potentially be an opportunity to save money and get in on some great car deals due to massive drops in pricing. Often, automotive manufacturers and dealerships will have specials over Labor Day, Veterans Day and other holiday weekends, but throughout October and November of this year, prices could drop even further, leading to more discounts passed along to you.

“Fall and winter are often a good time of year to buy a car, as dealers and automakers begin lowering prices on existing stock to make way for new models,” said Nigel Tunnacliffe, the co-founder and CEO of Coastline Academy. “In many cases, these older models offer similar, if not the same, benefits as their newer counterparts, so taking the time to research potential models beforehand can allow you to take advantage of exceptional deals.”

However, Tunnacliffe noted that “it’s important to also consider broader market forces that may be influencing the particular types of makers and vehicles that will be offering the most overall value.” For example, he said, “this year, spiking oil prices are expected to drive up demand for EVs and hybrids, opening up the potential for great savings if you know where to look.”

Here are four car models that are expected to have significant price drops over the coming season.

Continually one of the top-performing hybrids in its category, the Toyota Corolla Hybrid is an exceptionally fuel-efficient and reliable vehicle, according to Tunnacliffe.

“In light of the fact that the 2025 version of the Corolla will likely become available in the fall, prices for the previous years’ editions are expected to drop significantly,” Tunnacliffe said.

He highlighted that while some buyers may find it worth it to wait for the newest model, the 2023 and 2024 versions “hold up exceptionally well, as the model itself has proven to be highly consistent.”

These cars don’t just offer affordability, either.

“We have purchased hundreds of Corollas, both new and used, as our main training vehicle at Coastline Academy, and the older models have continued to maintain a high standard of safety and performance,” Tunnacliffe said.

“For that reason, buying a slightly older model can still provide great value for years to come.”

Tunnacliffe stated that the upcoming 2025 Hyundai Ioniq has already garnered significant praise throughout the industry, but the models of the previous years should by no means be ignored. 

“They still boast many of the tech and cabin design features that make this electric SUV stand out in its class,” he said.

And you can save on older models this season.

“However, with the upcoming release of the 2025 model, Hyundai is offering a number of rebates and incentives for earlier models, making now the perfect time for buyers who might have otherwise been put off by the higher-end price tag,” Tunnacliffe said.

With oil prices expected to rise over the coming months, Tunnacliffe predicted that automakers and dealers alike could begin lowering prices and offering more incentives on larger, more fuel-intensive vehicles. 

“With the right strategy, consumers can take advantage of these lowered ticket prices without having to pay for it at the pump later by opting for the more fuel-efficient models within these categories,” Tunnacliffe said.

“The CX-90 is a good example of a versatile SUV that ranks above much of the competition when it comes to fuel economy, making it one of the best options for buyers looking for a quality SUV as we head into the fall and winter.”

“Over the past couple of years, the supply of EVs has generally outstripped demand, causing many manufacturers to lower their prices,” Tunnacliffe said.

He pointed out that Tesla prices especially are trending downward, with used vehicles especially becoming much more affordable. 

“Teslas are well-built cars, and even older Model 3s still perform exceptionally well by today’s standards,” according to Tunnacliffe. “Especially in light of projected rises in oil prices, these vehicles can offer top-tier value without the attendant high price tag.”