Fantastic time for consumers to find great deals on a new vehicle purchase
MCLEAN, Va., July 1, 2014 /PRNewswire-USNewswire/ -- Consumers shopping for a new car or truck can save hundreds, if not thousands, of additional dollars in rebates and incentives over the Fourth of July holiday weekend.
"Manufacturers heavily promote new car deals before holidays in part because consumers have more time to dedicate to shopping," said Mike Stanton, Vice President and COO of NADA Used Car Guide, "Promotions around the Fourth of July holiday are especially generous because manufacturers are not only competing with summer vacation plans, they're also managing current model year inventory levels in preparation for the arrival of newer models in the fall."
In fact, over the past ten years manufacturers have spent an average of $2,782 per vehicle on incentives in July – the most of any month.
| Best Fourth of July Holiday Deals |
||||||
| Year |
Make |
Model |
Consumer Rebate |
Bonus Cash |
Dealer Cash |
Potential Savings * |
| 2014 |
Ram |
1500 |
$2,500 |
$4,000 |
$1,000 |
$7,500 |
| 2014 |
Acura |
RLX |
NA |
NA |
$6,750 |
$6,750 |
| 2014 |
Toyota |
Camry |
$3,000 |
NA |
$3,000 |
$6,000 |
| 2014 |
Ford |
F-150 |
$4,250 |
NA |
NA |
$4,250 |
| 2014 |
Toyota |
Prius Plug-In |
$4,000 |
NA |
NA |
$4,000 |
| Source: Autodata |
||||||
| *Not all buyers will qualify for all incentives. |
||||||
This year notable discounts can be found on 2014 model year versions of the highly popular Ram 1500 pickup and Toyota Camry mid-size car, where consumer rebate and bonus cash incentives total $6,500 and $3,000, respectively.
"Updated just a year ago with a more luxurious interior, the Ram 1500 has fantastic consumer appeal," said Jonathan Banks, Executive Automotive Analyst at NADA Used Car Guide, "While Toyota's highly-regarded Camry has been the bestselling car in America for 11 of the last 12 years."
Factor in dealer cash, incentives and discounts on the Ram and Camry can go as high as $7,500 and $6,000. Since dealer cash incentives aren't advertised, shoppers don't have a full understanding of potential savings. While dealer incentives don't have to be passed along in full to consumers, intense competition for business means most, if not all, of this money may be used to help close a deal.
Low finance rates and incredibly strong trade-in prices will help consumers even more, Jonathan Banks added. "Dealers are hungry for quality used vehicles so they continue to make highly competitive trade-in offers, while auto finance rates remain near all-time lows. Added up, favorable new car deals, strong trade-in offers, and low interest rates make the July Fourth holiday weekend a fantastic time to buy."
Shoppers can go to NADAguides.com for many versatile vehicle shopping tools such as body style buying guides and vehicle comparisons capable of comparing up to four vehicles at once. Shoppers can also find reviews, MSRP, dealer quotes, incentives and rebates for all major makes and models. Visit NADAguides.com for more information about these tools and research centers.
About the NADA Used Car Guide
Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. NADA's editorial team collects and analyzes over one million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis and data solutions offer automotive/truck, finance, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. Visit nada.com/b2b to learn more.
About NADA
NADA represents nearly 16,000 new-car and -truck dealerships with more than 32,000 domestic and international franchises. For more information, visit www.nada.org.
Contact
David Paris
Automotive Analyst
NADA Used Car Guide
(703) 821-7044
[email protected]
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SOURCE NADA
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