Best New Car Incentives, Lease Deals for January 2021
Car sales initially plummeted when the economy shut down earlier in 2020, 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 have become 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 and some SUVs.
However, this January, car makers are back to full production and inventories are starting to increase, while used car prices are dropping 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.
January is typically one of the slower months for car sales and not necessarily known as a good month to get the best deals. However, by getting bids from multiple dealers, you increase your chance of finding a "desperate" dealers that just needs to sell a few more units to hit their goals (and willing to sell you a car below cost to do so).
Most manufacturers now are 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 January 2021 |
| Acura incentives deals January 2021 | Good lease deals on almost every model |
| Audi deals January 2021 | Audi is not offering very good lease deals at this time |
| GM, Chevrolet, GMC incentives deals January 2021 | (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 January 2021 | 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 January 2021 | 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 January 2021 | Cash rebates up to $7,000 on some models. 0% financing up to 72 months. |
| Ford incentives January 2021 | (Includes Ford, Lincoln) 0% financing on most models. Rebates as high as $3,500 on some models. |
| Honda incentives January 2021 | 0.9% to 2.9% financing on some models. Hidden dealer incentives of up to $1,000 on some 2018 models |
| Toyota incentives January 2021 | 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 January 2021 | Cash rebates up to $7,000 on some models. Great lease deals all across the board. |
| Nissan incentives January 2021 | 0 - 4.9% financing on some 2018 models. Up to $5,000 rebates on some models. |
| Infiniti incentives deals January 2021 | Excellent lease deals on Q50 and Q60 |
| Hyundai incentives January 2021 | Up to $2,500 cash rebate on some 2018 models. 0.9% - 4.9% financing on some models. |
| Kia incentives deals January 2021 | Great lease deals on most models, cash back rebates as high as $6,500. |
| Mercedes Benz incentives January 2021 | 1.9% financing for up to 36 months on some models. |
| Mazda incentives January 2021 | Rebates up to $3,000. |
| Volkswagen incentives January 2021 | 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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