Hyundai, Toyota, and Nissan Splurge on Incentives
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.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- 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