Best New Car Incentives, Lease Deals for April 2024

Those looking to buy or lease a new car in April will find that it's a much better market for car shoppers than last year! Inventories on new vehicles have risen back to normal levels, incentives have been increasing across the board with larger rebates, better finance deals and better lease deals. Used car prices have been coming down as well, and even leasing is becoming more attractive again. If you're looking to buy or lease a new car, I would try to time it towards the end of the month as dealers should be more likely to negotiate on price.

It had become normal over the past couple of years for new car shoppers to be paying MSRP and even higher for vehicles. Besides a handful of very popular models, we're thankfully no longer seeing this, with some models offering upwards of 15% off MSRP now. Remember, getting a great deal foremost depends on the model, which is why you should really consider more than one vehicle when shopping for a deal. By getting bids from multiple dealers, you increase your chance of finding a "desperate" dealer that is willing to negotiate.

Adding uncertainty to all of this is ongoing world conflict and high interest rates. Interest rates have made monthly payments much higher, which makes affordability of news cars much harder, especially luxury cars. On top of this, lenders are becoming more strict with who they loan money to. Rejection rates for auto loans are at all-time highs, especially car shoppers with credit scores below 690 - it's a great time to be a cash buyer!

Interest rates are anywhere from 6 - 10% on new cars even if you have good credit, but some manufacturers are still offering 0% financing on some vehicles in April. We've actually seen an uptick in finance deals being offered, which seems to be one of the major ways manufacturers are offering incentives right now. Many have also introduced loyalty and conquest bonuses, so if you do have a lease return coming up, this could put an extra $1,000 to $2,000 in your pocket.

Used car prices are also starting to head down in a meaningful way, but they are still higher than they've historically been. This is great if you have a car you can sell or trade-in right now, but if you need to buy one at the same time, it washes away the extra profit. The best case scenario would be to sell your used car now, and wait a few months to buy a new one.

My advice right now: start compiling price bids, many models are offering great deals this month, but if you have the luxury of waiting, the deals should get even better as we move into summer and fall (and hopefully as interest rates start moving down). We should see increases in manufacturer incentives this summer as dealers and manufacturers are forced to compete again.

(Note: incentives can vary greatly by region; these figures may not be accurate in your local area. Always verify with your local dealers)