The cold Canadian winter and holiday credit card bill hangovers make January a difficult environment for new vehicle sales volumes. Historically, new vehicle sales in January are only half of those in April and May, the peak volume months. To make a new vehicle purchase more palatable this time of year, several auto makers this month have been offering deals with "no payments" for up to 90 days. It is important to read the fine print and understand whether you are being offered a payment deferral or a payment waiver.
Payment deferrals simply delay when your payments will start, but you will still need to make all 60 monthly payments if you choose to finance for a 60 month term as an example. Payment waivers actually represent direct savings to car buyers as the number of payments due is reduced, but they are often subject to a maximum value waived per payment. The 2016 Mercedes E-Class deal featured by Deals of the Week earlier this month is an example of an actual payment waiver still available for the rest of January.
Here are additional noteworthy deals that will allow you to drive away with "no payments":
2016 Toyota Corolla
Cash purchase, finance and lease customers can now take advantage of a $1,000 manufacturer incentive applied after tax (compared to zero in December for cash and finance) on the 2016 Corolla. Financing for up to 72 months is available at 0.99 percent interest (compared to 1.49 per cent in December) and leasing for 48 months is available at 0.49 per cent interest (compared to 0.99 per cent in December). Those looking to finance a Toyota Corolla can also qualify for the “Don’t Pay for 90 Days” payment deferral.
2016 Toyota Corolla CE Automatic
- MSRP: $18,815
- Manufacturer incentive: $1,000 (after-tax)
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,700
- Cash purchase price before tax: $19,015
- Finance for 72 months at 0.99 per cent interest for $309 per month including tax (includes a $1,000 manufacturer incentive applied after tax)
- Lease for 48 months at 0.49 per cent interest for $228 per month including tax (includes a $1,000 manufacturer incentive applied after tax and assumes a 20,000 annual kilometre allowance)
2016 Ram 1500
Cash purchase and finance customers can now take advantage of a $7,500 manufacturer incentive applied before tax, as well as a $750 “Cold Days Hot Deals” rebate applied after tax on the 2016 Ram 1500. Financing for up to 72 months is available at zero per cent interest (compared to 1.99 per cent in December). Customers looking to finance a Ram 1500 are also eligible for a “No Payments for 90 Days” payment deferral.
2016 Ram 1500 ST Quad Cab 4x4 6’4’’
- MSRP: $40,895
- Manufacturer incentive: $7,500
- Cold Days Hot Deals Bonus: $750 (after-tax)
- Estimated dealer discount: $2,000
- Freight, PDI, government fees: $1,885
- Cash purchase price before tax: $32,530
- Finance for 60 months at zero per cent interest for $614 per month including tax (includes a $7,500 manufacturer incentive applied before tax and a $750 “Cold Days Hot Deals” rebate applied after tax)
2016 Chevrolet Equinox
Cash purchasers can take advantage of a $3,000 manufacturer incentive on the 2016 Equinox. Financing for up to 72 months is available at zero per cent interest and leasing for up to 48 months is available at 0.9 per cent. Additionally, lease customers can qualify for the “Drive Away Without Paying” program, which includes first month payment waived, zero due at signing, zero security deposit, and zero down payment.
2016 Chevrolet Equinox LT AWD
- MSRP: $31,995
- Manufacturer Incentive: $3,000
- Estimated dealer discount: $750
- Freight, PDI, government fees: $1,840
- Cash purchase price before tax: $ 30,085
- Finance for 72 months at zero per cent interest for $519 per month including tax
- Lease for 48 months at 0.9 per cent interest for $519 per month including tax (assumes a 20,000 annual kilometre allowance)
2016 Chrysler 200
Cash purchase and finance customers can take advantage of a $2,500 manufacturer incentive on the 2016 Chrysler 200. Financing for up to 96 months is available at 3.99 per cent interest. Customers looking to finance a Chrysler 200 are also eligible for a “No Payments for 90 Days” payment deferral.
2016 Chrysler 200 S
- MSRP: $30,295
- Manufacturer incentive: $2,500
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,885
- Cash purchase price before tax: $29,180
- Finance for 60 months at 3.99 per cent interest for $607 per month including tax (includes a $2,500 manufacturer incentive applied before tax)
Andrew Tai is CEO of Unhaggle
Pricing and calculations are based on Ontario customers and subject to availability of inventory. Please note that while the information above is accurate at the time of publication, pricing, incentives, and discounts may vary and are subject to change or discontinuation at any time. Dealer discounts are estimates and may be given at the discretion of individual dealers. Consult your local dealership for details.
Like us on Facebook
Add us to your circles
Sign up for our weekly newsletter.