By Lauren Fix, The Car Coach Reports
Save money on buying or leasing a car this month – do not pass on the HIDDEN money the dealer won’t offer unless you ask for it! Here is a list of the best car buying and leasing incentives and HIDDEN Deals for October 2020 PLUS my advice to SAVING MORE.
Car sales initially plummeted by over 30 percent due to the economic shutdown, but have since been making a strong recovery. This presented a situation where deal-seeking car shoppers were a bit frustrated because the deals aren’t as good as they had hoped considering the situation. Here is a list of the best car buying and leasing incentives and HIDDEN Deals plus my advice.
This month most car makers have restarted full production, while used car prices are beginning to drop from their peaks. 2021 models are rolling in deals, and with inventory piling up, October could be a decent month for deals.
Currently, there are over 1 million lease returns that are due in the next couple of months, which means more CPO (certified PreOwned vehicles). 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.
Huge discounts or incentives are not available, but there are some enticing ones—most manufacturers are now offering payment deferrals, along with 0 percent financing with some up to 84 months PLUS cash back. However, some of these 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.
Here are some of the deals from my research:
Acura: Good lease deals on almost every model
BMW: 0.9 percent to 3.9 percent financing for up to 36 months. Up to $1,500 cash back on some models. Ask for hidden dealer incentives of up to $3,500.
FCA: Chrysler, Dodge, Ram: Cash rebates up to $3,000 on some models. 0 percent financing up to 72 months. Ask for hidden dealer incentives of up to $1,000.
Ford, Lincoln: 0 percent financing on most models. Rebates as high as $3,500 on some models.
GM: Chevrolet, GMC, Buick, Cadillac: Up to $5,000 cash back and 0 percent financing on leftover models. Up to $6,000 on some models.
Honda: 0.9 percent to 2.9 percent financing on some models. Hidden dealer incentives of up to $1,000 on some models
Jeep: Cash rebates up to $7,000 on some models—0 percent financing up to 72 months.
Hyundai: 0.9 percent to 4.9 percent 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 percent financing for up to 36 months on some models.
Nissan: 0 – 4.9 percent financing on some leftover models. Up to $5,000 rebates on some models.
Toyota: 0 to 3.9 percent financing on most models, rebates as high as $2,000 depending on the region. Ask for hidden dealer incentives up to $4,000 on some 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, you should wait a few more months. We may see increases in manufacturer incentives once more vehicles are on the lots, and the industry returns to more normal production. Consumers are starting to spend again. They are more comfortable with online buying places such as Car Gurus. Be aware that there is still a short term increase in used car sales by about 10-15 percent.
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.