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Best Car Deals

What Are August's Best Car Deals?

It’s fair to say that the dog days of this summer are unlike anything we’ve seen before. While businesses are ...

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Best Car Deals This Month

Deals are samples from the manufacturer. Availability may vary based on location. Contact your dealer for details and qualification. All prices exclude taxes, licensing, tags and other dealer fees.

2020 BMW 5-Series

2020 BMW 5-Series

MSRP: $53,900-$110,000

2020 BMW 5-Series

FINANCE DEALS

  • 0.9% financing for 60 months plus $4,000 bonus cash (Expires: 08/31/20)
2020 Cadillac Escalade

2020 Cadillac Escalade

MSRP: $75,195-$98,295

2020 Cadillac Escalade

CASH BACK DEALS

  • $9,500 cash back (Expires: 08/31/20)
2020 Chevrolet Silverado 1500

2020 Chevrolet Silverado 1500

MSRP: $28,500-$57,100

2020 Chevrolet Silverado 1500

CASH BACK DEALS

  • $5,000 cash back (Expires: 08/31/20)
2020 Chrysler Pacifica Hybrid

2020 Chrysler Pacifica Hybrid

MSRP: $39,995-$45,845

2020 Chrysler Pacifica Hybrid

FINANCE DEALS

  • 0% financing for 72 months
    0% financing for 60 months plus up to $3,000 bonus cash
    (Expires: 08/31/20)

CASH BACK DEALS

  • Up to $5,000 cash back (Expires: 08/31/20)

See All 

2020 Ford F-150

2020 Ford F-150

MSRP: $28,745-$71,160

2020 Ford F-150

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Infiniti QX50

2020 Infiniti QX50

MSRP: $37,250-$55,850

2020 Infiniti QX50

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Jaguar I-Pace

2020 Jaguar I-Pace

MSRP: $69,850-$80,900

2020 Jaguar I-Pace

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Jeep Renegade

2020 Jeep Renegade

MSRP: $22,375-$28,500

Get an additional $500 bonus cash »

2020 Jeep Renegade

FINANCE DEALS

  • 0% financing for 72 months
    0% financing for 60 months plus up to $2,500 bonus cash (Northeast)
    0% financing for 60 months plus up to $1,750 bonus cash (Mid-Atlantic, Southeast)
    0% financing for 60 months plus up to $2,250 bonus cash (Midwest, Northwest)
    0% financing for 60 months plus up to $1,250 bonus cash (South Central, Southwest)
    (Expires: 08/31/20)

CASH BACK DEALS

  • Up to $5,500 cash back (Northeast)
    Up to $5,000 cash back (Mid-Atlantic)
    Up to $4,750 cash back (Southeast, South Central)
    Up to $5,250 cash back (Midwest, Northwest)
    Up to $4,250 cash back (Southwest)
    (Expires: 08/31/20)

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2020 Kia Sorento

2020 Kia Sorento

MSRP: $26,990-$41,890

2020 Kia Sorento

CASH BACK DEALS

  • $6,000 cash back (Expires: 09/08/20)
2020 Ram 1500

2020 Ram 1500

MSRP: $32,145-$57,515

Get an additional $500 bonus cash »

2020 Ram 1500

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Subaru Ascent

2020 Subaru Ascent

MSRP: $31,995-$45,045

2020 Subaru Ascent

FINANCE DEALS

  • 0% financing for 63 months (Expires: 08/31/20)
2020 Toyota Supra

2020 Toyota Supra

MSRP: $49,990-$55,250

2020 Toyota Supra

FINANCE DEALS

  • 0% financing for 60 months (Expires: 08/31/20)

CASH BACK DEALS

  • $3,500 cash back (Northeast, Mid-Atlantic, Midwest, South Central, Southwest, Northwest) (Expires: 08/31/20)

See All 

2020 Volkswagen Atlas

2020 Volkswagen Atlas

MSRP: $31,545-$49,195

* 2021 pricing; 2020 pricing not available

2020 Volkswagen Atlas

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Volkswagen GTI

2020 Volkswagen GTI

MSRP: $28,595-$37,295

2020 Volkswagen GTI

FINANCE DEALS

  • 0% financing for 72 months (Expires: 08/31/20)
2020 Volvo XC90

2020 Volvo XC90

MSRP: $48,350-$73,800

2020 Volvo XC90

CASH BACK DEALS

  • $4,000 cash back (Expires: 08/31/20)

More on Best Car Deals

It’s fair to say that the dog days of this summer are unlike anything we’ve seen before. While businesses are reopening, there’s still uncertainty about the path of the coronavirus pandemic and its effects on the economy. The auto industry is in the midst of a strong recovery, though, and much of its success continues to be powered by generous incentives and discounts on new cars.

