SANTA MONICA, Calif. — Automaker incentives fell slightly in September as more and more 2013 models have hit the market, reports Edmunds.com, the premier resource for automotive information. According to Edmunds.com’s True Cost of Incentives® (TCI®), the auto industry spent $2,227 per vehicle this month, down 3.1 percent from August, and down 9.3 percent from September 2011. The projected decline will end a five-month streak of month-over-month incentive increases that began in April.
“This is the time of the year when inventories really start to see dramatic shifts in the proportion of vehicles from the upcoming model year,” says Edmunds.com Senior Analyst Jessica Caldwell. “As demand builds for the new hot designs, car dealers don’t have to offer as much of a discount to move those vehicles off their lots. That’s why we recommend that car shoppers give extra consideration to some of the great deals on outgoing 2012 model year vehicles.”
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Shoppers on the hunt for those outgoing models are likely finding that their choices are narrowing quickly. Edmunds.com found that 67 percent of all new cars sold in September were 2012 model year vehicles, down from 77 percent in August. If historical patterns hold true, the industry can expect the 2012 model year mix to approach or fall below 50 percent in October.
As always, shoppers can find the vehicles with the most compelling deals on Edmunds.com’s True Market Value® Deals of the Month page. Edmunds.com also helps consumers get a sense of whether right now is a good time to buy specific new car models with its TMV® Predicted Price Trends.
Edmunds.com’s monthly True Cost of Incentives® (TCI®) report takes into account all automakers’ various U.S. incentives programs, including subvented interest rates and lease programs, as well as cash rebates to consumers and dealers. To ensure the greatest possible accuracy, Edmunds.com bases its calculations on sales volume, including the mix of vehicle makes and models for each month, as well as on the proportion of vehicles for which each type of incentive was used.
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