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Looking for a new car, perhaps Japanese made? This October might be the perfect time to buy one.
That’s because vehicle prices might drop as the fall season sets in on the car market, including those imported from Japan, according to several car experts.
“Economic factors, such as interest rates, fuel costs and the increasing push toward sustainability, all contribute to the potential price decreases across these categories,” shared Shawn Miller, the senior writer at Modified Rides.
So if you are on the prowl for a Japanese car, you might want to wait a few more weeks until the autumn season is fully underway. Here are four Japanese cars that will have massive price drops in October.
6. Mazda CX-90
The automotive market is witnessing a notable shift, and the 2024 Mazda CX-90 is no exception, said Joyce Gutierrez, an automotive expert for 4WheelOnline.
“One primary factor is increased competition within the SUV segment,” Gutierrez explained. “As more automakers introduce new models with advanced features at competitive prices, Mazda must adjust its pricing strategy to remain attractive to consumers. This competitive landscape forces manufacturers like Mazda to offer more value for money, hence the price cuts.”
“Additionally, advancements in manufacturing efficiency and supply chain optimizations have enabled Mazda to reduce production costs,” Gutierrez continued. “These savings are often passed down to consumers through lower retail prices. Economic factors such as fluctuating raw material costs and changing consumer spending habits influence pricing adjustments.”
5. Toyota Camry
A long-standing favorite in the sedan category, but with a shift towards SUVs and electric vehicles, demand for traditional sedans like the Camry may decline, according to Miller.
“Japanese vehicles are known for their reliability, but there’s an expected decrease in prices this fall for models like the Toyota Camry,” added Dean Bosworth, the founder of DB Car Keys.
4. Nissan Ariya EV
The 2024 Nissan Ariya EV is experiencing a significant price slash, with up to $6,000 reductions, according to Gutierrez.
“This move is largely influenced by the increasingly competitive landscape of the EV SUV segment,” the expert said. “As more manufacturers enter the market with advanced technologies and attractive pricing strategies, Nissan is compelled to adjust its pricing to maintain a competitive edge.”
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“Due to its production in Japan, the Ariya does not meet the $7500 federal tax credit requirements,” Gutierrez added. “This lack of eligibility makes it less financially appealing compared to other models that do benefit from this incentive. Consequently, Nissan’s decision to lower prices aims to offset this disadvantage and attract more buyers.”
3. Honda Accord
A car that is already known for being fairly affordable might get an extra markdown this October as the Japanese market shifts along with the rest of the automotive trends.
“Similar to the Camry, changing consumer preferences toward SUVs could result in a price drop for mid-sized sedans like the Accord,” said Miller.
“The combination of increased supply, stabilizing production post-pandemic and fierce competition from electric vehicle (EV) manufacturers are likely contributing factors,” echoed Bosworth.
2. Toyota Corolla Hybrid
“The 2024 Toyota Corolla Hybrid, a model known for its reliability and fuel efficiency, is expected to experience a price reduction,” said Gutierrez, noting that this anticipated decrease can be attributed to several key factors affecting the automotive market.
“Advancements in technology and increased competition among automakers have made hybrid technology more accessible and affordable,” Gutierrez described. She said as more manufacturers introduce hybrid models, the market becomes saturated, driving prices down.
“Furthermore, government incentives and subsidies for electric vehicles (EVs) encourage consumers to consider fully electric options over hybrids — this shift in consumer preference pressures manufacturers like Toyota to adjust their pricing strategies to remain competitive,” the expert explained.
1. Mazda CX-5
“Increased competition in the compact SUV market and the rise of electric vehicles could lead to price corrections for this popular model,” said Miller.
“With more consumers gravitating toward EVs and hybrids, we could see a dip in demand for traditional gas-powered sedans and SUVs,” Bosworth added, noting this is especially true regarding brands from the Japanese market.
Conclusion
“As these automakers ramp up their EV offerings, they are likely to discount older models to make way for new technology,” said Emil Sultanov, the CEO of Long Term Car. “Additionally, the return of stabilized production post-pandemic means supply will outpace demand, especially for internal combustion engine (ICE) vehicles, pushing prices down.”
Which could mean that if you are looking for a Japanese car model, there is a chance you might score a great deal on Mazdas, Toyotas and Hondas, amongst others during the month of October.
“Historically, fall is a time when dealers prepare for the release of new models,” explained Sultanov. “In 2024, this will be amplified by the global shift toward electrification, which will force manufacturers to clear out older inventory. This combination of economic factors, supply chain improvements and shifting consumer preferences all point to significant price drops across these vehicle categories.”
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