Incentives War Has Begun: Great Time to Buy a New Car
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.
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