Why This Could Be the Summer to Score New Wheels

Alexa Pugh
Posted

car dealershipA sweet new ride could be within your reach as dealers ramp up incentives like cash discounts and financing deals for the summer.

Less-popular electric cars, larger trucks and even luxury models are being marketed with the most appealing perks. Buyers of the 2012 Chevrolet Volt could receive as much as $5,000 cash, while those who are willing to purchase older versions of recently redesigned trucks could land an even bigger offer. Some financing rates are also low on luxury models from Cadillac and BMW.

 

Incentives like these weren’t as abundant in 2012, when demand was high and supply low. But even though sales are up 7.3% since last year, the improving economy paired with growing inventories have dealers feeling pressure to empty their lots.

By upping sales, automakers want to make room for new models. This year, they are working with a 57-day supply of older vehicles to sell off as opposed to last year’s 52-day supply, CNBC reports.

How to Get the Best Deals

If you can hold out until August or September, you may be able to snag even better offers from dealers seeking to get rid of remaining 2012 and 2013 models, though you may miss out on certain colors or options.

Potential buyers should take advantage of time-sensitive deals while they last. But make sure to do your research comparing cash offers to low financing rates, and score a good trade-in value for a current car before signing the deal on your new set of wheels.

RELATED: The Car Ownership Price Creep

  • Christine Tarlecki

    good to know!