What’s the Best New-Car Deal for August 2022?

New-car shoppers have been hit with a slew of challenges in recent months: low inventory, record-high prices and rising interest rates, to name a few. While time is said to heal all wounds, the inventory shortage has now dragged into the second half of the year, and it’s clear the auto industry needs even more time to recover — yet timing can be an advantage this month for shoppers who choose a vehicle with above-average incentives and capitalize on elevated used-car trade-in values.

Related: Should You Buy Now or Wait to Save on a Car?

Early predictions that the inventory shortage might improve by the first half of 2022 haven’t materialized. According to J.D. Power’s latest sales report, many new cars are snatched off dealer lots as soon as they arrive, with 55% of cars sold within 10 days and the average vehicle spending only 19 days on the lot versus 29 days the same time a year ago. Such demand comes in spite of rising new-car prices: The average vehicle transaction price was projected to reach $45,869 — up 12% from July 2021. Meanwhile, substantial automaker incentives are still few and far between: The average incentive for July was estimated at $894 — down nearly 55% from a year ago.

Despite elevated gas prices, shoppers are still flocking to SUVs and pickup trucks, which together comprised nearly 80% of all new vehicles sold in July. While the average incentives for the two came in at an average of $900, the four vehicles listed below all surpass this amount to land a spot on our best deals roundup.

2022 Chevrolet Equinox

• Factory discount: $1,200
• Approximate price after savings: $27,500-$43,500
• Approximate factory savings: 3%-4%
• Offer ends: Aug. 31

The Chevrolet Equinox is one of the bestselling compact SUVs, and to help it stay competitive against archrivals like the Ford Escape, Honda CR-V and Toyota RAV4, the 2022 Equinox gains fresh styling, more tech and a new RS trim with darkened accents. Even though the most affordable base L was discontinued for 2022, shoppers will save $1,200 on all other Equinox trims this month in the regions we surveyed. Qualified shoppers who finance with Chevy parent GM can forgo the cash offer in favor of a 0% rate for 60 months. Both offers are available through Aug. 31.

2022 Chevrolet Traverse

• Factory discount: $1,000
• Approximate price after savings: $34,000-$60,500
• Approximate factory savings: 2%-3%
• Offer ends: Aug. 31

Families looking for more space than the Equinox offers can also save on the SUV’s larger stablemate, the three-row Traverse. The 2022 Traverse comes with a discount of $1,000 on all trims in the areas we surveyed. Like the Equinox, the Traverse got a refresh for 2022 with minor exterior changes, including a new grille, front and rear bumpers, redesigned LED headlights and taillights, and new wheel designs. The family hauler also received more safety tech to keep up with its rivals; a front collision system with automatic emergency braking and pedestrian detection, lane keep assist and a following distance monitor come standard. Approved shoppers who finance with GM can take advantage of a special financing rate of 2.89% for 60 months in lieu of the cash savings. All offers are valid through Aug. 31.

2022 Jeep Compass

• Factory discount: $1,000-$2,000
• Approximate price after savings: $27,500-$41,500
• Approximate factory savings: 2%-6%
• Offer ends: Sept. 6

Despite its mediocre fuel economy —an EPA-rated 25 mpg combined — the updated 2022 Compass brings a number of redeeming qualities, including improved cabin materials and added storage, a more responsive Uconnect 5 system and added standard safety features. It also brings between $1,000 and $2,000 in cash discounts this month, depending on the region. Shoppers who finance with Jeep parent Stellantis can swap the cash-only deal for one of two available financing offers: 0% for 36 months or 2.9% for 60 months with $1,000 in bonus cash. All cash and finance offers are available through Sept. 6.

Editor’s Choice: 2022 Ram 1500 Big Horn/Lone Star

• Factory discount: $2,250-$6,500
• Approximate price after savings: $38,500-$73,500
• Approximate factory savings: 3%-14%
• Offer ends: Sept. 6

A regular Editor’s Choice appointee, the 2022 Ram 1500 also topped the list of most available American-made vehicles recently with the highest inventory among competitors such as the Ford F-150 and Chevy Silverado 1500. What’s more, the pickup defies the trend of shrinking incentives: Big Horn and Texas-exclusive Lone Star trims come with cash discounts that range from 3% to 14%, region depending. These trims also see significant updates for 2022, including a new off-road-oriented BackCountry Package and the latest Uconnect 5 system. Shoppers who finance with Stellantis can trade the available cash-only offers for a special financing rate of 0% for 48 months or 1.9% for 60 months with up to $4,000 in bonus cash in most areas surveyed. All aforementioned deals end Sept. 6.

How We Look for Deals

To help car shoppers find the best deals for August, 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:

• Inventory Shortage Leaves Little Room for Haggling; Here Are 5 Other Ways to Save on Your Car Purchase
• Inventory Shortage Update: Should You Wait to Buy a Car?
• How Long Will the Vehicle Inventory Shortage Last?
• What Are the Most Fuel-Efficient Cars for 2022?
• 2022 Ram 1500 Rebel G/T: Max Towing and Daily Driving

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