Japanese Car Incentives May be Discontinued Next Month
Dealers are already raising prices on popular models such as the Toyota Prius in anticipation of shortages.
Analyts are reporting price hikes of $2,000 for the Prius and $800 for the Honda Fit.
A memo was recently sent to Honda and Acura dealers letting them know that there will be limited inventory available until May, and even GM had to stop production on the Chevrolet Colorado and GMC Canyon pickups due to a shortage of parts from Japan.
For the next few months, availability of some Japanese models will be limited and prices on many models will rise while incentive programs may be halted.
If a significant number of customers switch from Japanese to American-made models, we could see price increases there as well.
Japanese car companies currently offering rebates, low-interest loans, factory-to-dealer cash, and special lease deals may not extend those deals in the coming months due to the limited inventory.
Therefore, if you're considering buying or leasing a new car, NOW might be the best time to pull the trigger.
Many car companies have already committed to incentive programs for March but may not extend them in April and the following months.
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