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

202206-june-deals Best new-car deals for June | illustration by Paul Dolan

June tends to be a busy month packed with celebrations: Graduations, the start of summer break and Father’s Day all call for numerous family get-togethers. A capable SUV or pickup truck can accommodate summer demands, whether it’s a Costco run before the big cookout or a cross-country road trip. Unfortunately, the ongoing supply chain disruptions are dragging the inventory shortage into the coming months, leading to fewer incentives for these popular vehicles.

Related: 10 Best Cars for Road-Tripping on a Budget

J.D. Power’s latest sales forecast estimates that the average incentive on pickup trucks and SUVs in May was $991, down from $1,702 from the same time a year prior. The average incentive as a percent of MSRP for all vehicles is estimated at 2.1%, dropping 4.4 percentage points from the same time in 2021. Meanwhile, average vehicle transaction price remains elevated: The average price for May is estimated at $44,832, just shy of the $45,247 record set in December.

While the latest numbers may not be a cause for celebration, there are still good deals to be had. We found a trio of SUVs and a pickup truck that defy the trends this month with thousands of dollars in cash savings or special financing rates for qualified shoppers.

Another reason to feel jubilant despite the challenges is the continuous rise in trade-in values. Shoppers who have a trade-in can take advantage of elevated used-car values: According to J.D. Power, the average trade-in value for May was approximately $9,922, up 59% from a year ago. Getting the best trade-in offer and taking advantage of the cash or financing deals on the four vehicles below can help shoppers get into a new vehicle just in time for summer.

2022 Chevrolet Equinox

chevrolet-equinox-rs-2021-03-angle--exterior--rear--red.jpg 2022 Chevrolet Equinox | Manufacturer image
  • Factory discount: $1,250
  • Approximate price after savings: $26,000-$43,000
  • Approximate factory savings: 3%-5%
  • Offer ends: July 5

The 2022 Chevrolet Equinox can accommodate a small family’s summer to-do list, from stocking up for the annual camping trip to the beach getaway. The five-seat compact SUV offers adequate power from a turbocharged four-cylinder engine, an intuitive multimedia system and straight As in our Car Seat Check. The Equinox competes with rivals like the Ford Escape, Honda CR-V, Nissan Rogue and Toyota RAV4, but it’s the only SUV among the pack with a sizable incentive this month: Chevy is offering a $1,250 cash incentive in all the areas we surveyed. The offer is good for all trims of the Equinox, including the new mid-tier RS introduced for the 2022 model year.

Qualified shoppers can skip the cash deal and instead take advantage of a 0% financing rate for 60 months when they finance with Chevy parent GM. All deals are available through July 5.

Shop the 2022 Chevrolet Equinox near you

2022 Chevrolet Traverse

2022 Chevrolet Traverse Premier 2022 Chevrolet Traverse | Manufacturer image
  • Factory discount: $1,000
  • Approximate price after savings: $34,000-$60,500
  • Approximate factory savings: 2%-3%
  • Offer ends: July 5

Joining its smaller sibling on June’s best deals roster is the three-row Chevrolet Traverse, which comes with $1,000 off across all trims in all areas surveyed. The Traverse seats seven or eight occupants, making it a better choice than the Equinox for bigger families; it’s also one of the largest options among rival family haulers like the Honda Pilot, Kia Telluride and Hyundai Palisade. Refreshed for 2021, the SUV got new interior upholstery, and optional wireless Android Auto and Apple CarPlay so drivers can access their favorite summer road-trip tunes without the cords. Power comes from a standard 3.6-liter V-6 paired with a nine-speed automatic transmission, and front- or all-wheel drive are available.

Instead of the $1,000 cash offer, eligible shoppers who finance with GM can get a 1.9% rate for 60 months. Both the cash and finance deals are available through July 5.

Shop the 2022 Chevrolet Traverse near you

Chevrolet Certified
2022 Chevrolet Traverse Premier
19,370 mi.
$47,414 $573 price drop
Great Deal | $1,168 under
CPO Warrantied
2022 Chevrolet Traverse LS
20,480 mi.
$31,791 $200 price drop
Fair Deal

2022 Jeep Compass

jeep-compass-limited-4x4-2022-09-exterior-grey-rear-angle-suv 2022 Jeep Compass | photo by Christian Lantry
  • Factory discount: $500-$2,000
  • Approximate price after savings: $27,500-$41,500
  • Approximate factory savings: 2%-6%
  • Offer ends: July 5

Despite its smaller size compared to the newly redesigned Grand Cherokee or rugged Wrangler, the Compass can handle a variety of summer errands and adventures across its many diverse trims. The Compass was refreshed for 2022 and is now a safer choice thanks to more standard safety tech like forward collision warning with automatic emergency braking, lane departure warning with lane keep assist, and blind spot warning with rear cross-traffic alert. An updated multimedia system, larger touchscreen, and standard wireless Android Auto and Apple CarPlay also help improve road-trip entertainment. Significant tech improvements aside, we found the Compass’ only engine option — a 2.4-liter four-cylinder — to be its biggest drawback since it trails competitors in responsiveness, refinement and power.

Compass shoppers will find savings between $500-$2,000 this month, depending on the model and region. In place of the cash offer, those who qualify to finance with Jeep parent Stellantis can take advantage of a 2.9% rate for 60 months and up to $750 bonus cash or 0% for 36 months with up to $1,000 bonus cash in most regions we surveyed. All offers are valid through July 5.

Shop the 2022 Jeep Compass near you

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

ram-1500-back-country-2022-oem.jpg 2022 Ram 1500 BackCountry | Manufacturer image
  • Factory discount: $1,500-$7,300
  • Approximate price after savings: $36,000-$74,000
  • Approximate factory savings: 3%-17%
  • Offer ends: July 5

Shoppers with big summer plans that include hauling, towing, off-roading or tailgating can take advantage of big savings on the 2022 Ram 1500 Big Horn and Texas-exclusive Lone Star. While the average incentives on pickup trucks continue to fall, the Big Horn bucks the trend with thousands of dollars in cash savings in most areas we surveyed. Texas shoppers will find the most generous deals on the Lone Star model with savings up to $7,300 on select options. The Big Horn and Lone Star are among the most available trims, accounting for 54% of all 2022 Ram 1500 inventory among dealers in May.

In lieu of the aforementioned cash-only deals, several special financing rates are available for qualified shoppers: 0% for 48 months and $4,000 in bonus cash; 2.9% for 72 months and up to $3,500 in bonus cash; and 1.9% for 60 months with up to $4,500 in bonus cash. All the above offers are valid through July 5.

Shop the 2022 Ram 1500 near you

2022 RAM 1500 Big Horn
$75,000 MSRP $62,915
2022 RAM 1500 Big Horn
$71,495 MSRP $60,310

How We Look for Deals

To help car shoppers find the best deals for June, 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.

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