The majority of new-car deals fall into a couple of categories. Cash back deals, or rebates, effectively lower the price of the vehicle. Financing deals reduce or eliminate the amount you have to pay in interest on your car loan. Both types of deals can save you thousands of dollars. In some cases, carmakers will offer combination deals, with a low interest rate and a chunk of cash back. A few automakers are offering “percent-off” deals. They act like cash back deals to lower the price of the car.

There’s another type of deal you can take advantage of if you’re shopping for a new car lease. We cover new car lease incentives on our lease deals page.

Finding money-saving deals can be like looking for a needle in a haystack. Fortunately, we’ve done the work of identifying the best deals in the marketplace for you. Later in this article, we’ll show you how to compare different offers and take advantage of the deals. If you haven’t purchased a new car for a while or are a first-time buyer, our guide to buying a new car is a must-read before you step into a dealer’s showroom.

Though the seven-year 0% deals are gone, automakers are still offering great financing incentives with terms up to six years. Cash back deals with $3,000 or higher rebates are easy to find this August.

Though some areas of the country are experiencing shortages of full-size pickup trucks due to plant closures caused by the COVID-19 pandemic, it’s a great time to buy if you can find the model you want. There are 0% financing deals on crew cab models of both the 2020 Ford F-150 and 2020 Ram 1500. You can also take advantage of a $5,000 cash back deal on the 2020 Chevrolet Silverado.

Models with excellent financing offers this month include the 2020 Volvo XC90, 2020 Subaru Ascent, and 2020 Infiniti QX50. There are even a few surprises on the list, including 0% financing deals on the 2020 Volkswagen GTI and 2020 Toyota Supra.

Several automakers are offering massive amounts of cash back this month. There’s $6,000 cash back available on the 2020 Kia Sorento, for example, and a whopping $9,500 rebate on the 2020 Cadillac Escalade. BMW is offering a combination deal with 0.9% financing and cash back on the 2020 BMW 5 Series.

How Can U.S. News Help You Get a Deal?

At U.S. News Best Cars, we believe you haven’t gotten a good deal unless you’ve found a good car. We offer many resources to help you get the right vehicle for your needs and budget, find affordable financing, successfully negotiate the buying process, and learn about getting the proper car insurance.

Unlike publications that rely on the opinion of a single reviewer, U.S. News & World Report looks at hundreds of new car reviews from the country’s top automotive journalists. We use their consensus opinion, blended with quantifiable data on predicted reliability and safety, to come up with a score for nearly every new car, truck, SUV, wagon, and minivan you can buy. Those scores are then used to rank vehicles against their peers. To ensure that you can trust our impartiality, our staff does not accept expensive gifts or travel from automakers, and an outside company handles our advertising.

In addition to their overall rankings, we offer consumers the ability to compare models based on the individual factors they tell us are critical to their purchase decisions, such as predicted reliability ratings and performance.

You can save both time and money by taking advantage of our Best Price Program. We work with local dealers to provide haggle-free, guaranteed savings off the MSRP. On average, buyers shave more than $3,000 off the sticker price when they use the program.

Buying a new car is one of the last arenas of free-wheeling price negotiation, and that can be intimidating even to savvy consumers. We’ll give you confidence going into the car-buying process with articles on topics including how to get an auto loan, deciding whether to buy or lease, the best way to negotiate a great price, and costly extras to avoid. We’ll even help you with advice after you leave the dealership by showing you how to get the right auto insurance coverage at a reasonable price.

The tips in the articles, such as having a pre-approved financing deal before you head for the car dealership, can save you money now and throughout the life of your vehicle.

What Is a Car Deal?

Forecasting the number of each model that will sell and getting the sticker price right is a bit science and a bit art. Automakers don’t always get it right. Sometimes a car needs some extra help to get to a price where it will sell. Others sell great when they’re first introduced but are harder to move when a replacement is right around the corner.

That’s where automaker-supported car deals come into play. They offer incentives for buyers that lower the cost of the vehicle, its financing, or both. What’s the best part about car deals? You don’t have to negotiate to take advantage of the money-saving offers.

Car deals fall into three main categories: lease, cash back, and financing. Automaker-subsidized lease deals offer lower monthly payments, smaller amounts due when you start the contract, or both. We track the best lease deals available on our lease deals page. Cash back offers lower the price you pay for the car, while financing deals reduce or eliminate the amount of interest you pay on your car loan.

Though they are called cash back deals, the dealer won’t give you a pile of money before you drive away. Instead, they reduce the price you pay for the car. Cash back incentives go by several names, including rebates, bonus cash, and cash allowances, but they all work the same to knock hundreds or thousands of dollars off the price you’ll pay.

