What's the Best New-Car Deal for August 2023?

The dog days of summer may be dragging along as the calendar year hits August, but the torpor that typically comes with such heat hasn’t affected new-car sales. That’s good news for dealers, but how’s that affecting inventory for shoppers — and what about deals on the vehicles that are out there on lots?

Related: Here Are the 10 Cheapest New Cars You Can Buy Right Now

The answer on both counts, as it has been for much of the past few years, is “not much.” According to J.D. Power’s latest sales forecast, July sales were projected to increase 22% over the same time in 2022 — but transaction prices were only down 1.9% from the same period. And despite both a 64% increase in inventory levels and massive incentive increases year over year, the reality is average incentives as a percentage of MSRP are only hovering around 4%. It’s not much, historically.

That doesn’t mean deals aren’t to be found, however, and as it has been recently, getting the best deal on pure cash back means visiting a Stellantis dealer — everything below can be found under the umbrella of the Dutch-based automaker. Read on for the details regarding a couple of SUVs and a popular pickup truck, the latter with a few extra trim levels this month worth investigating.

2023 Jeep Compass

• Factory discount: $0-$5,099
• Approximate price after savings: $29,000-$43,500
• Approximate factory savings: 0%-15%
• Offer ends: Sept. 5

A perennial resident of our best deals, the Compass compact SUV once again receives a range of discounts this month as cash discounts start at $1,500 and grow to as much as 15% off even the top High Altitude trim in some regions we surveyed. The only exception to this is the base Sport trim — which means you can get a step-up Latitude trim for cheaper than a Sport. But even the Sport benefits from financing in lieu of any cash offers at 7.96% for 60 months; as for the rest of the Compass lineup, 1.9% financing for 36 months or 4.9% for 60 months was observed in most regions we surveyed, and a few even had additional cash atop that if you finance through Jeep parent Stellantis. All offers run through Sept. 5.

2023 Jeep Grand Cherokee

• Factory discount: $1,000-$4,500
• Approximate price after savings: $39,000-$76,500
• Approximate factory savings: 1%-9%
• Offer ends: Sept. 5

The Grand Cherokee, another common nameplate among our best deals, continues its streak of appearing in every one of these stories so far in 2023. This time, however, things get a little complicated with Jeep’s mid-size SUV: Though cash-back offers were available on all trims in the regions we surveyed, how much money comes back to you varies among trims and can be as much as $4,500 or as little as a grand. There were also a range of financing options in the areas we investigated, with options ranging from 2.9% for 36 or 72 months (the latter with additional savings of $3,500), 5.9% for 72 months or 7.96% for 60 months with $1,000 further money back in lieu of any cash discounts. Regardless of whether you go with a cash offer or a financing one, however, the deadline is the same: Sept. 5.

Editor’s Choice: 2023 Ram 1500

• Factory discount: $4,000-$8,638
• Approximate price after savings: $36,000-$82,500
• Approximate factory savings: 5%-10%
• Offer ends: Sept. 5

Oft selected for our best deals of the month, it’s nevertheless rare that we’re able to feature the Ram 1500 full-size pickup truck’s entire lineup, instead frequently defaulting to the volume Big Horn (and its equivalent, Texas-specific Lone Star) trim level. Not so this month: Offers of anywhere from $4,000 to $5,000 — with additional cash if you finance through Ram parent Stellantis — can be had on all variants of the 2023 Ram 1500 with the exception of the old-generation 1500 Classic and bonkers TRX performance trucks. Those interested in financing options will likely find 2.9%, 4.9% or 6.9% for 72 months, trim depending, as we did in the regions we surveyed. All such offers expire Sept. 5.

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:

• 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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