Car Incentives Down for New Cars
So, I have some good news and some bad news.
The good news is mainly for car manufacturers and dealers: January was a very strong sales month. According to an article on The Truth About Cars, GM and Ford both surprised analysts with 16% and 22% increases respectively, while Toyota also saw a large increase of 26.6%. Other companies also faired very well in January, such as Chrysler with a 16% jump, and Honda with a 13% increase.
Now for a bit of bad news - car incentives are declining. According to TrueCar.com, the average incentive for passenger vehicles was $2,274 in January 2013, a decline of $206 (8.3%) from January 2012, and a decrease of $317 (12.2%) from December 2012.
But not to worry, although the industry overall has been reducing incentives, that doesn't mean you can't get a great deal on the car you want. When you're ready to negotiate, I recommend turning to the RydeShopper to find the very best deals on any new vehicle.
|Vehicle||Jan 2013||Dec 2012||Jan 2012||% Change Jan 2012 to Jan 2013||% Change Dec 2012 to Jan 2013|
|Chrysler (Chrysler, Dodge, Jeep, Ram, Fiat)||$2,973||$3,102||$3,160||-5.9%||-4.2%|
|Ford (Ford, Lincoln)||$2,643||$2,792||$2,886||-8.4%||-5.3%|
|GM (Buick, Cadillac, Chevrolet, GMC)||$3,150||$3,522||$3,071||2.6%||-10.6%|
|Honda (Acura, Honda)||$1,194||$1,657||$2,127||-43.9%||-27.9%|
|Nissan (Nissan, Infiniti)||$2,084||$2,629||$2,764||-24.6%||-20.7%|
|Toyota (Lexus, Scion, Toyota)||$1,660||$1,930||$1,717||-3.3%||-14.0%|
|Volkswagen (Audi, Volkswagen)||$2,276||$2,385||$2,171||4.8%||-4.6%|
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