What goes up, must come down, even in the stubborn auto market. We’ve been tracking new car inventory for months as dealer lots have steadily filled up, at least for some brands. The inevitable is finally happening: new car incentives are returning, and they’re back in a big way. Whether you’re looking to buy or lease, here’s where the best cash and financing incentives are today.
The Best Auto Loan Rate Offers
Want to finance your car with an irresistibly low interest rate? It’s not easy to do considering that the average APR for new car loans has climbed to 7.2%. These brands are offering appetizing APRs in August:
Chevrolet: As low as 1.9% APR for their sparkling 2023 models.
Honda: Save money on interest with APR as low as 0.9% for most models, including the Accord, Odyssey, Passport, Pilot, and others.
Subaru: APR as low as 1.9% for 2023 models, including the Outback, Crosstrek, Ascent and more.
Volkswagen: APR as low as 1.9% for the Taos and Tiguan crossovers.
Cash Incentives Return
When new car inventory climbs, cash incentives come roaring back. For models with high inventory right now, manufacturer incentives are piling up. And when it comes to cash incentives, the deals are lavish:
Ford Mustang Mach-E: $3,000 off MSRP (but be wary of the dealers who continue to mark up their EVs).
Toyota: Enjoy a lavish $7,500 cash incentive with the all-electric bZ4X, with the RAV4 Prime and Prius Prime following closely behind at up to $6,500 cash back. However, Toyota’s Prime models are still in short supply, so expect to shop around.
The Best Lease Deals in August
We pored over every automaker’s advertised lease deals for August to find the best of the best. In general, lease offers are much better this month than in the recent past. We’ve broken down lease deals by vehicle type:
The Best Sedan Leases
Hyundai Venue: At just $151/month, the Venue promises affordability with style.
Honda Civic Sedan: This legendary sedan is available at $259/month.
The Best SUV Leases
Honda CR-V: Embark on your next journey at a breezy $309/month.
The Best Truck Leases
Silverado 1500 Crew Cab LT: A robust truck deal at $399/month.
Toyota Tacoma: This iconic truck can be yours at just $362/month.
The Best Electric Vehicle Leases
Mustang Mach-E GT: $398/month for 36 months for 39 months with $6,578 due
Hyundai IONIQ 6: $7,500 EV lease bonus (SE and SEL); $349 per month with $4,999 due
Hyundai IONIQ 5: $7,500 EV lease bonus (SE and SEL); $399 per month with $4,999 due
Tesla Model 3 RWD: $399 per month for 36 months with $5,594 due
Tesla Model Y: $569 per month for 36 months with $5,804 due
The Best Is Yet to Come
The new car market is undergoing an upheaval, and incentives are likely to get better in the weeks ahead. The combination of 7%+ interest rates, MSRP hikes and a softening used car market all point toward less demand for new cars. This is especially true for overpriced trucks and SUVS.
As you head out to shop the dealer lots, remember this: the savings don’t have to end with manufacturer incentives. CarEdge Coaches are seeing increased negotiability, and are helping buyers save thousands of dollars every day.
Ready to work 1:1 with a car buying pro? Learn more about CarEdge Coach, your path to the most savings and the least stress. Prefer a DIY path to car buying? With CarEdge Data, you have the tools at your disposal to find the best deals and identify opportunities for negotiation.
We have car buying help to suit everyone’s needs. See how much you could save today!