By Lauren Fix, The Car Coach
The months of October, November, and December are the best time of year to buy a car. Here is a list of the best car buying and leasing incentives and hidden deals for November 2020, plus my advice to saving more.
In November, many automakers have restarted full production, and inventories are starting to increase, while used car prices are beginning to drop from their peaks. This is good if you are looking for a used car, although the inventory is still light. As the new model year vehicles begin coming to dealers, there might be some good deals for a new vehicle buyer, even with 2021 models. Dealers are a bit worried over a possible inventory pile up, which means November could be a decent month for deals.
Over one million lease returns are due in the next couple of months. This means more CPO (certified PreOwned vehicles) will soon be available. If your lease is due, you can extend your lease a few months and wait for better deals. If you are deferring, contact your leasing company,
Most manufacturers are now offering payment deferrals and zero percent financing—some up to 84 months PLUS cashback—although some of these deferrals have been reduced recently. Many have also introduced loyalty bonuses, so if you have a lease return coming up, this could put an extra $1,000 to $2,000 in your pocket.
Acura: Good lease deals on almost every model.
BMW: 0.9% to 3.9% financing for up to 36 months. Up to $1,500 cash back on some models. Hidden dealer incentives of up to $3,500.
FCA: Chrysler, Dodge, Ram: Cash rebates up to $3,000 on some models. 0% financing up to 72 months. Hidden dealer incentives of up to $1,000.
Ford, Lincoln: 0% financing on most models. Rebates as high as $3,500 on some models.
GM: Chevrolet, GMC, Buick, Cadillac: Up to $5,000 cashback and 0% financing on leftover models. Up to $6,000 on some leftover models.
Honda: 0.9% to 2.9% financing on some models. Hidden dealer incentives of up to $1,000 on some leftover models.
Jeep: Cash rebates up to $7,000 on some models—0% financing up to 72 months.
Hyundai: Up to $2,500 cash rebate on some 2018 models. 0.9% to 4.9% financing on some models.
Infiniti: Excellent lease deals on Q50 and Q60.
KIA: Great lease deals on most models, cashback rebates as high as $6,500.
Lexus: Cash rebates up to $7,000 on some models. Great lease deals all across the board.
Mazda: Rebates up to $3,000.
Mercedes-Benz: 1.9% financing for up to 36 months on some models.
Nissan: 0% to 4.9% financing on some leftover models. Up to $5,000 rebates on some models.
Toyota: 0% to 3.9% financing on most models, rebates as high as $2,000 depending on the region. Hidden dealer incentives up to $4,000 on some leftover models.
Volkswagen: Mostly lease deals, as low as $239/month.
My Advice Right Now
If you don’t need a new car anytime soon and have the luxury of waiting, wait until December. We may see increases in manufacturer incentives once more vehicles are put on dealer lots. Consumers are starting to spend again, and they are more comfortable with online buying places such as Car Gurus. It’s just an easier way to buy a car but never forget the test drive.
Lauren Fix, The Car Coach®, is a nationally recognized automotive expert, analyst, author, and television host. A trusted car expert, Lauren provides an insider’s perspective on a wide range of automotive topics and aspects, energy, industry, consumer news, and safety issues.
Lauren is the CEO of Automotive Aspects and the Editor-in-Chief of Car Coach Reports, a global automotive news outlet. She is an automotive contributor to national and local television news shows, including Fox News, Fox Business, CNN International, The Weather Channel, Inside Edition, Local Now News, Community Digital News, and more. Lauren also co-hosts a regular show on ABC.com with Paul Brian called “His Turn – Her Turn” and hosts regular radio segments on USA Radio – DayBreak.
Lauren is honored to be inducted into the Women’s Transportation Hall of Fame and a Board Member of the Buffalo Motorcar Museum and Juror / President for the North American Car, Utility & Truck of the Year Awards.
Check her out on Twitter and Instagram @LaurenFix.
Editor’s Note: The opinions expressed in this article are those of the author.