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

202210 october deals silverado scaled jpg Best new-car deal for October | illustration by Paul Dolan

While October is typically associated with an overabundance of sweets and the outlandish lawn decor that signals Halloween’s arrival, shoppers looking for a new vehicle might find lingering inventory constraints and paltry new-car discounts to be more reminiscent of Mischief Night. Even as new-vehicle production showed modest improvements, ongoing challenges including elevated new-car prices, reduced incentives and rising interest rates continue to lurk in the shadows — yet it’s not all doom and gloom if you’re looking to upgrade your vehicle in the coming weeks: Generous trade-in values and a handful of new-car deals may get you out of a tricky situation.

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

Reduced incentives continue to haunt shoppers in search of a good deal. According to J.D. Power’s most recent sales report, the average incentive was $936 in September — the fifth month in a row where the average was below $1,000. That equates to 2% of the average new vehicle’s MSRP and is down 47.8% compared to the same time in 2021. As a result, new-car prices continue their upward creep: The average price was estimated at $45,622 for September, up 6% compared to the same time a year previously. Meanwhile, new-car interest rates are also on the rise, reaching an average of 5.7%.

The set of vehicles below can take some of the chill out of the car-shopping experience with above-average cash discounts and below-average special financing rates for qualified shoppers. Additionally, your current vehicle’s trade-in value can help offset the frightening new-car price trend: According to J.D. Power, the average trade-in equity for September was projected at $9,617, up almost 22% from the same time in 2021.

2022 Chevrolet Equinox

chevrolet equinox rs 2021 02 angle  exterior  front  red jpg 2022 Chevrolet Equinox | Manufacturer image
  • Factory discount: $1,200
  • Approximate price after savings: $26,500-$43,500
  • Approximate factory savings: 3%-4%
  • Offer ends: Oct. 31

The Equinox will soon don an electrified guise, but for now, it brings the treats in gas-powered form with cash savings of $1,200 on all trims in the regions we surveyed. That includes the new RS, which gets a host of blackened accents and badging along with red stitching inside to accompany the All Hallow’s Eve color scheme. Along with adding the RS, Chevy refreshed its compact SUV for 2022 with new exterior styling and additional safety tech. Qualified shoppers who finance with Chevy parent automaker GM can swap the cash discount for a special rate of 1.9% for 60 months. Both cash and finance offers are available through Oct. 31.

Shop the 2022 Chevrolet Equinox near you

2022 Chevrolet Equinox Premier w/1LZ
22,441 mi.
$27,500 $1,000 price drop
Chevrolet Certified
2022 Chevrolet Equinox 1LT
41,592 mi.

2022 Chevrolet Traverse

2021 Chevrolet Traverse front OEM jpg 2022 Chevrolet Traverse | Manufacturer image
  • Factory discount: $1,000
  • Approximate price after savings: $34,000-$60,500
  • Approximate factory savings: 2%-3%
  • Offer ends: Oct. 31

Shoppers looking for a larger SUV to accommodate the annual haunted house outing can go with the Equinox’s larger sibling, the mid-size Traverse. The Traverse can fit up to eight occupants and, like the Equinox, got a refresh for 2022 that offers more standard safety tech and wireless Apple CarPlay and Android Auto connectivity for easier access to navigation apps or spooky tunes. Chevy is dishing out $1,000 in cash savings on the Traverse in the regions we surveyed along with a special financing rate of 3.49% for 60 months for qualified shoppers; both offers are good through Halloween.

Shop the 2022 Chevrolet Traverse near you

2022 Chevrolet Traverse High Country
27,855 mi.
$40,497 $500 price drop
2022 Chevrolet Traverse Premier
43,330 mi.
$35,400 $600 price drop

2022 Jeep Compass

jeep compass limited 4x4 2022 04 exterior front angle grey suv scaled jpg 2022 Jeep Compass | photo by Christian Lantry
  • Factory discount: $500-$2,000
  • Approximate price after savings: $28,000-$41,500
  • Approximate factory savings: 2%-6%
  • Offer ends: Oct. 31

The only vehicle on the deals roster this month not wearing the Chevy bow tie, the Jeep Compass offers cash discounts between $500-$2,000, depending on trim and region. The 2022 Compass gets high marks for safety and received updates that include an improved Uconnect system with larger touchscreen, more safety tech and an elevated interior (its lagging powertrain, however, is like the box of raisins mixed in with the good candy, according to our review). In lieu of the cash-only offer, shoppers who finance with Jeep parent Stellantis can get special financing rates of 0% for 36 months or 2.9% for 60 months with up to $1,000 in bonus cash, depending on the region. All above deals are available through Oct. 31.

Shop the 2022 Jeep Compass near you

2022 Jeep Compass Latitude
10,456 mi.
2022 Jeep Compass Limited
26,512 mi.

Editor’s Choice: 2022 Chevrolet Silverado 1500

chevrolet silverado 1500 high country 2022 01 exterior front angle scaled jpg 2022 Chevrolet Silverado 1500 | photo by Aaron Bragman
  • Factory discount: $1,200
  • Approximate price after savings: $26,500-$43,500
  • Approximate factory savings: 3%-4%
  • Offer ends: Oct. 31

The 2022 Chevrolet Silverado 1500 beat out its stablemates and the Compass for the title of Editor’s Choice this month. Shoppers can save $1,000 on the Silverado 1500’s crew-cab variants with the base 310-horsepower, 2.7-liter four-cylinder engine in all regions we surveyed; luckily, that engine received the most attention in the Silverado’s 2022 update, with a 20% boost in torque for a healthy 430 pounds-feet. Additionally, all models besides the base WT trim get a modernized interior, larger touchscreen with Google Assistant, and Chevy’s suite of driver-assist tech. Standard features like forward collision alert, lane departure steering assist with lane departure warning, and automatic emergency braking offer added protection from any zombies (or incompetent drivers) you may encounter on the road. Like all aforementioned offers, the discount runs through Oct. 31.

Shop the 2022 Chevrolet Silverado 1500 Limited near you

2022 Chevrolet Silverado 1500 Limited LT
51,000 mi.
$34,000 $150 price drop
Chevrolet Certified
2022 Chevrolet Silverado 1500 Limited LT
58,348 mi.

How We Look for Deals

To help car shoppers find the best deals for October, 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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Photo of Jane Ulitskaya
Former News Editor Jane Ulitskaya joined the team in 2021, and her areas of focus included researching and reporting on vehicle pricing, inventory and auto finance trends. Email Jane Ulitskaya

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