End of Model Year Car Deals [2023 Edition]

The fall season means it’s time for model-end clearance deals. Unfortunately, we may not see the greatest deals this year because of the inventory shortages we saw in 2022.

And yes, car manufacturers do start selling the new models before the new year starts (so you can actually buy a 2023 car in 2022).

Deals really start heating up at year-end, but be careful not to wait too long as 2022 inventory starts to get sold off and specific cars will be harder to find.

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2022 Model Year End Clearance Deals

Below are some of the best model year end car clearance deals.

Do Car Manufacturers Have Deals When New Models Come Out?

Yes, many car brands start offering deals in late summer and early fall to make way for new models.

Most new car buyers are interested in getting the latest model year which means dealers are pressured to get last year’s model off their lots in a hurry.   To do this they’ll offer cashback and lease deals to entice buyers.  This is especially true if the body style of a particular model will be changing in the upcoming year.   Buyers aren’t as interested in a “new” car that is visibly older than others out there.  In addition, buyers may interpret a changed body style as an improvement and not want a car that may be of lesser quality, whether that’s true or not.  And if the model is being discontinued altogether you can expect even deeper discounts.

While car clearance offers and incentives shouldn’t be hard to find, to double down on your savings you should wait until the end of the month to get the additional benefit of salesmen trying to hit their monthly quota in order to earn their bonus. They may be willing to take a hit on a single sale in order to make a large bonus.

Is There Any Reason Not to Buy an Outgoing Model?

One caveat to keep in mind when buying a car in a model year closeout is that the bluebook value will be depreciated as one model year older.  This may mean a slight difference in the resale value when you go to sell it in a few years.  For example, if you were to buy a car today and sell five years from now in 2027, a 2023 model car would be valued as a 4 year old car while a 2022 model car would be valued as a 5 year old one.

How Much Do Leftover Cars Depreciate When New Models Come Out?

The value of a new vehicle typically drops by 20 percent after the first year of ownership.  And for several years after that you can expect your car to depreciate approximately 10 percent per year.  In a year where the body style changes the value may drop even further.

How Much Do Car Prices Drop When New Models Come Out?

2022 has been an outlier of a year for car model availability and pricing. We’re seeing extremely high markups for popular models, and there are plenty of backorders that still need to be fulfilled. Because of that, there most likely will not be a major price drop for outgoing 2022 models.

Even if there is a price drop for 2022 models, it won’t be significant or immediate. We might have to wait a few months into 2023 to see price tag reductions. Also, only the less desirable trims or color choices will be marked down.

However, a general trend is a small price decrease for models that have minor changes in the new model year, and higher price drops if there is a redesign or a significant change between the model years.

When Do New Car Models Come Out?

The majority of new model-year vehicles come out in October.  However, some manufacturers release new models thoroughout the year.  In addition, with production slowdowns caused by COVID-19 and the cancellation of major car shows like the North American International Auto Show and the New York International Auto Show, some 2023 releases have been postponed.

When Do New 2023 Car Models Come Out?

2023 models start to come out as early as the summer of 2022 and continue to be released into the first couple months of 2023. However, a majority are released during the last few months of the current year. Here is a breakdown of when to expect new 2023 models for each manufacturer:

2023 Model Release Schedule by Manufacturer

Full List of All Current Car Deals

Below is the only free list of all manufacturer deals on the web and includes some of the best model year end car deals.

These offers may vary based on location, credit score, and financing terms and are not guaranteed.  So use my free service to Check Discount Car Prices to get the best prices that include current manufacturer offers and incentives.

Frequently Asked Questions

What are the best year end car deals?

Brands like BMW, Honda, Hyundai, and Lexus offer some of the best finance and lease deals on model year end cars. Most offer no or very low interest finance rates or substantial cashback amounts of up to $4,000.

Can I get a good deal on a car at the end of the model year?

Dealerships are motivated to clear out the remaining stock in order to make room for the incoming year’s models. If the current model will be discontinued or completely redesigned, there’s an even better chance of getting a good deal.

When is the best time to buy a car?

The best time to buy a car would be at the end of the month, end of the calendar year, or during a holiday period. Manufacturers tend to put out bigger incentives at the end of a model year in order to make room for the incoming year’s model.