Hyundai, Toyota, and Nissan Splurge on Incentives
This year, Asian car manufacturers Hyundai, Toyota, and Nissan have had the highest increase in incentive spending compared to 2008.
General Motors, Ford, and Chrysler have traditionally spent the most on incentives among the top U.S. automakers, and continue to do so. But Hyundai, Nissan, and Toyota are catching up in a major way.
Hyundai's incentive spending has increased 61% since 2007, from an average of $1,861 per vehicle to $2,998. Nissan's spending went up 19% since 2008, to $2,511 this year. And Toyota, which has especially been struggling in this market, jumped from only $853 per unit to $1,620.
But that's not the only good news for car shoppers. Chrysler's sales have decreased by 40% this year, so it also has to resort to making great deals to attract consumers. Its incentive spending is the highest from the top automakers this year, at $4,584 per car.
Now that Cash for Clunkers is over, car manufacturers are really pushing incentives as a way to get people to buy. Overall, they have spent an average of $2,797 last month - up from $2,474 in August - and the upward trend is likely to continue.
My Recommendation for Car ShoppersTrueCar, Edmunds, and 1-800 Car Show are the quickest 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
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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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