Best New Car Incentives and Lease Deals for July 2024 (2024)

Last Updated: Jul 18, 2024

Those looking to buy or lease a new car this July are in store for MUCH BETTER deals compared to last year, especially with the added July 4th promotions on some models! Inventories on new vehicles have risen back to normal levels, incentives have been increasing across the board with larger rebates, better finance deals and much better lease deals... READ MORE ⌄

Current Offers July 2024

July 2024 Incentives Updates & Changes

Used car prices have come down a lot as well, but we do expect a shortage of late-model used cars (2 to 3 years old) entering the market for the next year or so. This is due to the drop in leasing 2-3 years ago due to the supply shortages. Now we're starting to see the after-effects of that.

If you're looking to buy or lease a new car, I would try to time it towards the end of the month as dealers should be more likely to negotiate on price, or take advantage of the 4th of July holiday sales.

It had become normal over the past couple of years for new car shoppers to be paying MSRP and even higher for vehicles. Besides a handful of very popular models, we're thankfully no longer seeing this, with some models offering upwards of 15% off MSRP now. Remember, getting a great deal foremost depends on the model, which is why you should really consider more than one vehicle when shopping for a deal. By getting bids from multiple dealers, you increase your chance of finding a "desperate" dealer that is willing to negotiate.

Adding uncertainty to all of this is ongoing world conflict and high interest rates. Interest rates have made monthly payments much higher, which makes affordability of news cars much harder, especially luxury cars. On top of this, lenders are becoming more strict with who they loan money to. Rejection rates for auto loans are at all-time highs, especially car shoppers with credit scores below 690 - it's a great time to be a cash buyer!

Interest rates are anywhere from 6 - 10% on new cars even if you have good credit, but many manufacturers are offering low interest loans - even 0% financing on some vehicles in July. We've actually seen an uptick in finance deals being offered, which seems to be one of the major ways manufacturers are offering incentives right now. Many have also introduced loyalty and conquest bonuses, so if you do have a lease return coming up, this could put an extra $1,000 to $2,000 in your pocket.

My advice right now: start compiling price bids, many models are offering great deals this month, but if you have the luxury of waiting, the deals should get even better as we move into the fall (when 2025 models will start arriving in bigger numbers and hopefully interest rates start moving down). We should continue to see increases in manufacturer incentives this summer and fall as dealers and manufacturers are forced to compete again.

(Note: incentives can vary greatly by region; these figures may not be accurate in your local area. Always verify with your local dealers)