Recent months have seen a number of problems for new-car buyers, including low inventory, record-high price tags, and rising interest rates. Although time will heal all wounds but the inventory shortage continues into the second half year, it is clear that the auto industry still needs to recover. However, timing can be a benefit for shoppers who choose vehicles with higher-than-average incentives or take advantage of high used-car trade in values.
Early forecasts that the inventory shortage would improve in the first half 2022 have not been realized. J.D. According to J.D. Power’s most recent sales report, new cars are being snapped up as soon as they arrive at dealers. 55% of vehicles sell within 10 days, and the average vehicle spends only 19 days on the lot, compared to 29 days last year. This is despite rising prices for new cars: The average vehicle transaction price was expected to be $45,869, up 12% from July 2021. However, automaker incentives remain scarce and infrequent. The average incentive for July was $894, which is almost 55% less than a year ago.
Despite rising gas prices, buyers continue to flock to pickup trucks and SUVs, which combined accounted for nearly 80% of all new vehicle sales in July. The average incentive for both came in at $900. However, the four vehicles below surpass that amount to earn a spot in our best deals roundup.
2022 Chevrolet Equinox
- Discount for factories: $1,200
- Approximate price after savings: $27,500-$43,500
- Factory savings approximately 3%-4%
- Offer ends: Aug. 31
The Chevrolet Equinox is a popular compact SUV. To keep it competitive against archrivals such as the Ford Escape and Honda CR-V, the 2022 Equinox gets new styling, more tech, and a new RS trim featuring darkened accents. In the areas we surveyed, the base L trim is no longer available. However, Equinox customers will be able to save $1,200 this month on all other Equinox trims. For qualified shoppers who finance with Chevy parent GM, a 0% rate can be obtained for 60 months. Both offers are valid through August 31.
2022 Chevrolet Traverse
- Discount for factories: 1,000
- Approximate price after savings: $34,000-$60,500
- Factory savings approximately 2%-3 %
- Offer ends: Aug. 31
The three-row Traverse, which offers more space than the Equinox, is also available to families who are looking for it. All trims of the 2022 Traverse are eligible for a $1,000 discount in the areas that we have surveyed. The Traverse received a minor exterior refresh in 2022, with a new grille and front and rear bumpers as well as redesigned LED taillights and headlights. To keep up with the competition, the family hauler received additional safety tech. The standard features include a front collision system that includes automatic emergency braking and pedestrian detection. A lane keep assist, lane keep aid and a following distance monitor. In lieu of cash savings, approved shoppers can benefit from a special financing rate at 2.89% for 60 month. All offers valid until August 31
2022 Jeep Compass
- Discount for factories: $1,000-$2,000
- Approximate price after savings: $27,500-$41,500
- Factory savings approximately 2% to 6%
- Offer ends: Sept. 6
Despite the poor fuel economy of the 2022 Compass, which is EPA-rated at 25 mpg combined, there are many redeeming characteristics to this updated model. These include improved cabin materials and storage, a more responsive Uconnect5 system, and standard safety features. The region will offer cash discounts ranging from $1,000 to $2,000 each month. Customers who finance with Jeep parent Stellantis have the option to swap their cash-only deal with one of two financing options: 0% for 36 month or 2.9% for sixty months, with $1,000 in bonus cash. All finance and cash offers are available until Sept. 6.
Editor’s choice: 2022 Ram 1500 Big Horn/Lone Star
- Discount for factories: $2,250-$6,500
- Approximate price after savings: $38,500-$73,500
- Factory savings approximately 3%-14%
- Offer ends: Sept. 6
The 2022 Ram 1500, a regular Editor’s Choice nominee, also topped the recent list of most American-made vehicles with the highest inventory in comparison to competitors like the Ford F-150 or Chevy Silverado 1500. The pickup also defies the trend towards shrinking incentives. Lone Star and Big Horn trims are available with cash discounts ranging from 3% to 14% depending on where you live. These trims will also receive significant updates in 2022 including the new Off-road-oriented BackCountry Package as well as the Uconnect 5 system. Stellantis customers can trade cash-only deals for special financing rates of 0% for 48 Months or 1.9% for 60 Months with up to $4,000 bonus cash in most areas. All of the above deals expire Sept. 6.