Best Time to Buy: January Shows Biggest Car Price Drops

Jan 17, 2024 11:32 PM EST

BLACK TOYOTA PARKED ON STREET — (Photo : PEXELS/ERIK)

PHOTO OF A BLUE VEHICLE PARKED, LEXUS — (Photo : PEXELS/Garvin St. Villier )

January brings significant car price drops. Possibly attracting those who are targeting a car purchase for the new year. A car authority reported that a considerable number of the most substantial price reductions for the current month stem from Toyota vehicles. Kia and Lexus models also offer significant savings. These bargains are for Los Angeles, California, although similar deals may be available elsewhere.

New Year Brings Biggest Car Price Drops

Motor Times brings this list for future car buyers' reference. Reports had it that as 2024 opens the automotive market with lower car prices. According to Cars Direct, even Lexus got price drop this January.

2024 Toyota 4Runner SR5

First on the list of biggest car price drops is Toyota 4Runner. As 2024 begins, the Toyota 4Runner stands out with one of the most significant price reductions in Toyota's lineup. The SR5 trim, in particular, has seen a notable $100 decrease in its leasing price since the previous month.

This adjustment brings the monthly lease rate down to $439 for a 36-month term, with an initial payment of $2,999, resulting in an effective monthly cost of 2. As CarsDirect reported, while it may not be the absolute best deal in Toyota's current offerings, it's certainly a deal worth considering for anyone in search of a spacious family SUV.

2024 Toyota Crown

The 2024 Toyota Crown is currently experiencing one of the biggest car price drops in Toyota's lineup. This fuel-efficient hybrid now costs $100 less per month to lease compared to the previous month. As of now, one can get the 2024 Toyota Crown hybrid for just $489 a month for 36 months, with $2,999 due at signing.

This bring ones effective monthly cost to $572 a month. This represents a decent deal for a large hybrid vehicle and is notably better than the outgoing 2023 model, which had a monthly lease rate $10 higher.

2024 Toyota Grand Highlander XLE

In XLE trim, the Toyota Grand Highlander has undergone a substantial price reduction from the automaker. It now costs $60 per month less than the previous month's price. Currently, the Toyota Grand Highlander XLE is available at $549 per month for a 36-month lease with an initial payment of $2,999, resulting in an effective monthly cost of $632.

2024 Toyota Corolla SE Hatchback

The 2024 Toyota Corolla SE Hatchback is currently experiencing one of the biggest car price drops, with a significant reduction compared to the previous month. It's now available at 9 per month for a 39-month lease, requiring an upfront payment of ,999. However, even with this substantial reduction, the deal remains relatively expensive when evaluating it against its MSRP.

2026 Kia EV6 Light Long Range

Another on the list of the biggest car price drops is 2026 Kia EV6 Light Long Range. The price of the 2024 Kia EV6 Light in Long Range trim has been lowered by $40 per month, bringing it down to $359 per month for a 36-month lease. With an initial payment of $4,999 at signing, this results in an effective monthly cost of $498, which is a fantastic deal compared to its $47,275 MSRP. The Kia EV6 is considered one of the more affordable electric vehicles available for lease in the current market.

2023 RZ Lexus Premium

The price of the Lexus RZ Premium has decreased by $30 for January compared to the previous month. Currently, you have the option to lease an RZ Premium EV for only $469 per month for a 27-month period, requiring a $5,999 upfront payment. This results in a total monthly payment of $691, which, while relatively high, represents a fantastic opportunity considering the car's original MSRP of $62,090.

Best Year to Buy a New Car Since 2019

Economist predicted that 2024 would be the best year to purchase a new car. As reported in USA Today, Cox Automotive Chief Economist Jonathan Smoke says 2024 will be the best year for consumers to buy a new car since before the pandemic, as new vehicle supply increases, transaction prices come down, automakers are expected to offer more deals and interest rates should ease.