Are you are looking for great value on a new vehicle? Now is the time. Many people are waiting for dealers to offer a fire sale. That may come next month, but there are some impressive deals occurring now.
Currently, there are over 1 million lease returns that are due in the next 3 months, so there is definitely going to be some great deals on certified pre-owned CPO) vehicles to purchase, and that market is already supersaturated.
Always make sure to check the current values on used cars before making an offer, as used car pricing have been dropping, you don't want to pay too much for a used vehicle because they only will continue to depreciate.
Heres a tip: when buying a CPO, I prefer to buy the brand from the brand. Example: buy an Audi at an Audi dealer, get a Ford at a Ford dealer. This will give you your best value, repair Technical Service Bulletins (TSBs) and Recalls before the sale.
If your lease is due, it's possible you can get deferrals through your leasing company to extend your lease for a few free months. Be aware of the warranty factor, if you extend your lease term. Any issues outside of the warranty are your expense.
The video covers all the deals for the month of May. Some popular deals include: No payments for 3 months, zero interest rates and more. Read the small print to see if you can pay it off early without penalties.
Here are the best deals for May:
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Acura: Good lease deals on almost every model. Best deal: 2020 Acura TLX
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GM, Chevrolet, GMC: GM has begun offering 0% financing for up to 84 months PLUS cash back on some models. GM already had generous incentives. (Includes Chevrolet, GMC, Buick, Cadillac)
2020 Cadillac Escalade: $9,500
2020 Chevrolet Bolt Electric: $8,500
2019 Chevrolet Silverado 1500 LD: $7,500
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Chrysler, Dodge: 90-day payment deferrals and 0% financing for up to 84 months
2020 Dodge Challenger: $7,970
2020 Dodge Charger: $7,070
Hidden dealer incentives of up to $1,000.
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Jeep is offering up to 90 day payment deferrals, along with 0% financing for up to 84 months on some models
2020 Jeep Compass: $4,750
2020 Jeep Grand Cherokee: $4,750
2020 Jeep Renegade: $4,250
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Toyota: 0% to 3.9% financing on most models. Hidden dealer incentives up to $4,000 on some models.
2020 Toyota Avalon: $2,000
2020 Toyota Avalon Hybrid: $2,000
2020 Toyota Sienna: $2,000
2020 Toyota Yaris: $2,000
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Lexus: Cash rebates up to $7,000 on some models.
2020 Lexus GS F: $5,000
2020 Lexus LC: $5,000
2020 Lexus LC Hybrid: $5,000
2020 Lexus RC F: $5,000
2020 Lexus LX: $4,500
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Nissan: Up to $5,000 rebates on some models.
2020 Nissan Rogue Sport: $3,250
2020 Nissan Murano: $3,000
2020 Nissan Rogue: $3,000
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Hyundai: A Hyundai Assurance program protects use in case you can’t make the payments or your employment changes.
2020 Hyundai Kona: $2,250
2020 Hyundai Tucson: $2,250
2020 Hyundai Santa Fe: $2,000
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Kia: Lease deals
2020 Kia Optima $3,500 $4,000
2020 Kia Sedona $3,000 $4,000
2020 Kia Sorento $4,000 $4,000
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Mercedes Benz: 90-day payment deferral on your first payment, and up to $5,000 in loyalty rebates
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Mazda
2020 Mazda Mazda3: $1,000 $1,750
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Volkswagen: 0% financing for up to 72 months on every model. Mostly lease deals, as low as $239/mont
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Disclaimer: I’ve been guiding people to good vehicle deals for over 30 years. I’m not a car salesperson, I’m the Car Coach. Our goal is to give people Car Smarts and love their ride. I don’t make a commission, I’m just here to help you.
Lauren Fix, The Car Coach® is a nationally recognized automotive expert, media guest, journalist, author, keynote speaker and television host. Post your comments on Twitter: @LaurenFix or on her Facebook Page.