June’s arrival signals longer days, warmer temps and the kickoff to summer vacations. For some, it’s a time to unwind from an overly hectic schedule; for others, it’s a time to pick up the pace, take adventures and seek out an adrenaline rush. The right vehicle can help achieve all these goals. Luckily, following a long stretch of low inventory and nearly nonexistent incentives, the darkest days of the inventory shortage appear to be behind us.
J.D. Power’s latest sales forecast brings some good news for shoppers: Inventory continues to trend upward as vehicles are spending more time on dealer lots this month: The average vehicle spent 30 days on the lot in May, more than double the 12 days on the lot a year ago. Increasing new-car incentives provide yet another reason to be optimistic: The average incentive for May was estimated at $1,788 — up 88% from $951 in May 2022.
While these are promising signs, there are still some headwinds shoppers need to be prepared for. The increasing incentives have made the average new-car price tag much more affordable just yet, finds J.D. Power. The average new-car transaction price hit $45,838 last month, only a slight improvement from April’s average of $46,044, and a 0.7% increase from last May. At the same time, interest rates are also creeping up, adding to higher monthly payments; the average rate reached 7% in May — up 2.06% from a year ago.
To help shoppers identify the cars with the most generous incentives this month, we’ve compiled four vehicles that cover most summer bucket-list items: an affordable crossover, a track-ready muscle car, an off-road-ready SUV and a pickup truck that can accommodate a long-awaited road trip or a long-overdue home improvement project.