Best New Car Incentives, Lease Deals for October 2020
Car sales initially plummeted by over 30% due to the economic shutdown, but have since been making a strong recovery. While dealers and manufacturers are definitely concerned about sales, production had also been halted so both supply and demand had been reduced at the same time. This presented a situation where deal-seeking car shoppers were a bit frustrated because the deals aren't as good as they had hoped considering the situation. Furthermore, those who are likely to buy new cars have not been as affected by layoffs, so new car prices aren't necessarily budging much. There's even shortages when it comes to new pickup trucks.
However, this October, many car makers have restarted full production, while used car prices are begining to drop from their peaks. This puts downward pressure on new car prices, and there is a bit of worry among dealers in regards to inventory piling up, which means October could be a decent month for deals.
Currently, there are over 1 million lease returns that are due in the next couple of months, so there is definitely going to be some who need a new ride, but even if that's the case for you, it's possible you can get deferrals through your leasing company to either extend your lease or perhaps even get a few free months added to it.
We haven't yet started seeing huge discounts or incentives, but most manufacturers are now offering payment deferrals, along with 0% financing - some up to 84 months PLUS cash back - although some of these have been reduced recently. Many have also introduced loyalty bonuses, so if you do have a lease return coming up, this could put an extra $1,000 to $2,000 in your pocket.
My advice right now: If you don't need a new car anytime soon and have the luxury of waiting, then start compiling price bids now but push your purchase out a couple of months. We may see increases in manufacturer incentives once we start getting back into a more normal pace of production and as new car inventory starts piling up. I think consumers will be slow to get back to spending, even when we are all back to work. I hope you and your family stay safe during this difficult time.
(Note: incentives can vary greatly by region; these figures may not be accurate in your local area. Always verify with your local dealers)
Car Dealers With the Lowest Prices
| Make | Rebates, Incentives and Lease Deals for October 2020 |
| Acura incentives deals October 2020 | Good lease deals on almost every model |
| Audi deals October 2020 | Audi is not offering very good lease deals at this time |
| GM, Chevrolet, GMC incentives deals October 2020 | (Includes Chevrolet, GMC, Buick, Cadillac) Up to $5,000 cash back and 0% financing on leftover models. Up to $6,000 on some 2018 models. |
| BMW incentives deals October 2020 | 0.9% to 3.9% financing for up to 36 months. Up to $1,500 cash back on some models . Hidden dealer incentives of up to $3,500. |
| Chrysler, Dodge incentives deals October 2020 | Cash rebates up to $3,000 on some models. 0% financing up to 72 months. Hidden dealer incentives of up to $1,000. |
| Jeep incentives deals October 2020 | Cash rebates up to $7,000 on some models. 0% financing up to 72 months. |
| Ford incentives October 2020 | (Includes Ford, Lincoln) 0% financing on most models. Rebates as high as $3,500 on some models. |
| Honda incentives October 2020 | 0.9% to 2.9% financing on some models. Hidden dealer incentives of up to $1,000 on some 2018 models |
| Toyota incentives October 2020 | 0% to 3.9% financing on most models, rebates as high as $2,000 depending on region. Hidden dealer incentives up to $4,000 on some models. |
| Lexus incentives deals October 2020 | Cash rebates up to $7,000 on some models. Great lease deals all across the board. |
| Nissan incentives October 2020 | 0 - 4.9% financing on some 2018 models. Up to $5,000 rebates on some models. |
| Infiniti incentives deals October 2020 | Excellent lease deals on Q50 and Q60 |
| Hyundai incentives October 2020 | Up to $2,500 cash rebate on some 2018 models. 0.9% - 4.9% financing on some models. |
| Kia incentives deals October 2020 | Great lease deals on most models, cash back rebates as high as $6,500. |
| Mercedes Benz incentives October 2020 | 1.9% financing for up to 36 months on some models. |
| Mazda incentives October 2020 | Rebates up to $3,000. |
| Volkswagen incentives October 2020 | Mostly lease deals, as low as $239/month |
My Recommendation for Car Shoppers
TrueCar, RydeShopper, and CarsDirect are the best way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.- Gregg Fidan
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About: Gregg Fidan
Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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