Great Car Deals Becoming Harder to Find
Chrysler and GM were heading into bankruptcy, cars in showrooms were collecting dust, and great deals seemed to be everywhere you turned.
What a difference a year makes. Today, Ford is booming, GM is on the mend, sales overall are up... which means, alas, incentives are down.
Compared to a year ago in May, average incentives in the U.S. have fallen by $340, or 11.6%, to $2,603 per vehicle. As inventories have dropped, carmakers understandably are cutting back on deals.
If you're looking for an end of summer bargain, start shopping now while selection is still good, since dealers most likely won't drop prices to clear the lots of 2010 models.
The best deals seem to be going to large trucks, with the highest average incentive at $4,650 per vehicle sold, followed by high-end sport cars at $3,892.
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