Summer is in full swing, and just weeks after their compilation of the best car deals for Memorial Day, U.S. 草莓传媒 & World Report has put together their best purchase and leasing deals for the Fourth of July.
Jamie Page Deaton, executive editor of U.S. 草莓传媒鈥� best car rankings, told 草莓传媒 that automakers are back with another round of cash-back and financing offers so soon because 鈥渘ew car sales are still soft.鈥�
Part of it, she said, is cyclical: 鈥淔rankly, a lot of consumer demand has already been met. Everybody who was going to buy a car in the last couple of years has already bought one.鈥� Automakers are also keeping a nervous eye on the economic picture, thanks to 鈥渦ncertainty around tariffs and other aspects of the economy.鈥�
Even if it鈥檚 a good deal, a new car still requires shelling out a lot of money, so the deals below, Deaton said, 鈥渁ren鈥檛 necessarily the cars that have biggest discounts. For us, it鈥檚 not a good deal unless it鈥檚 on a good car.鈥�
The deals are based on nationwide offers; they may not be at every D.C.-area dealership. a little early compared with previous years; Deaton said prospective buyers should check back with their list 鈥� they鈥檙e updating it continuously as the holiday approaches.
Lease Deal: $255 per month for 36 months with $2,055 due at signing (Courtesy Subaru of America)
Purchase Deal: 0% financing for 36 months plus $2,000 bonus cash (Courtesy Nissan North America)
Lease Deal: $229 per month for 36 months with $2,999 due at signing (Courtesy BMW of North America)
Lease Deal: $315 per month for 36 months with $2,499 due at signing (U.S. 草莓传媒 & World Report/John M. Vincent)
Lease Deal: $219 per month for 36 months with $2,499 due at signing (Courtesy Mazda North American Operations)
Purchase Deal: 0% financing for 66 months plus up to $2,000 bonus cash (Courtesy Kia Motors America)
Lease Deal: $319 per month for 36 months with $3,499 due at signing (Courtesy Fiat Chrysler Automobiles)
Purchase Deal: 0% financing for 72 months (Courtesy Ford Motor Company)
Purchase Deal: 0% financing for 60 months (U.S. 草莓传媒 & World Report/John M. Vincent)
Lease Deal: $229 per month for 39 months with $2,629 due at signing (U.S. 草莓传媒 & World Report/John M. Vincent)
Financing Deal: 0.9% financing for 36 months (Courtesy American Honda Motor Co.)
Lease Deal: $299 per month for 36 months with $3,400 due at signing (Courtesy Genesis Motor America)
Lease deal: $249 per month for 36 months with $2,399 due at signing (Courtesy American Honda Motor Co.)
Financing Deal: 0% financing for 60 months (Courtesy Hyundai Motor America)
Lease Deal: $219 per month for 36 months with $1,999 due at signing (Courtesy Toyota Motor Sales USA)
Purchase Deal: Up to $3,000 cash back (Courtesy Hyundai Motor America)
Purchase Deal: $3,000 cash back (Courtesy Toyota Motor Sales USA)
Some of the most exciting deals, Deaton said, include the Honda Pilot, which can be had for 0.9% financing for 26 months. 鈥淚t was a finalist for our Best Cars for Families awards,鈥� she said.
And the Genesis G70 is 鈥渁 very good small luxury car,鈥� Deaton added. 鈥淚t鈥檚 comparable to the Audi A4, and this deal makes it a lot more affordable.鈥�
Once the province of business buyers and those interested in luxury cars, leases are now available on more affordable cars.
Leasing deals make up a good proportion of U.S. 草莓传媒鈥� list, and Deaton said there鈥檚 a good reason leasing has become more popular: 鈥淲ith a good lease deal, you can get into a new car every three years of so, which gets you on the cutting edge of safety tech and entertainment tech.鈥�
One example, Deaton said: The 2020 Toyota Corolla, which can be had for $219 a month for 36 months. 鈥淭hat is a really low payment for a brand-new car,鈥� Deaton said. 鈥淭hat鈥檚 less than the cellphone bill for my family.鈥�
Cash-back deals
Cash-back deals constitute a good way to save thousands on the price of a car, and they鈥檙e more accessible than low- or no-interest financing deals, which 鈥淵ou do need to have excellent credit to qualify for,鈥� Deaton said.
But a good cash back deal can save you 鈥渁s much or more, especially if you weren鈥檛 going to qualify for the financing deal in the first place.鈥�
Two prime examples, she said, include $3,000 cash back on the Hyundai Tucson SUV, and $3,000 back on the Toyota Avalon, which Deaton called basically the most luxurious Toyota you can get.鈥�
There鈥檚 a hidden appeal to the Avalon, too: 鈥淲hat I think a lot of people might not realize is that when you鈥檙e buying a super-luxurious Toyota, what you鈥檙e effectively getting is an affordable Lexus, because Lexus is Toyota鈥檚 luxury brand.鈥�
Get financing first
Whatever car you鈥檙e buying, whatever deal you鈥檙e taking, Deaton had one piece of universal advice 鈥� have some kind of financing deal worked out before you head into the dealer.
The average new-car loan has an interest rate of 4.5% to 5%, Deaton said, whereas unless you get a great financing deal from a dealership, you鈥檒l pay 6% to 7%.
鈥淪ee if you can qualify for the low-interest or no-interest financing deal; if not, you already have a great financing rate locked in, and you can take advantage of the cash back deal instead.鈥�
It only takes a few minutes to apply for a car loan on sites such as LendingTree.com; there鈥檚 a where you can do it too.聽You can also go to your own bank or credit union. That way, Deaton said, 鈥渨hat you do is walk into the dealership with effectively a check from your bank. You know the interest rate; you know the payment you鈥檙e going to get.
鈥淎nd what that does is, it tells the dealer 鈥� who also wants to give you financing 鈥� 鈥業 already have this deal in hand; you need to beat it if you want my business for your financing arm.鈥� And that is a great position for consumers to be in.鈥�
