The Best Car Deals Right Now: December 2015
Dreaming of a new car with a big red bow perched on the roof? Do it! The best time to buy a car is right now, in December 2015.
New-car prices typically plunge at the end of the year, because dealers are eager to get the old model year off the lot — and also because this is their last chance to hit sales goals for the year. You don’t have to settle for leftovers, however. In December, dealers offer, on average, a 10 percent discount on the past model year and a 6 percent discount on the new model year, according to MarketWatch.
Many dealerships are offering cash-back and 0-APR car deals through Jan. 4, 2016. 0% APR means you pay no interest on your car loan; it’s usually only available to buyers with very good credit. Here are a few of the best car deals right now. Deals vary by region, however, so double-check what your local dealerships are offering.
Kia’s 0-APR Car Deals + Delayed Payment
The Holidays On Us Sales Event really is one of the best car deals right now. Kia’s offering buyers no down payment, no payments for five months, and then 0% APR for up to 66 months. How does this work? Kia defers your payments for 90 days, then pays the next two months for you (up to $1,000 total). That means you won’t have to begin paying off your loan until long after the holidays. This deal only applies to specific models: the 2015 Optima Limited, 2016 Sorento SX Limited, 2016 Soul! (Exclaim), 2016 Sportage EX and 2016 Forte EX.
Kia also offers a $400 discount for recent college graduates (within the last 12 months) and military or former military personnel. Active Uber drivers can get $500 off.
Chevrolet’s December Car Deals
Chevrolet is piling on the discounts for its 2015 models. It’s offering up to $10,000 in discounts for the 2015 Silverado 1500 Crew Cab All Star 4WD pickup, for instance, combining an allowance, trade assistance, factory discount and option package discount. The Silverado’s not a cheap truck, however — the sticker price, before the discounts, is around $46,600. You can get sweet deals on Chevy’s cars too, with a cash allowance of $1,500 on the 2015 Spark or 2016 Sonic, and $2,500 on the 2015 Impala or 2016 Malibu Limited.
Toyota’s 0-APR Car Deals
Like Chevrolet, Toyota is pushing its 2015 models off the lot with 0-APR deals and cash back. A few of the best car deals right now from Toyota include 0% APR (60-month term) on the 2015 RAV4, the 2015 Yaris and the 2016 Corolla. If you’re interested in the 2015 Avalon, you can choose 0% APR with $1,000 cash back, or simply get $2,500 cash back. These vehicles also include two years of ToyotaCare, a free scheduled maintenance plan with roadside assistance.
Ford’s Holiday Sales Event
Ford recently made headlines for abruptly canceling its flopped “Friends and Neighbors” sales promotion. For December 2015, Ford has hurriedly launched a replacement: the Ford Holiday Sales Event. You’ll find deals like 0% financing and $1,000 cash back on the 2015 Focus. On the 2015 Escape, you can get a combined $2,500 cash back or $1,000 customer cash with 0% financing.
Mazda’s 0-APR Car Deals
Mazda’s offering 0% APR for up to 60 months and no payment for 90 days on its 2015 models, including the sporty Mazda3 (4- and 5-door) and the sleek crossover CX-9. You can also opt for a $4,000 cash bonus on the CX-9, a $1,250 bonus on the Mazda3, or a $2,000 bonus on the Mazda5.
Honda’s Low-Interest December Car Deals
Honda’s famous for its “Happy Honda Days” sales promotion, but the car maker isn’t offering any 0-interest car deals this time around. It’s advertising a 0.9% APR on 2015 Accords, Civics and Odysseys for 24- to 60-month loans. If you opt for a longer loan of 61-72 months, the APR goes up to 1.9%. Are you a recent college graduate? Honda’s offering a special $500 bonus to buyers who graduated in the last two years or plan to graduate in the next 6 months.
Scion’s Low-Interest December Car Deals
Like Honda, Scion’s offering a 0.9% APR (for up to a 60-month term); unlike Honda, Scion applies the financing deal to some 2016 models too. The iA, Scion’s curvy base-model sedan, and the iM, its hatchback, are both eligible for the deal.
Once you decide which December car deal to go with, be sure to weigh your options and make the best financing option available to you.