These are great times on the new car incentives and rebate front. Two examples, one involving a distressed automaker and another focusing in on two hot selling competitors illustrate the point.
With Chrysler products averaging close to $6,000 in current incentives, more good news for consumers comes straight from the boss. Chief Executive Robert Nardelli is reported to have told dealers in a recent web cast that a new incentive is coming to the mailboxes of current Chrysler product owners.
It appears that Chrysler is ready to send all existing customers certificates for $1,000 toward the purchase of a new vehicle between now and the end of June. The automaker could send out as many as nine million of these certificates.
In my opinion, the offer serves Chrysler a two-fold purpose. The first is to keep traffic flowing into dealerships. The second and more subtle reason is to probably assist the dealers who are being forced to close in the next few months. This incentive can help to move units out of dealer's lots before they shut their doors.
On the recent rebate front you don't just have to turn to failed automakers to get great deals. One of the kings of the mountain currently is Hyundai. Hyundai could have rested on its laurels after launching the popular Hyundai Assurance Program where it offered to assist new car buyers if they lost their job. Now Hyundai has gone one step beyond by offering a great package on the popular Hyundai Accent through June 1. To try to keep the title of the 'Lowest Priced Car in America' the Korean automaker is offering a $1,500 cash back offer. This put a quick dagger in the heart of Nissan with the Versa, which competes with the Accent, Toyota Yaris and Honda Fit for the title of least expensive car.
It appears Nissan has also been burning the midnight oil to figure out incentives that will push even more units of their popular Versa. Currently, the Versa sedan comes with a $1,250 cash back offer or 2.9% financing for 60 months while the hatchback SL version offers 1.9% financing for 60 months or $1,750 cash back.
It shows that whether you are currently booming or busting as an automaker a solid incentive program is the way to go as consumers seek added value at all price points.