Best Car Deals: January 2011
December was a good month for most automakers, and a strong end to 2010. According to analysts at TrueCar.com, December sales were up 26 percent compared to November, and up nine percent compared to December 2009. Even in a year marred by recalls, 2010 initiated the recovery of the automotive industry. “Consumer confidence is rising and there is a lot of pent-up demand in the market,” said Jesse Toprak, VP of Industry Trends and Insight for TrueCar.com. “The retail market continues to improve, which bodes well for the automotive industry heading into 2011.”
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But, what does all that mean if you’re trying to buy a car now? Most analysts expect sales to continue to increase. Analysts at Standard & Poor’s expect car makers to sell 13 million vehicles in 2011, an increase of 1.5 million since 2010. Good sales numbers typically mean that car manufacturers dial back incentives and discounts, especially on their brand-new 2011 models.
We already saw discounts dropping in 2010. Edmunds.com Senior Analyst Michelle Krebs says, "Incentives have dropped back to pre-recession levels after surging in 2009 as manufacturers tried anything they could think of to lure customers to buy their vehicles.” Analysts expect discounts to continue to shrink well into 2011.
But, there are still deals out there, and some of them are quite good. There may be better deals as the industry moves into spring and summer, but if you need to buy a car now, you can do a few things to save some cash. First, focus on 2010 models. Dealers don’t want them sitting on their lots any more, and as a result, they tend to have stronger incentives than the 2011 models. In many cases, the biggest difference between a 2010 and a 2011 model is the year.
You can also save money by staying out of the most popular segments. Small SUVs and crossovers are helping drive the sales resurgence. If you focus your shopping on less popular vehicles, like wagons or sedans, you may be more likely to score a deal, simply because demand for those kinds of cars is lower.
Finally, if you can wait to buy a new car, you may get the best deal by doing just that – especially if you have your heart set on a popular crossover or SUV. Holding out for a few months could be a smart move. Overall incentives tend to be smaller in the winter, while in spring and summer, discounts usually pick up. Plus, analysts are expecting gas prices to rise, which usually translates into discounts on larger vehicles like trucks, SUVs and crossovers.
Of course, the best way to get a good deal on a new car is to do your research. This month, we’ve found some of the best new car deals available, ranging from up to $7,000 cash back on a Saab 9-3 Aero Convertible to $5,000 cash back on a Chevrolet Silverado. We also found plenty of low- and no-interest financing, even on some 2011 models.
If these deals don't work for you, we’ve got the best deals for Toyota, Nissan, Ford, Honda, Chevy, Lexus, Infiniti, Jeep and Chrysler. We also have this month’s best lease deals and best deals on used cars. There’s a great deal out there for you, and we’ve done the research to help you find it.
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The best car deals for January are below.
2011 Ford Expedition: $3,000 cash back or 0% APR for up to 60 months
The 2011 Ford Expedition is one of few 2011 models with a significant discount. But the good thing is, it’s not a bad SUV. Reviewers like the Expedition for its strong engines and comfortable interior. In fact, if you need a third row seat, reviewers say the Expedition’s is one of the most comfortable in the large SUV class. The Expedition also has tons of cargo space and brawny towing abilities, making it a great choice for outdoorsy families. Until April, you can get the Expedition with $3,000 cash back or no-interest financing for up to 60 months. Expires: 04/04/11
MSRP: $35,830 - $51,930
Invoice: $33,610 - $48,261
MPG: 14 City / 20 Hwy
2011 Ford Fusion: $3,000 cash back or 0% APR for up to 60 months on 2010 models plus $500 Retail Bonus Customer Cash; $2,500 cash back or 0% APR for up to 60 months plus $500 Retail Bonus Customer Cash on 2011 models
The Ford Fusion is one of the best-liked midsize cars thanks to its peppy performance and futuristic available technology. This month, Ford is making it so you don’t have to choose between the 2010 and 2011 models – there’s a deal available on both. Go for the 2010 model, which isn’t much different from the 2011, and you can choose between $3,000 cash back and zero-percent financing for up to 60 months. If you’re more interested in no-interest financing, go for the 2011 model, which has zero-percent financing for up to 60 months. If you want the 2010 model, act soon; that deal expires at the end of January. The 2011 model’s deal is good until April fourth. Expires: 04/04/11
MSRP: $19,720 - $28,645
Invoice: $18,476 - $26,310
MPG: 22 City / 32 Hwy
2010 Chevrolet Traverse: $2,500 cash back or 0% financing for up to 60 months
Buyers who need to move up to eight people in comfort should check out the Chevrolet Traverse. Reviewers say that even though it can seat eight, it doesn’t feel big or bulky on the road. Instead, it’s comfortable and easy to drive, and has available features, like a rear-seat DVD system, that should keep families happy. This month, the 2010 Traverse is available with $2,500 cash back or no-interest financing for up to 60 months. That’s not a bad deal, especially when you consider that the 2010 Traverse is not very different from the 2011 model – except that the 2011 model’s deal is less attractive. Expires: 02/28/11
MSRP: $29,224 - $39,985
Invoice: $27,763 - $37,986
MPG: 17 City / 24 Hwy
2010 Chevrolet Silverado 1500: $5,000 cash back or 0% APR for up to 72 months
With winter weather already beating down on most of the country, a big, go-anywhere truck doesn’t seem like a bad idea. After all, you can’t put a snow plow on a Honda Fit. This month, the 2010 Silverado Crew Cab has a deep discount available: up to $5,000 cash back (which might cover putting a plow on the front). If cash back isn’t your thing, you can get the Silverado with zero-percent interest financing for 72 months. Of course, the Silverado Crew Cab isn’t just for snow removal. Reviewers say it has a comfortable cabin, and with the crew cab, you get a back seat that’s as roomy and useable as some SUVs. Expires: 02/28/11
MSRP: $20,850 - $41,775
Invoice: $20,016 - $38,851
MPG: 15 City / 20 Hwy
2010 Mazda CX-7: 0% APR for 60 months plus $750 cash back
If you’re shopping small SUVs and crossovers, you won’t find the same great deals that you’ll find in other segments. They’re just too popular right now. But, Mazda is offering a deal on its 2010 CX-7. The CX-7 seats five and has what many reviewers say are the best driving dynamics in the class. It’s also slightly larger than most small SUVs, so you get a little more passenger and cargo space than you do in the competition. In January, you can get the CX-7 with zero-percent financing for up to 60 months and $750 cash back. Expires: 01/31/11
MSRP: $21,700 - $33,035
Invoice: $20,665 - $30,901
MPG: 20 City / 28 Hwy
2010 Nissan Cube 0% APR for up to 36 months
If you want to turn heads and have a low monthly payment, the Nissan Cube is the way to go. With its rhomboid profile, the Cube lives up to its name. While reviewers say that it’s not the most thrilling small car you can drive, they do agree that it’s maneuverable and easy to fit in tight urban spaces. Inside, the Cube has far-out options, like an available shag-carpet headliner. Until the end of the month, you can get the 2010 Cube, which is pretty much the same as the 2011 model, interest-free for up to 36 months. Expires: 01/01/11
MSRP: $13,990 - $20,440
Invoice: $13,500 - $19,572
MPG: 24 City / 29 Hwy