Look at this month’s deal on the 2020 Toyota Supra. Its base sticker price is $49,900 before the discount. Subtract the $3,500 cash incentive, and you only have to pay $46,400.

Many buyers don’t consider the cost of interest on their car loan when making a purchase decision, but it can be a significant expense. Getting a financing deal can reduce, or even eliminate, the cost of interest on your car loan. Lowering the amount of interest you pay can allow you to make smaller monthly payments, shorten your car loan, or even afford a nicer car.

Let’s use the six-year, 0% offer that’s available this month on the 2020 Volkswagen GTI. We’ll assume you’ve chosen the base model, which is priced at $28,595, and have no trade-in or down payment. With the 0% deal, you simply divide the price of the car by the number of payments, or in this case, divide $28,595 by 72. The monthly payment for the GTI would be $397.

When there’s interest involved, the math to figure out the payments gets more complicated, so we’ll use the U.S. News & World Report auto loan calculator to do the work for us. Without the 0% offer, you would have to pay a market interest rate, which is running about 4.24% for a six-year loan. Plug the rate, loan term, and car’s price into the calculator, and you can see that the monthly payment would be $451.

Without the 0% offer, you’d have to pay an extra $54 per month. Over six years, that’s $3,888 in interest payments on your VW GTI.

While 0% deals offer the best possible interest rate, you can save money with any offer that’s significantly below market rates. Of course, you should check with a bank or credit union to find out what rate you qualify for before you assume that a car deal offers the best value.

The best car deals are reserved for customers with top-notch credit scores. With few exceptions, consumers with challenged credit will have a hard time getting one of these great deals. If that's you, you’re better off getting a pre-approved offer from your bank or credit union before heading to the dealer. If you have bad credit, going into a dealer’s finance office unprepared can be financially risky.

Occasionally, automakers offer special financing deals to customers with challenged credit. It’s a good idea to ask a manufacturer’s online sales consultant about any such programs before you head for the dealer.

Even if you have found a spectacular cash back or financing deal, you should still negotiate to get the lowest possible price on the vehicle. Though a salesperson might tell you otherwise, you should negotiate just as hard on the cost of a car with an incentive as you would on a car without one.

New car deals come loaded with rules, restrictions, and fine print. Only specific models or even trim levels of those models are subject to the deals. Some offers are limited to a certain number of vehicles or a percentage of a dealer’s stock. Many deals only apply to car shoppers who live in specific areas. You can contact your local dealer directly or chat with an internet sales representative to verify that you qualify for the deal you’re seeking. Paying attention to a deal's expiration date is essential. Miss it by even a day, and you'll likely miss out on the discount.

Buyers who are willing to invest a bit of time and travel into their car purchase can potentially save even more money. Dealerships have manufacturer discounts and direct-to-dealer incentives, so different dealers can pay the factory different prices for the same car. For the vehicle you want, find a dealer who paid less for the vehicle or is trying to hit a sales goal, and they'll have more room to negotiate a lower sales price. Inquiring at dealerships who sell a different mix of vehicles than others can also get you a better deal. Call a rural dealer, for example, if you're looking for a hybrid that may not be as popular in that area. Looking for a full-size pickup? An urban dealer might make you a great deal.

How Do You Know if It Is a Good Deal?

Don’t assume that every advertised offer is a good deal. You'll want to do the math to see how different offers compare, and which one saves you the most money. Avoid the temptation to compare deals by simply looking at the monthly payment. While getting a monthly payment that fits into your budget is essential, focusing on just the payment and ignoring other factors could mean that you spend much more money in the long run. Instead, you want to compute the entire cost of the car, including the interest you'll pay on your car loan.

Car salespeople will offer to do all of the math for you, but it is critical you pull up the calculator on your smartphone and do the math yourself. While they will want to keep you focused on the monthly payment, you can do the math and see the total cost and ensure that no costly extras are included in the deal. The simple act of bringing out a calculator sends a signal that you are a savvy customer.

Fortunately, the math to determine a car’s total cost is easy. First, you use a car loan calculator to determine the monthly payment by entering the price of the vehicle, the interest rate, and the number of payments. Then multiply that payment by the number of months you'll be paying on the loan to determine the total cost of your payments. Add your down payment and the value of your trade-in to that number, and you'll have the total cost of the car. Here's an example: You have a car loan with payments of $300 per month for five years (60 months), and you are paying $2,000 down with no trade-in. Multiply $300 by 60, then add $2,000. The total cost of the car is $20,000.

