Whether you're shopping for a compact SUV or a 3-row family hauler, these tips and tricks will help you save money on a new or used vehicle. Manufacturer incentives often include cashback offers, low-interest financing options, and lease deals.
Manufacturer Incentives
For those who want to drive a sport utility vehicle, manufacturers are offering deals that should make these vehicles more affordable. These deals can include cash rebates, low-interest financing and special leases. It’s important to note that these deals may vary by region.
Manufacturers often offer these deals through their captive financing companies, also known as captive finance. These companies are owned by the car manufacturers and can offer competitive rates for buyers with excellent credit scores. Unlike a traditional auto loan, these deals are typically based on the projected value of the vehicle at the end of the lease term, called the residual value.
Some manufacturers offer incentives on specific models or trim levels that meet certain requirements, such as being a college graduate, member of the military or first responder. These deals can save you thousands of dollars on the price of a new SUV.
For example, Honda has a financing deal for its 2023 Passport SUV that includes a \$1,000 cash rebate and has a loan term of 48 months. This two-row midsize SUV offers a spacious interior, standard 3-row seating and lots of cargo space for families. Another manufacturer that offers a good deal is Kia, which has a financing offer on its 2023 Sorento that includes \$500 cash back and has a loan term of 60 months.
Local Dealer Offers
Often, your local dealership may offer deals and incentives on their own to boost SUV sales. These could be things like discounted prices for local residents, or a low interest rate on loans. They may also have a special program to help people with less-than-perfect credit. However, the terms and conditions of these programs will vary by dealer.
SUVs can be expensive, so if you are looking to buy one, it's important to do your research. Look at the prices and specs on all models you are interested in, and compare them across dealers. This can help you find the best deal, and make sure you are getting the most value for your money.
For example, the 2023 Honda CR-V has plenty of space to fit your family and cargo while offering off-road capability. This model is available with an optional utility package that improves its cargo-hauling capabilities.
Alternatively, the 2023 Kia Sorento is another popular choice for 2-row midsize SUV shoppers. This model has a premium interior with a host of driver safety and infotainment technology features. If you are looking for a fun-to-drive model with bold style, consider the Redline Edition that adds black emblems and 20-inch wheels.
Timing Your Purchase
Regardless of whether you’re shopping for a compact crossover or a large family hauler, finding a good SUV deal requires diligent research and strategic timing. Start by determining your budget, then narrow down your options by considering factors like fuel efficiency, cargo space, and available technology features. After that, take a close look at expert reviews and consumer ratings to get a better idea of each model’s reliability and value.
Once you’ve identified SUVs that meet your criteria, keep an eye out for manufacturer incentives. These can include cashback offers, low-interest financing options, and lease deals. Additionally, some manufacturers offer special discounts to specific professions, such as first responders or military members.
It’s also a good idea to shop during end-of-month or end-of-year sales events. This is when dealerships are often looking to meet quotas and clear out inventory from previous years, so you’re more likely to find steep discounts on popular models. Moreover, it’s not uncommon to find attractive SUV lease deals at these times, as leasing is often cheaper than buying for the same model and trim. However, if you’re planning to finance your purchase, make sure you read the fine print of each lender’s offer to avoid any surprises down the road.
