Incentives War Has Begun: Great Time to Buy a New Car
The incentives war is back on! Toyota, facing a huge consumer lashback, has increased their incentives to record highs, forcing other car makers to follow suit. This is fantastic news for car shoppers.
For the past 6 months, incentive offerings have been weak because car makers were able to keep their inventory levels low following the cash-for-clunkers program. In fact, incentives had just hit a 20-month low in January.
Now Toyota has shaken up the industry by offering their highest incentives in history, which includes 0% financing for up to 60 months and low monthly lease deals. GM and Ford have now also introduced 0% financing in an effort to keep market share.
While Toyota is simply trying to recover from a publicity nightmare, GM and Ford are competing to be the number 1 sales leader. With all this renewed competition, other car makers are being forced to increase their incentives just to remain competitive.
This is exactly the type of environment car shoppers desire, and analyts expect this incentives war to continue until at least September.
If you've been considering a new car, the opportunity to get a great deal has opened up and should last several months.
My Recommendation for Car ShoppersTrueCar No-Haggle, Edmunds Price Promise, 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.
California Residents - Important:There is a new online car buying service called Roadster, available only to California residents, which I highly recommend you try - especially if you hate the stress of haggling with a car salesman. They provide an expert concierge who negotiates the price of the car and delivers it to your home with zero hassle - you never have to interact with a dealership. Here is my in-depth review of Roadster and why I recommend it.
- Gregg Fidan
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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