What’s the Best New-Car Deal for April 2023?

The old adage “April showers bring May flowers” likely has literal origins — it’s traced back to the agricultural writings of 16th-century poet and farmer Thomas Tusser. Today, the phrase is commonly used to describe the hardships that often precede the most fruitful rewards. New-car shoppers, in particular, are familiar with such “showers”: Vehicle markups, higher average prices and supply constraints have all put a damper on the shopping experience recently. But while there are still a few clouds on the horizon (elevated prices and rising auto loan rates, for example), there are also some metaphorical flowers to look forward to (rebounding incentives and inventory).

Related: Is the Inventory Shortage Coming to an End?

J.D. Power’s latest sales report estimates that the average new-vehicle transaction price reached $45,818 in March. While that’s still up 3.5% compared to March 2022, it continues the downward trend from February’s average ($46,229) and is a notable improvement from the record high $47,362 seen in December 2022.

While buying a new car is still more expensive than a year ago, finding one should be less daunting as inventory levels improve. There were more than 1.6 million new vehicles among Cars.com dealers in March; that’s up from 1.5 million units in February and just over 1 million seen in March 2022. Another promising sign is that automaker incentives are starting to spring up again. According to J.D. Power, the average incentive in March was $1,558 — a 45% increase from the same time a year prior. The average incentive as a percentage of the average MSRP is estimated at 3.3%, which is up nearly 1 percentage point since March 2022.

Pickup trucks and SUVs continue their reign as the most popular vehicle types, accounting for nearly 78% of all new vehicle sales in March, J.D. Power reports. They also bring a slightly more generous average incentive of $1,627. Shoppers looking for the best deal on an SUV or pickup this month should consider one of the four options below, most of which come with above-average incentives.

2023 Chevrolet Equinox

• Factory discount: $1,500
• Approximate price after savings: $26,500-$43,500
• Approximate factory savings: 3%-5%
• Offer ends: May 1

The Chevy Equinox is a regular on this roundup, but with the changing seasons comes a change in the model year that offers the best deal. This is the first month that the 2023 Equinox makes the list in place of the 2022 model with $1,500 off on the SUV’s LS, LT, RS and Premium trims in the regions we surveyed (though it’s worth noting that discounts are also still available for the 2022 model at the time of this writing). In lieu of the cash offer, shoppers who finance with Chevy parent GM can get a special rate of 1.9% rate for 36 months. For 2023, the Equinox gets a slight power boost for its standard turbocharged 1.5-liter four-cylinder engine, from 170 to 175 horsepower; while this change didn’t improve our editors’ opinion of the SUV’s powertrain, the Equinox compensates with a roomy interior and user-friendly tech. The cash and financing deals on the Equinox are available through May 1.

2022 Chevrolet Silverado 1500

• Factory discount: $2,250
• Approximate price after savings: $40,000-$60,500
• Approximate factory savings: 4%-5%
• Offer ends: May 1

Like the Equinox’s upcoming electrified counterpart, the Silverado 1500 will also see an all-electric version with the 2024 Silverado EV. In the meantime, however, shoppers looking for the gas-powered 2022 Silverado 1500 — specifically, one that’s powered by the standard turbo 2.7-liter four-cylinder engine — can save $2,250 on the Silverado’s crew-cab variant. In addition to an updated exterior and improved interior, a refresh for 2022 gave the base engine a torque boost. While the 2023 Silverado 1500 doesn’t offer any cash discount, qualified shoppers that choose the newest model can get a 0% rate when they finance through GM. All aforementioned offers are available through May 1.

2023 Jeep Grand Cherokee

• Factory discount: $1,000-$6,000
• Approximate price after savings: $38,500-$75,500
• Approximate factory savings: 1%-13%
• Offer ends: May 1

The Jeep Grand Cherokee was chosen as Cars.com’s Best SUV of 2023 for its wide range of powertrain options, comfortable interior and off-road capability. And with discounts ranging from $1,000 to as much as $6,000 this month (trim and region depending), the SUV once again makes our best new-car deals roster, too. Qualified shoppers who finance with Jeep parent Stellantis can swap the cash-only deals for financing at 7.26% for 60 months with up to $5,500 in bonus cash, or 2.9% for 36 months. All cash and financing deals run through May 1.

Editor’s Choice: 2023 Ram 1500 Big Horn/Lone Star

• Factory discount: $2,000-$4,000
• Approximate price after savings: $41,000-$72,000
• Approximate factory savings: 3%-8%
• Offer ends: May 1

The Ram 1500 is a long-standing Editor’s Choice among our best new-car deals, and like the Silverado, the 2023 1500 for the first time replaces the 2022 variant with deals up to $4,000 off on its Big Horn and Texas-equivalent Lone Star variants. While Ram has been busy working on the pickup’s all-electric 1500 REV counterpart, the gas- or diesel-powered 1500 soldiers on with only minor changes like a new rear-seat reminder. Fortunately, the standard pickup offers a slew of benefits that helped it rank as a finalist for our Best Pickup Truck of 2023 award. Shoppers who finance with Stellantis can forgo the cash-only deals in favor of rates at 1.9% for 36 months with up to $5,000 in bonus cash, or 3.9% for 60 months with up to $4,500 in bonus cash. As with all preceding discounts, the cash and financing deals are region-dependent and available through May 1.

How We Look for Deals

To help car shoppers find the best deals for April, we lead with cash offers available to shoppers at large, not those that require financing with the automaker or having certain qualifications (e.g., military or college-graduate discounts, loyalty or conquest bonuses, etc.). In calculating the overall percentage discount and pricing after incentives, we focus on the vehicle’s price range from the cheapest incentives-eligible trim level with no factory options to the priciest eligible trim with all factory options. We include the destination charge in such pricing, but we exclude a few other items: taxes and fees, which vary considerably by region, and dealer accessories, which vary considerably by automaker.

Because these are factory discounts, they should be available to all participating dealers. As such, use them as the starting point for negotiations, not a reason to skip haggling altogether.

Incentives data come from automakers’ websites. Remember, our numbers are current as of publication for the markets we survey (generally Atlanta, Chicago, Denver, Houston, Los Angeles and New York). They reflect advertised customer discounts, not unadvertised factory-to-dealer cash. Discount financing typically requires qualifying credit, too, and incentives may vary by region and trim level; automakers may also change them later in the month. In sum: Your discounts may vary, so check with your local dealer for specifics.

More From Cars.com:

• Here Are the 10 Cheapest New SUVs You Can Buy Right Now
• Here Are the 10 Cheapest Pickup Trucks You Can Buy Right Now
• Inventory Shortage Update: Should You Wait to Buy a Car?
• Should I Buy a New or Used Car?
• What Car Should I Buy?

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Cars.com’s Editorial department is your source for automotive news and reviews. In line with Cars.com’s long-standing ethics policy, editors and reviewers don’t accept gifts or free trips from automakers. The Editorial department is independent of Cars.com’s advertising, sales and sponsored content departments.