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The Best New Car Incentives in August: Big Discounts Join Surprisingly Low APRs This Month

August 9, 2023

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

Honda financing 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:

Hyundai, Ford, and Nissan: APR as low as 0.0% for most models. This is where you’ll find the best auto loan deals 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.

Here’s every automaker’s best financing offers this month.

How to Finance a Car Like a Pro: The Ultimate Auto Financing Cheat Sheet

Cash Incentives Return

Jeep incentives in august

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).

Hyundai IONIQ 5 & IONIQ 6: Save a whopping $5,000, with existing Hyundai patrons getting a sweetened deal of up to $7,500 off.

Jeep: Adventure more with $4,750 off the Wrangler and $4,000 off the Grand Cherokee. Jeep inventory is through the roof, and prices WILL come down further.

Nissan Ariya & Kia EV6: Electrify your drive with up to $3,750 off. It’s notable that neither comes with the revised EV tax credit.

new 2023 Toyota Prius deals

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

civic lease deals

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

chevy lease deals

Chevrolet Equinox & GMC Acadia: At $269 and $289/month respectively, these SUVs offer an optimal blend of luxury and power.

Honda CR-V: Embark on your next journey at a breezy $309/month.

The Best Truck Leases

2023 tacoma lease deals

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

hyundai lease deals

Chevrolet Bolt EV: $299/month for 36 months with $5,869 due

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

See every automaker’s lease deals in August

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. 

Take this FREE resource with you: The Ultimate Car Buying Cheat Sheet

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. 

And of course, we have hundreds of 100% free car buying guides just a click away. Don’t forget to connect with the CarEdge family over on our Community Forum

We have car buying help to suit everyone’s needs. See how much you could save today!


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