The Best New Car Incentives in October: Low APRs and Lease Offers Return
October is turning into a great month for new car incentives, especially for fans of particular brands. Despite rising interest rates and the chronic affordability crisis, offers of low APRs and affordable leases are here for a limited time. Here’s a look at the best car deals in October.
The Best Auto Loan Rate Offers
Seeking to finance your new vehicle with a low interest rate? Given that the average APR for new car loans is now over 9%, securing a low rate isn’t easy. However, these brands are stepping up to the plate with tantalizing APR offers this October. Be sure to check offers for your ZIP code, as these represent the latest new car incentives on the East Coast.
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0% Financing! Chevrolet and Nissan Bring the Deals
In a serious effort to attract buyers, the following models are all advertised for 0% APR in October: Chevrolet Silverado 1500, 2023 Nissan Altima, and Nissan Rogue.
0.9% APR Offers: Kia, Hyundai, Nissan, and Subaru
Honda Ridgeline, Hyundai IONIQ 5, IONIQ 6, Kia EV6, Niro EV, 2024 Nissan Altima, and Subaru Solterra EV: Get your hands on these models with 0.9% APR for qualified buyers. The best of the batch is definitely the Altima, one of the top-selling sedans today.
1.9% APR Offers: Buick, Nissan, and Toyota
Nissan Armada, Buick Enclave, Buick Envision, and Toyota bZ4X: These models are available with a 1.9% APR. Those considering Toyota’s first EV, the bZ4X, should be aware that charging is slower than average, especially for the all-wheel drive version. We think the stand-out deals here are from Buick.
2.1% APR Offers: Chevrolet
Chevrolet Trax, Trailblazer, Equinox, Blazer, and Traverse: Secure any of these sought-after Chevy SUVs with an APR as low as 2.1% for well-qualified buyers.
Here’s every automaker’s best financing offers this month.
How to Finance a Car Like a Pro: The Ultimate Auto Financing Cheat Sheet
The Best Cash Offers in October
Cadillac is providing up to $1,500 cash incentives on the XT4, XT5, and XT6.
Chevrolet offers no payments for 90 days plus a $750 cash allowance on the Silverado 1500. Dodge is not to be outdone with up to $5,500 cash allowance on the Durango and a $2,000 cash offer on both the Challenger and Charger.
If you’re in the market for a Kia or Hyundai EV, there are great cash offers in the form of lease discounts.
The Best Lease Deals in October
When it comes to new car incentives, more shoppers are considering a lease as MSRPs soar ever higher. These are the best lease deals this month.
Sedans
With the Hyundai Elantra at $219 per month with $3,499 due and the Honda Accord at $299 per month with $3,299 due, sedan lovers have attractive options.
SUVs & Crossovers
The Chevrolet Equinox at $299 per month for 24 months with $2,339 due and the GMC Terrain at $189 per month for 24 months with $4,879 due provide compelling offers for families.
The hot-selling Hyundai Santa Fe is available for $269 per month for 36 months with $3,999 due.
The 2024 Buick Envista is a subcompact SUV with by far the most modern design of any Buick in ages. Lease an Envista for as low as $199/month for 24 months with $3,396 due.
Trucks
For truck fans, the Toyota Tacoma at $364 per month for 36 months with $3,064 due is a strong contender.
Those in need of a larger pickup truck will be fans of the Silverado 1500 Crew Cab LT, which can be leased for just $399/month for 24 months with $5,129 due.
Electric Vehicles
Electric vehicle enthusiasts have the Tesla Model 3 rear-wheel drive at $399 per month for 36 months with $5,594 due as a prime option. Tesla EVs do qualify for the federal tax credit, so purchasing is worth considering too. The Model Y lease for $569 per month for 36 months with $5,804 due is an amazing value, but again, prices have dropped so far that buying is arguably a better option.
Those looking for a non-Tesla are likely considering the award-winning Hyundai IONIQ 5 and its sedan sibling, the IONIQ 6. This month, Hyundai is offering the IONIQ 6 for $349/month for 36 months with $4,999 due. The larger IONIQ 5 can be leased for $399/month for 36 months with $4,999 due at signing. Hyundai says that these terms include a $7,500 discount that is meant to replace the federal EV tax credit.
Disappointed in October? Next Month Will Be Better
As we transition into the year-end season with November and December car sales on the horizon, anticipate a surge in enticing new car incentives from more automakers, introducing not only low APR offers but also compelling lease deals. The end of the year is always the best time to buy, and this year will be no different.
If the vehicle on your wish list didn’t make the cut in this month’s selection of the best deals, don’t fret. Patience, in this scenario, will indeed be a virtue that will be handsomely rewarded.
Help is here. Bring on the savings!
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