CoPilot Monthly Incentives Radar

CoPilot’s October Monthly Incentives Radar highlights the top financing and cash-back incentives available to consumers for popular vehicles. With car prices lingering near record highs, incentives have become an important tool for manufacturers and dealers to bring in more customers who have been priced out of the competitive new car market and jump start sluggish sales. 

While the current average interest rate for a new car loan is 6.84%, automakers are offering more financing deals to bring more consumers in the door, especially given the fact that new car sales have seen a substantial slowdown in Q3. Manufacturers have also ramped up financing incentives for electric vehicles, which have suffered from a lack of consumer interest for the better part of a year. One example of this is the Kia EV9, which currently has an offer of 0% financing for 72 months. As a result of EV incentives, EV sales have actually increased by 51% between July and September – showing how they can be an effective tool in enticing customers to buy in a challenging market.

In a similar vein, as new car prices are $49,619 – 29% more expensive than they were pre-COVID – they are also offering cash-back deals to offer an effective discount on the sticker price. Especially when used in combination, these incentives can help alleviate the sting of the double whammy of record-high new car prices and interest rates, which are still prohibitively high even with the Federal Reserve’s most recent cuts.

For each vehicle, CoPilot also shares real-time data on pricing and supply to help consumers to make the most informed decision possible. Pricing trends, as well as supply levels, give consumers valuable information they can use at the dealership. For instance, a prolonged drop in prices, or a vehicle with high supply, indicates that consumers may be in a better position to negotiate.

Additionally, with the Federal Reserve lowering interest rates last month, it has become increasingly more feasible for many consumers to finance a new vehicle purchase. Below, CoPilot has compiled a list of new cars with monthly payments of about $400 or less:

Unless otherwise stated, this table assumes a 6.84% interest rate (avg. for new cars) and a 60-month loan:

ABOUT COPILOT

For journalists and publishers, CoPilot’s data has the best real-time view on prices, sales, and inventory in the new and used car market. By monitoring the online inventory of virtually every dealer in the country, every day, CoPilot:

• Provides fresh, comprehensive, and daily data
• Offers insight on the new and used market, broken down by segment, brand, model, and fuel type
• Looks at current retail prices, which (unlike wholesale prices) are a much more accurate reflection of how much consumers are currently paying for cars

For consumers, CoPilot offers the first-ever AI-assisted car shopping app, which:

• Searches virtually every dealer and analyzes millions of vehicles to find the best car for your needs, at the right price
• Helps you avoid add-ons and hidden fees, and negotiate the best price
• Does not take money from dealers, providing customers with truly unbiased recommendations