Car buying gets more complicated when you lump the price of the car, the cost of financing, and your trade-in value into one transaction. An experienced salesperson will want to keep you focused on the monthly payment and will tweak the other numbers to show you the payment you said you could afford. As a smart buyer, your goal is to separate those components as much as possible. Unless you are getting a financing deal, you can take the loan component out of the mix by getting pre-approved for a financing deal at a bank or credit union. While the dealer might be able to beat the offer you have, they won’t have any incentive to do so unless you have a pre-approved offer in hand. You can take the trade-in out of the equation by selling it yourself to a private party or another dealer. If you do sell it yourself, however, you might end up paying more sales tax on your new-car purchase.

Many times, you’ll have an opportunity to choose between low-interest financing and a cash back offer. You can do a little math to see which is the best deal, and you’ll potentially save yourself some money. We’ll use the offers available this month on the 2020 Volvo XC90 to show you how it’s done. On the $56,300 XC90 T6 Momentum, Volvo is offering a choice of either $4,000 cash back or 0% interest for five years. We’ll assume you’re not making a down payment and don’t have a trade-in.

Since there are no financing costs with the 0% offer, the total cost of the SUV is $56,300. That price gets sliced into 60 equal payments of $938.

Take advantage of the attractive $4,000 cash back offer, and you’ll knock the price of the XC90 down to $52,300. However, you’ll have to finance your purchase at a market interest rate. We’ll use the current national average for a five-year loan, which is 4.24%. When we plug those numbers into an auto loan calculator, we see that each monthly payment is $969.

The math shows that you can save $31 per month by taking the 0% financing deal instead of the cash back. That might not sound like much, but multiply the $31 by 60 months, and you can see you’ll save about $1,860 over the life of the loan.

You’ll want to run the numbers for every scenario because every deal is different. If you would have made a substantial down payment on the above purchase, for example, the cash back deal would have likely worked out to be cheaper than the 0% offer.

Though it may be tempting, it is critical that you don't stretch out the length of your car loan to get a lower monthly payment. Not only will you pay substantially more money in the long run, but it can also get you into a precarious financial position if the car is stolen or declared a total loss at a time when you owe more than the car’s worth. The longer the loan, the more likely that the warranty expires while you are still making payments. If something fails, you'll potentially be faced with costly repair bills in addition to your monthly payments.

Completing the Deal

The last step before you can drive your new car home is signing the paperwork in the dealer’s finance office. If you’ve been shopping all day, you probably just want to get the paperwork over and get home. It’s vital, however, that you stay focused and not rush through all of the documents you’ll be asked to sign.

You’ll want to read each one to make sure you understand what you are signing and to ensure that it accurately reflects the deal you agreed to. Pay close attention to the price, interest rate, length of the loan, and additional fees. Don't sign any document with errors or blank spaces, even if you are told that they will be completed or corrected before the papers are submitted. If you are pressured to sign an incomplete or incorrect document, it’s a red flag that should have you stepping away from the deal.

Look out for costly add-ons or fees you don’t understand. Before you accept any add-ons, you should price them from vendors outside of the dealership, such as your lender or auto insurance agent. If a dealer can’t explain a fee to your satisfaction, you should not have to pay it.

Don't ever leave a dealership with a vehicle until you are confident that the purchase and financing are finalized. Often a dealer will let you drive the car home while they complete the financing you agreed to. Several days later, you'll get a call saying the financing deal was not approved and you need to return to sign new paperwork. When you return, you’ll see that the new financing is much more expensive than the original deal. It’s called Yo-Yo financing.

Sometimes there are legitimate reasons the original financing deal fell through, but unscrupulous dealers will let you take the car knowing all along that you would not qualify for the original financing deal. Their goal is to get you to fall in love with your new ride, and then lead you to believe you have no choice but to agree to the new deal. If this happens to you, check with a local credit union or community bank to secure financing before you return to the dealer. Be prepared to give them back the car if they do not offer you a financing deal that is affordable and acceptable.

We research deals based on representative ZIP codes across the country. We strive to keep this list up to date, but offers can change without warning. Some car specials are limited to a certain number of vehicles or a percentage of dealer stock, and inclusion on our site does not guarantee that a particular deal will be available at your local outlet. The easiest way to find out if you can take advantage of an offer is to click the orange button next to the car that you're interested in, and we’ll search for a great price at a local new car dealer.

Our best car deals include purchase deals for Toyota, Nissan, Ford, Honda, Chevrolet, Hyundai, Kia, Dodge, Ram, Jeep, Mazda, Buick, GMC, Subaru, Volkswagen, Acura, Cadillac, Porsche, Mercedes-Benz, Audi, BMW, and Lexus vehicles. Our expert researchers and journalists also search the market for this month’s best lease deals and best used car deals. We’ve done the research to help you find a great ride at a great price.

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Car Deals: August 2020

We've compiled a list of the best car deals available in the U.S. for this month.

By Manufacturer:
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