Large Incentives Available for Leftover Models
The average new-car incentive in the U.S. last month was $2,681 per vehicle sold, up $225 from August 2009.
Incentives are typically used to drive current-year cars off the lots to make room for the next model year.
But it's not all honey and roses. Shoppers will have fewer cars to choose from, since inventories are very low right now. Compared to last summer, cars are selling quickly - about 50 days on average instead of the 70 days it took last summer.
Premium sports cars had the highest average incentives at $8,221 per vehicle sold, followed by large trucks at $4,359.
Subcompact cars had the lowest average incentives, at $1,215. They were followed by sports cars at $1,422 average incentives per car sold.
Scion had the smallest incentives outlay: just $497 per car in August. Smart was close behind at $502 per vehicle sold.
At the other end of the spectrum, Lincoln spent the most, $4,832, followed by Saab at $4,790 per vehicle sold.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and Ryde Shopper 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