The full-electric Kia EV6 is among the models being offered right now with a hefty $10,000 cash-back ... [+] rebate.
The Memorial Day weekend marks the unofficial start of summer, and is historically one of the best times of the year to go shopping for a new car, truck, or sport-utility vehicle. Best of all, dealer discounts and automakers’ incentives look to be back to pre-pandemic levels, as rising inventories, underscored by a plentitude of last year’s models still sitting on dealer’s lots, are causing automakers to pull out all the proverbial stops to lure consumers away from their picnics and barbeques and into showrooms.
“Supply chain disruptions and limited inventory left little to be excited about in summer holiday car shopping the past few years, but discounts on outgoing model year vehicles this Memorial Day weekend are a bright spot for consumers in an otherwise challenging market,” says Jessica Caldwell, head of insights for Edmunds.com. “For dealers and automakers, the trend serves as a moment of caution surrounding the old habits of overproduction and inventory glut.
According to Edmunds data, Dodge dealers are currently sitting on the highest percentages of leftover vehicles from the 2023 model year at 52.6% of the brand’s vehicle listings on the website, which necessitates an average discount of $6,753 below sticker price per vehicle. Other brands sitting on the biggest numbers of year-old new cars include Chrysler (at 38.4%), Buick (17.6%), Ford (14.7%) and Lincoln (12.9%). Toyota, Subaru and Honda dealers can boast the lowest number of leftovers still in stock at 0.8%, 0.8% and 0.6%, respectively.
Not surprisingly, automakers’ cash rebates on residual 2023 stock, along with a larger list of factory-fresh 2024 models, are being promoted with cash rebate deals as generous as $4,000-$10,000, with more at the $1,000-$3,600. Many are full-electric models that have been undergoing a sales slump since the beginning of the year. We’re listing what are as far as we can tell are the biggest nationally available cash rebate offers that are good through the end of the month.
Take note, however, that manufacturers’ incentives (which also include lease deals and cut-rate financing offers) can vary by region to address local supply and demand issues, so it’s always a good idea to check a brand’s with your Zip Code entered to see what’s being offered locally. Also it’s worth the effort to enter other Zip Codes within a nominal drive to see if the automaker’s incentives are greener, so to speak, elsewhere.
And keep in mind that these deals can be rendered even sweeter for hard-core hagglers via what should be a substantial dealer’s discount on slower-selling or overstocked models. Always consider a cash rebate to be a separate part of the transaction from a negotiated discount from the posted sticker price.
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