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.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides 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
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