Common Incentives and Credits
Who doesn’t love a good discount? Throughout the year, automakers provide a variety of incentives. However, they can alter from month to month and frequently the "discounts" or incentive programmes are not stackable, so you must stay informed about when these are releaed. As the incentives are intentionally timed to help them sell the most cars, you can time use information to find the best deal. For instance, it's obvious that firms with poor sales typically present consumers with the finest incentives now that you are aware that automakers utilise incentives to boost sales. Therefore, if a car manufacturer is experiencing a strong sales month or year (and if you want to save money), you might choose to shop at a competitor that's experiencing a sales downturn because there's a good possibility they're giving better discounts.
There are three main types of car rebates and incentives offered to consumers: cash rebates, low-interest financing and special leases.
The following are some typical incentives and credits to ask about:
Cash Back Rebates: At a dealership, this rebate is offered by the manufacturer.
Finance Incentives: in the form of subsidized interest rates & financing "cash" bonus
Lease Deals: subsidizing lease payments
Loyalty & Conquest Programs: for being a repeat loyal or first-time customer
Bonus Cash: to help push the sale of specific vehicles when inventory is high
Employee & Preferred Pricing: Family discounts & company/employer discounts
New Graduate: Just graduated or in post-secondary school? Make sure to ask!
Military & First Responder: details and eligibility vary by manufacturer
Demo Car Discounts: shuttle or company cars that some existing mileage
End of Model Year Inventory Credit: sometimes available after new models are out
How about if I am buying a Hybrid or EV?
Provincial Government Electric Vehicle Incentive Programs: This incentive can be up to $3,000! Check your provincial EV programs for more details.
Federal Government iZEV Program: In addition to Provincial EV credits, the Government of Canada also offers incentives up to $5,000 for consumers who purchase or lease Zero-Emission Vehicles.
Even when incentives and rebates for new cars are fantastic, you still need to be a savvy shopper. Know what incentives and discounts are available to you before entering the dealership and know what a fair price is for the vehicle you are considering. And then finally, you can drive off confident that you got your new vehicle for a great value.
