Bye Bye, Markups: MSRP (or Discounts!) Possible on 24 of the 25 Bestselling Models

Good news for consumers! As new vehicle inventory recovers from the depths of the pandemic, prices are finally falling.

Overall, supply is still constrained compared to historical norms. Current new vehicle inventory is roughly one-third of the pre-COVID peak (1.3 million units versus 3.5 million units), so don’t expect the same cheap leases as before. But inventory has reached its highest level since June 2021, and transaction prices are dropping accordingly.

After months of added dealer markups (ADMs) being the norm, most consumers should now be able to negotiate a deal at the Manufacturer’s Suggested Retail Price (MSRP)—or in some cases, below MSRP—on 24 of the 25 best-selling cars and trucks in the U.S.

This finding is based on an analysis of current deals on Leasehackr Marketplace, as well as signed deals submitted by the Leasehackr community. Note there are geographical variations and caveats for certain vehicle trims and model years.

25. Honda Civic ($23,645 MSRP)

Honda Civic is the 25th best-selling automobile in America and one of the most affordable on this list. Sadly, it’s also the only one here where we expect most consumers to pay above MSRP due to supply issues. Honda simply isn’t churning out enough Civics to meet strong demand.

24. Subaru Outback ($29,620 MSRP)

As a practical family wagon, Subaru’s Outback checks the boxes for a lot of car shoppers. We’ve observed MSRP deals on Leasehackr Marketplace, with some members even scoring discounts on slower selling, loaded variants of the Outback.

23. Nissan Altima ($25,995 MSRP)

Currently, Nissan has a strong 18-month lease program for the 2022 Altima (up to 87% residual value), making it one of the better midsize sedans to lease. Inventory levels for Altima vary by region, but discounts are possible in most markets.

22. Ford Escape ($28,995 MSRP)

Lately, Ford has been encouraging consumers to place custom orders. While delivery times can be a slog, many Ford dealers will sell ordered vehicles at MSRP, or with a discount in some cases, which is a good alternative to paying ADM on an inventory vehicle. The newly refreshed 2023 Escape is available for order now.

21. Honda Accord ($27,615 MSRP)

Honda Accord inventory is more plentiful than that of Civic sedan and hatchback. We’ve even seen discounts on non-hybrid versions of 2022 Accord on Leasehackr Marketplace. Note that Honda is releasing an all-new 2023 Accord next month—which will likely sell for a premium at launch.

20. Subaru Crosstrek ($24,870 MSRP)

Members of the Leasehackr community have been able to purchase or lease Subaru Crosstrek subcompact SUVs at MSRP, or with a discount. Search around for a well-regarded Subaru dealership that accepts VIP pricing.

19. Mazda CX-5 ($27,975 MSRP)

Despite being six years old, the current generation of Mazda CX-5 remains one of the best driving compact SUVs available. We’ve found discounts on pricier trim levels of CX-5 on Leasehackr Marketplace. As with many vehicles, finding a base version remains a challenge.

18. Hyundai Tucson ($27,745 MSRP)

Most consumers are still paying dealer markups on Hyundai Tucson, especially on the hybrid and plug-in hybrid versions. Inventory is tight, but if you look hard enough, you’ll be able to find Tucsons at MSRP including on Leasehackr Marketplace.

17. Nissan Rogue ($28,445 MSRP)

We’re seeing discounts below MSRP on Nissan Rogue, which is an altogether pleasant SUV that’s vastly improved compared to the previous generation. Residual values are high, but it’s still not a great lease, due to a money factor nearing the equivalent of 7% APR. Consider financing instead.

16. Tesla Model 3 ($48,440 MSRP)

With the exception of demo cars, Tesla doesn’t do discounts or markups. Instead, you place an order and wait for your turn. A 2023 Tesla Model 3 ordered today has a starting MSRP of $48,440 including destination charge and order fee.

15. Jeep Wrangler ($36,460 MSRP)

Jeep Wrangler has been a favorite of the Leasehackr community for the past two years, and for good reason — it continues to be one of the few lease “hacks” available during the car shortage. Most brokers are offering strong discounts below MSRP if you custom order; we’re seeing as high as 13% off MSRP on the 4xe plug-in hybrid.

14. Ford Explorer ($38,255 MSRP)

Ford Credit is offering a subvented lease program on 2022 Explorer with a money factor equivalent to 2.15% APR — strong for this market. Combined with lease cash incentives and a dealer discount (more feasible in the Northeast than the West Coast), Ford Explorer could be a reasonable lease.

