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.
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