Is It The Best Time For Me
To Buy A Car In My City?
[Buy Honda CRV June 2017]
by Bill Flitter
Last month was a good sales month for the Honda CRV. But sometimes, what’s good for dealers, isn’t always good for buyers.
But that’s not the case with the Honda CRV. Now IS a good time to buy Honda CRVs despite sales being up.
Summer Sales: Is This The Right Time To Buy?
Since January, Honda CRV sales and inventory counts have come together in a great way for buyers. With parallel inventory levels riding just north of sales, the inventory gap combined with the days on lot of the CRV is what’s making it a buyer’s market.
This wasn’t the case last summer. Inventory levels of the Honda CRV were, shifting the inventory gap in favor of buyers. To break it down by the numbers, in June 2016 there were 65,180 CRVs available for purchase and 23,364 sold that month, leaving the inventory gap at a 12-month high of 64.15 percent. It was a buyer’s market.
A different trend is on pace for this summer though. For the last 12 months, the average inventory gap of the Honda CRV has been 37.70 percent. In May, the inventory gap percentage was 24.75 percent. In June, sales closed out with approximately 19,000 CRVs sold. And with an inventory count of 41,388, the inventory gap percentage is roughly 55 percent. However, in this case, the gap alone doesn’t necessarily make it a buyers market. We need to look at another factor.
For example, the average days on lot was 82. This is almost 3 months. When you factor that into the equation, dealers will be ready to turn inventory and more likely to negotiate in your favor. In Dallas, Denver and Washington, days on lot are over 100. Look for deals in those cities.
What About Where I Live? Should I Buy Honda CRV Now?
To find the cheapest CRV, you would have to go to the nation’s capital. Washington, D.C. is currently selling the Honda CRV for $21,892. To put that in perspective, the average cost of the CRV is $22,937 and the most expensive CRV is being sold in Denver, CO for $24,090.
Denver is also where the Honda CRV spends the most amount of time on a dealer’s lot – 127 days to be exact – before being sold. In San Francisco, where the CRV is being sold for $22,945, the average time on lot is 43 days.
But the city with the best buyer’s market for the Honda CRV is Riverside, CA, where the CRV is selling for a little less than the national average at $22,426. Not only does the CRV sell relatively quickly, spending an average of 68 days on a dealer’s lot before being sold, but the inventory sales gap is the highest in the country, at 68.22 percent.
The Top 5 Metro Markets For The Honda CRV
The top five metro markets to buy the Honda CRV are Riverside, CA, Miami, FL, Washington, D.C., Minneapolis, MN and New York, NY. The average number of days the CRV spends on lots in these cities ranges from 68–119 days. Plus, all of them currently have inventory gaps in the 60th percentile, making them strong buyer markets.
New York City has the most CRVs in a 25-mile radius, with 2,878 Honda CRVs for sale. NYC also sold the most number of CRVs – early estimates for final June sales are around 1,100 for the Big Apple.
No city can beat D.C.’s prices for the Honda CRV ($21,892). However, Riverside has the highest inventory gap percentage (68.22%) out of the metro markets we researched. They are selling competitively for $22,426, making it the top market to buy Honda CRV.
Carjojo Starting Price $21,892
Save up to $3,900 after Rebates
MSRP: $25,735 | MPG: 32-Highway
|Metro||Lowest Honda CRV Price||Buy or Wait|
Over To You
The time to buy Honda CRV is now. All the numbers and data points support a decision to purchase today, and in almost every metro we researched. Check the Carjojo numbers in your city before buying, but in general, all signs point to it being a great time of year to buy this make and model.
About The Auto Insider Report
The Auto Insider Report is Carjojo’s monthly analysis and insight into the current state of the automotive industry. Each mini report takes a deeper look at a specific brand or related topic.
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Thank you and enjoy.