COVID-19 is driving huge incentives this May versus last year, motivating 1 in 3 shoppers to buy this holiday weekend.
CHICAGO, May 20, 2020 /PRNewswire/ -- According to recent research by Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, 33% of in-market car shoppers are ready to take advantage of the deep discounts being offered by automakers and dealerships nationwide this weekend.¹
Cars.com's research found that of those ready to buy this weekend, 76% plan to buy new, 14% used, 3% certified pre-owned and 7% of shoppers are undecided. The group is largely focused on shopping for domestic cars (60%), followed by import cars (44%). About 35% plan to buy a luxury vehicle.¹
"Our research proves shoppers are ready to take advantage of these massive deals and we know dealerships nationwide are ready to safely accommodate them following whatever guidelines are in place in their local area," said Kelsey Mays, Cars.com's senior consumer affairs editor. "COVID-19 is speeding up the purchase timeline for shoppers due to several reasons, including safety concerns and the freedom that comes with owning a car, but also because you just can't beat these Memorial Day deals."
- Buick Encore: GM's almost-luxe brand is offering $4,500 off its subcompact SUV on all but the base trim level. Additionally, Buick is offering 0% financing for up to 84 months for qualified shoppers, excluding the base trim level.
- Buick Envision: Get this compact SUV for $4,750 off all but the 1SV trim. Buick is also offering 0% financing for up to 84 months for creditworthy shoppers on select models.
- Buick Regal Sportback: Get $5,500 off this classic sedan for all but the 1SV, trim level and options depending. Buick 0% financing for up to 84 months is not offered for this model.
- Chevrolet Bolt EV: The all-electric hatchback comes with $8,500 off or $4,750 off with 0% financing for up to 72 months if financed through GM.
- Ford EcoSport: Discounts for this subcompact SUV range from $2,250 to $4,250 off depending on location and if shoppers finance through the automaker, which is 0% for up to 72 months for qualified buyers. Buyers can also take advantage of Ford's Built to Lend a Hand program that allows eligible new-car buyers who finance through Ford to receive three months of payments covered by Ford, with an option to defer an additional three months.
- GMC Acadia: Cars.com Editor's May Pick mid-size SUV offers a $4,000 discount on all but the base SL model. GMC's 0% financing for up to 84 months for qualified buyers is eligible for all models except the SL.
- GMC Terrain: The compact SUV comes with $4,500 off, excluding the base SL. GM's 0% financing offer for up to 84 months for qualified shoppers includes the Terrain.
- Kia Optima: The mid-size sedan offers $3,500 off the Special Edition and LX trims, and $4,000 off the S, EX, EX Premium and SX. Qualified shoppers can receive 0% financing for up to 75 months plus 120 days' deferred payment.
- Jeep Compass: Jeep's compact SUV comes with discounts that vary widely by region and trim level. Discounts range from $3,250 up to $4,750 off if financing through the automaker. Additionally, creditworthy shoppers can walk away with 0% for up to 36 months with additional cash incentives on top of that, as much as $2,250 in some places.
- Nissan Murano: The mid-size SUV sports up to $6,250 off, but only for SL and Platinum trims. Shoppers can get about $3,000 off the lower S and SV trims. Qualified shoppers can take advantage of Nissan's 0% financing for up to 36 months, with three months of deferred payment and up to two months of payment relief.
Cars.com's latest research suggests that those who plan to buy a car this holiday weekend are driven by a desire for something newer (53%), the fact that current deals are just too good to pass up (35%) and needing a replacement vehicle due to an accident or their car breaking down (21%).¹
To learn more about the recent Memorial Day survey, great deals and other car-buying tips and tricks, please visit Cars.com/events/Memorial-Day.
1 Cars.com survey May 14 through May 20, 2020; 983 responses
Cars.com Inc. is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, Cars.com enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share. In 2018, Cars.com acquired Dealer Inspire®, an innovative technology company building solutions that future-proof dealerships with more efficient operations, a faster and easier car buying process, and connected digital experiences that sell and service more vehicles.
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SOURCE Cars.com Inc.