13. Tesla Model Y ($67,440 MSRP)

Instead of discounts or dealer markups, Tesla makes market adjustments directly to the MSRP of their vehicles. For example, Tesla increased the price of their popular Model Y by $13,000 over the course of a year. The MSRP at the time of order is the price you pay for a Tesla.

12. Chevrolet Equinox ($27,695 MSRP)

As inventory increases, we’re seeing dealer discounts on Chevrolet Equinox in most regions across the U.S. Leases in the $300s are becoming possible on base trims of Chevrolet Equinox, especially if you qualify for the $1,000 incentive for current lessees and/or the $1,000 Costco member-only bonus.

11. Toyota Highlander ($37,190 MSRP)

While Toyota’s Sienna minivan is next to impossible to purchase at MSRP, discounts on non-hybrid versions of the 7- or 8-passenger Highlander SUV can be easily found on Leasehackr Marketplace. The money factor offered by Toyota Financial Services is high (equivalent to 6.48% APR), so we suggest financing — or exploring lease options through a non-captive bank.

10. GMC Sierra ($38,195 MSRP)

Full-size pickup truck inventory is plentiful, now with over 60 days’ supply. While truck customers paid ADM last year due to the chip shortage, today you can expect discounts and rebates on trucks from the Big Three, including GMC Sierra.

9. Toyota Corolla ($21,520 MSRP)

Supply is tight, but we’re finding that MSRP deals are possible on some Corolla trim levels. The exception would be the efficient Corolla Hybrid, which is routinely selling above MSRP, and the extremely-low volume GR Corolla hot hatchback.

8. Jeep Grand Cherokee ($41,995 MSRP)

Just like with Wrangler, discounts below MSRP are possible on Grand Cherokee custom orders. We’re fans of this SUV, as well as the three-row Grand Cherokee L, which seems more upmarket than mainstream rivals. Browse Jeep discounts on Leasehackr Marketplace.

7. Toyota Tacoma ($28,485 MSRP)

The availability of Tacoma has consistently been greater than that of most other Toyotas during the vehicle shortage. According to recent transaction data, most consumers should be able to purchase this dependable midsize pickup truck at MSRP, or better.

6. Honda CR-V ($28,045 MSRP)

Honda stopped production of the 2022 CR-V in favor of an all-new 2023 model. We’re seeing MSRP deals, or better, on remaining 2022 inventory. Honda Financial Services offers a subvented lease program on the 2022 model, with a money factor equivalent to 4.27% APR. Expect to pay ADM on the 2023 model.

5. Toyota Camry ($26,940 MSRP)

We’ve been seeing discounts grow on non-hybrid versions of Camry, which is not a surprise as consumers move from passenger cars to crossover SUVs. Find a Camry below MSRP on Leasehackr Marketplace.

4. Toyota RAV4 ($28,310 MSRP)

Compared to Camry, it will be more of a challenge to find a RAV4 at MSRP. In particular, hybrid and plug-in hybrid versions of RAV4 are routinely selling with dealer markups thousands above MSRP. But act fast and you may be able to score a non-hybrid RAV4 at MSRP posted on Leasehackr Marketplace.

3. RAM 1500 ($38,985 MSRP)

With over 60 days’ supply, inventory of the full-size RAM 1500 pickup is plentiful compared to earlier this year. Even the RAM 1500 TRX can be found with discounts on Leasehackr Marketplace — we’ve seen as much as $10,000 off on that supertruck.

2. Chevrolet Silverado ($37,395 MSRP)

The worst days of the global microchip shortage is behind the domestic Big Three as they make up for lost volume with their full-size pickup trucks. Most consumers can expect to pay MSRP, or better, on Silverado. Costco recently announced a $1,000 member-only incentive available on Silverado and Silverado HD.

1. Ford F-150 ($35,490 MSRP)

Availability of Ford’s best-selling F-150 has steadily increased over the year, to the point where Ford has resumed subvented lease and finance programs for their full-size truck. Ford Credit is offering 1.9% APR financing for 60 months in most regions of the U.S. Expect to still pay a markup on the hot F-150 Lightning and Raptor trucks, unless you’ve locked in a custom order or stumbled upon a one-off deal on Leasehackr Marketplace.