Tesla has finally slashed the price of its popular Model Y compact SUV by a whopping $7,500. ... [+] of this month.
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Traditionally, the best time to go shopping for a new car is New Year's Eve and the days leading up to it. Dealers tend to bargain with shoppers to meet year-end quotas and clear last year's model inventory before it's as stale as a week-old loaf of bread. Deals may not be as rich as they have been in the last few years heading into 2023 as supply chain issues linger, but it could be a good time for bargain hunters to get out and kick some tires. There are still signs that there is.
For starters, reports show dealer lots are filling up again with cars, trucks and SUVs after a prolonged drought. Cox Automotive reports that the average dealer has 53 days of vehicle inventory at the end of November, up from a low of 7 days this year. A 60-day inventory is generally considered ideal. While this is still low compared to the pre-pandemic period when the average time to sale reached 83 days, it should be considered good news for new car buyers.
According to Cos Automotive, Buick, Jeep, Infiniti, Dodge, Ram, Jaguar, Volvo and Lincoln dealerships have the most models available and tend to cut prices to lower prices. Toyota, Kia, Honda, Subaru, Volkswagen, Hyundai, as well as Lexus, Land Rover, BMW and Acura stores continue to run out of stock. In that case, some of the best-selling vehicles in the lowest supply could sustain trading prices above MSRP.
On the plus side, we see automaker incentives heating up again this month for both 2022 and 2023 models. Rebates of $500 to $1,000 and loan deals of 3.9 to 5.9 percent are the most common, but some offers are still particularly generous. As an example, a 2022 Ram 1500 pickup truck is offered $6,500 cashback and his 1.9% loan for 36 months, with payments 90 days late.
Of note, Tesla is offering a $7,500 discount on its Model 3 and Model Y electric vehicles. This is in anticipation of Brand reclaiming his one-time federal tax credit of the same amount next month. Similarly, Chevrolet is shutting out tax credits through January 1, offering the 2022 version of the Volt EV with a $5,900 cashback and the Chevrolet Volt EUV with a $6,300 rebate.
But for many shoppers, the discounted financing deals offered by the automaker's captive finance arm could be the biggest savings, at least for "qualified" buyers with good credit ratings. We found several models offered on his 0% loan, including the Ford Escape and Edge SUV. According to US News, the average auto loan for people with the highest credit scores now averages 8.85%.
Below, we've compiled a list of the best financing and rebate deals valid through January 3, as well as those that combine both components. Please note that different regions of the country may differ in addressing issues.
Best Lending Deal:
2022 Acura TLX: 2.9% at 60 months
2022 Cadillac CT4: 2.99% at 48 months
2022 Ford Edge, Escape: 0.0% for 66 months
2022 Ford Explorer: 2.9% at 60 months
2022 GMC Sierra 1500 (Crew Cab model): 1.9% (60 months)
2022 Honda Accord, Passport, Ridgeline: 2.9% at 48 months
2022 Infiniti QX80: 1.9% at 36 months
2023 Infiniti QX80: 2.9% at 36 months
2022 Jeep Compass: 1.9% at 36 months
2023 Kia Forte, Sorento, Seoul: 2.9% at 48 months
2022 Lexus IS, RX, LC: 2.99% at 48 months
2022 Mazda3: 2.49% 36 months
2023 Mazda3: 2.9% 36 months
2022 Mazda CX-30: 2.49% at 36 months
2023 Mazda CX-30, CX-5, CX-50, CX-9: 2.9% for 36 months, no payment for 90 days
2023 Mitsubishi Eclipse Cross: 2.9% for 36 months, no payment for 90 days)
2022/2023 Mitsubishi Outlander: 1.9% for 36 months without payment for 90 days)
2022/2023 Nissan Altima, Frontier, Murano, Versa: 2.99% at 36 months
