A recent study by TrueCar.com found that people who bought red cars received the greatest discounts off the manufacturer’s suggested retail price (MSRP).
The study analyzed the pricing of green, red and silver cars. It took the top 10 cars for each color and compared the average discount off the MSRP that consumers received on each of the 10 models, according to Consumer Reports.
The study found that car buyers who purchased red cars saved 7 percent off the MSRP. People who bought green cars ended up paying an average of 7 percent over the vehicle’s MSRP, and people who bought silver cars were financially penalized the most, paying a full 8 percent over MSRP.
While the study only analyzed the pricing of new cars, there is evidence that new cars that are sold with discounts are also likely to sell for less when used. People who have bad credit history or are facing financial difficulties may be in the market for a used car, and it may benefit them to know that they may be overpaying if they’re purchasing a green or silver vehicle.