Auto prices are dropping as carmakers clear out old inventory to promote the next new thing in their showrooms.
Larry Dixon, senior manager of market intelligence for the National Automobile Dealers Association, says today's low interest rates and high trade-in values for used vehicles make it a great time to buy a new car.
"Right now, consumers can find fantastic deals on end-of-model-year closeouts," Dixon says. "Traditionally, the best time to buy new is toward the end of the month and the end of the year, as dealers have a better idea as to where they stand in terms of meeting sales goals."
But the deep discounts aren't all about selling off last year's stock. James Bell, head of consumer affairs for General Motors, says shoppers also can find deals on some new models.
"Some manufacturers have been too optimistic about the demand for certain new vehicles," he says. "They're offering deep incentives because they need these cars to gain a foothold in the market."
Where the Deals Are
Bell points to the current generation of electric vehicles. In their infancy just a few years ago, electric vehicles are gaining traction as a viable alternative to gas-powered cars, and carmakers are working to make sure they succeed.
quot;It's at the point where a lot of people would be very happy with an electric vehicle," Bell says. "They pay you back in bucket loads -- not just in gas savings but in terms of convenience and less frequent maintenance."
Bell and Dixon also cite growing incentives from Japanese automakers.
"Toyota has lost some ground in the market recently and is looking to incentives to help regain its market-leading position in the family sedan class," Bell says.
Dixon also mentions some attractive incentives on Honda Accords. "Considering it's historically one of the highest-rated and value-retaining cars in its segment, these are great deals."
They both also agree that competition among big pickup trucks is always fierce, with cash-back incentives reaching $4,000 or more.
Browse the chart below to see more of the best auto incentives available nationwide and check with local dealerships to see if any additional incentives are available in your area.
Auto Incentives on 2013-14 Models
|BMW||2013 5-Series||Build Out Dealer Cash Allowance incentive $3,000|
|Buick||2013 Enclave||$2,000 customer cash OR 0.0% APR for 60 months|
|GMC||2013 Sierra LD Reg Cab||$4,500 customer cash OR 0.0% APR for 60 months|
|Chevrolet||2013 Silverado Reg Cab||$4,500 cash back OR 0.0% APR for 60 months|
|Chrysler||2013 Town & Country||Up to $2,500 cash back OR 0.0% APR for 60 months|
|Dodge||2013 Durango||Up to $3,000 cash back OR 0.0% APR for 60 months|
|Ford||2014 Taurus||Up to $3,750 cash back|
|Honda||2013 Pilot||Up to $2,500 dealer cash incentive|
|Hyundai||2013 Sonata||Up to $2,000 cash back OR 0.0% APR for up to 60 months|
|Lincoln||2013 MKZ||$1,500 dealer cash OR 0.0% APR for 60 months|
|Mazda||2013 CX9||$3,000 customer cash OR 0.0% APR for 60 months|
|Nissan||2013 Maxima||Up to $3,500 cash back|
|Toyota||2013 Tundra||Up to $3,000 cash back OR 0.0% APR for 72 months|
|Volkswagen||2013 CC||Up to $3,500 dealer cash incentive AND 0.0% APR for 72 months|
|*Sources: Manufacturer websites as of 11/05/2013. Incentives are subject to change and may not be available in all areas or on all vehicle styles. Not all buyers will qualify. See dealer or manufacturer websites for most recent offers and complete details.|