GM Dealers Offering Huge Discounts
GM has an incentives program that pays dealers cash bonuses at the end of each quarter IF they manage to sell at least one extra vehicle compared to the quarter from a year earlier.
The cash bonus is about $175 for each vehicle sold during the quarter. A dealer that sells 100 cars per month would get a bonus of around $50,000 if they qualify.
Think about that for a second. This is a win-or-lose bonus; a dealer either gets the entire bonus or gets nothing. Now imagine if a high-volume dealer only needs to sell a few more vehicles this month to qualify - they would literally be willing to give away the vehicles for free.
Here's where it gets even better. Last year around this time, GM had been offering large incentives, so sales this quarter are down about 2% compared to the same time last year. The majority of GM dealers are at risk of losing out on this bonus.
The quarter ends on March 31st. I urge you to contact as many GM dealers as possible between now and the end of the month and get as many price bids as you can. It's quite possible that you'll run into one or two dealers that need a few extra sales to hit this bonus. If you do, you're sure to land an incredible deal - and I'd love to hear about it.
A quick and easy way to get prices from multiple dealers is to use the free CarWoo Tool.
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