If you’re in the market for a new vehicle, take advantage of some of the best Memorial Day new car deals and leases available this weekend. Not only can you get into a great new set of wheels, you’ll be making a smart investment and saving money in the process. Here we take a look at what’s driving this new car fever and a few of the best deals available during the final days of May.
There truly is an opportunity here, as interest rates for new cars are at the lowest point they’ve been in the past three years, according to WalletHub in its 2015 Auto Financing Report. The report analyzed auto and lease offerings from more than 150 financiers and found that the average new car loan now charges 17 percent less interest than the average used car loan. The NADA Used Car Guide says a “trifecta of low interest rate financing, manufacturer-based incentives and strong trade-in values will help aid vehicle sales,” noting further that “rates of 0% -1.9% are possible in 60- to even 72-month long terms.”
The Wall Street Journal noted that consumers are spending more to get luxury and higher-priced vehicles they want. Favorable lending terms and longer leases are part of the reason they’re willing to shell out more money. In years past, the common new car loan was for 36 months. Today, loans are available up to 60 or 72 months, with a few manufacturers offering even longer terms. The WSJ quotes Mark LaNeve, Ford’s sales chief, as saying: “We do see a little bit of escalation up into 80, 84-month terms.” LaNeve added that Ford has “dipped our toe in” and wants to “do whatever is right for our customers.”
Would-be buyers may have put off the purchase or lease of a large SUV or pickup truck for fear of rising gasoline prices. But while prices may be edging up slightly in some parts of the country, they’re still at low enough levels that consumers are gravitating toward the size vehicle they really want or need.
More Fuel-Efficient Vehicles
Even pickup trucks have made big gains in fuel efficiency in recent years, in part due to tougher fuel emissions standards which, in turn, led to higher fuel economy. Ford’s biggest seller, the F-150 full-size pickup, is made with an aluminum body for 2015 – resulting in higher fuel efficiency than its predecessor. Fuel-efficient crossovers and SUVs have made similar strides in boosting fuel efficiency. From affordable to luxury makes, automakers have made improvements across the board in terms of increased fuel efficiency. And buyers are noticing and taking action.
A number of automakers are offering attractive financing deals on new vehicles this Memorial Day weekend. According to WalletHub, some of the best financing is available from Cadillac, Dodge, Ford, Kia, Nissan, Toyota and Volkswagen. But other carmakers have lucrative deals to explore as well. Take a look.
2015 Buick Enclave – Get zero-percent financing for 60 months, plus $2,250 bonus cash, or $3,750 cash back.
2015 Cadillac SRX – On a purchase, buyers can get zero-percent financing for 36 months plus $2,000 in bonus cash.
2015 Chevrolet Silverado – Incentives on the hood of the 2015 Chevrolet Silverado full-size pickup truck are up to $7,500.
2015 Hyundai Sonata – The handsomely redesigned 2015 has available zero-percent financing for up to 75 months. The Korean automaker is also offering a 90-day deferred payment option on all its vehicles.
2015 Kia Sorento – Here the purchase offer is zero-percent financing for 60 months plus $1,000 cash back, or $2,000 cash back.
2015 Mazda Mazda3, Mazda6 – Put a little zoom-zoom into your driving with the purchase of the 2015 Mazda Mazda3 or Mazda6 models and take advantage of 72-month financing rates of 1.9 percent. Both models were completely redesigned last year and are considered fun to drive and own.
2015 Nissan Altima – Nissan is offering zero-percent financing for up to 72 months plus $1,000 cash back on the purchase of the 2015 Altima midsize sedan.
2015 Volkswagen Touareg – Buyers can get zero-percent financing for 72 months plus $1,000 bonus cash.
Sampling of Best New Vehicle Lease Offers
As for the best lease offers to look for this upcoming holiday weekend, check out those from Audi, Ford, Toyota and Volvo, says WalletHub. But don’t stop there. Here are a few we’ve found that may be of interest.
2015 Acura ILX – Lease for $229 per month for 36 months with $2,999 due at signing, or $310 per month for 36 months with $0 due at signing and $0 first month’s payment.
2015 Chevrolet Malibu – Lease for $169 per month for 24 months with $1,500 due at signing.
2105 Kia Soul – Lease for $189 per month for 36 months with $1,999 due at signing.
2015 BMW X1 – Depending on trim, you can lease for 36 months at $299 to $379 per month with amount due at signing ranging from $3,844 to $3,924.
2015 Ford Explorer – Lease for $249 to $309 per month, depending on where you live.
2015 Mazda CX5 – Lease the Sport trim with automatic transmission and front-wheel drive for $299 per month for 36 months with $1,999 due at signing.
2015 Hyundai Santa Fe – Lease for $299 per month for 36 months with $2,999 due at signing.
2015 Subaru Legacy – Lease for $229 per month for 36 months with $1,999 due at signing.
2015 Volkswagen Jetta – Lease for $159 per month for 36 months with $1,999 due at signing.