Best Car Deals
John M. VincentLast Updated: Feb 7, 2020
What Are February’s Best Car Deals?
February can be a lonely time at car dealerships. After all, who wants to brave winter weather to tromp around ...Read More
Deals by Manufacturer
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.
CASH BACK DEALS
- $9,000 cash back (Expires: 03/02/20)
- 0% financing for 72 months
0% financing for 72 months plus GM Cardholders get $1,000 bonus cash (Expires: 03/02/20)
- 0% financing for 60 months plus $2,750 bonus cash (Expires: 03/02/20)
CASH BACK DEALS
- $4,250 cash back on STX (Northeast, Southwest, Northwest)
$3,750 cash back on STX (Mid-Atlantic)
$6,500 cash back on XLT (Southeast)
$4,000 cash back on XLT (Midwest)
$4,250 cash back on XLT (South Central) (Expires: 03/31/20)
- 0% financing for 72 months
0% financing for 72 months plus $750 bonus cash for current GM customers (Expires: 03/02/20)
- 0.9% financing for up to 72 months (Expires: 03/02/20)
- 0% financing for 36 months plus $2,750 bonus cash (Northeast, Mid-Atlantic, Southeast, Midwest, South Central)
0% financing for 36 months plus $5,250 bonus cash (Southwest)
0% financing for 36 months plus $3,750 bonus cash (Northwest) (Expires: 03/02/20)
CASH BACK DEALS
- $2,750 cash back (Northeast, Mid-Atlantic, Southeast, Midwest, South Central)
$5,250 cash back (Southwest)
$3,750 cash back (Northwest) (Expires: 03/02/20)
CASH BACK DEALS
- Up to $3,000 cash back (Expires: 03/02/20)
CASH BACK DEALS
- Up to $3,500 cash back (Northeast, Mid-Atlantic, Southeast, Midwest, South Central, Northwest)
Up to $3,000 cash back (Southwest) (Expires: 03/02/20)
- 0% financing for 72 months plus $1,000 bonus cash (Expires: 03/31/20)
CASH BACK DEALS
- Up to $6,000 cash back (Expires: 03/02/20)
- 0% financing for 36 months plus up to $5,250 bonus cash (Northeast, Southeast, Midwest, South Central, Northwest)
0% financing for 36 months plus up to $6,000 bonus cash (Southwest)
0% financing for 36 months plus up to $6,250 bonus cash (Mid-Atlantic) (Expires: 03/02/20)
CASH BACK DEALS
- Up to $5,250 cash back (Northeast, Southeast, Midwest, South Central, Northwest)
Up to $6,250 cash back (Mid-Atlantic)
Up to $6,000 cash back (Southwest) (Expires: 03/02/20)
More on Best Car Deals
February can be a lonely time at car dealerships. After all, who wants to brave winter weather to tromp around car lots? Well, if you want to take advantage of this February’s best car deals, you do. There are plenty of money-saving cash-back and financing offers to make your journey to the dealer worth it.
When you shop this time of year, you can avoid the frenzy you’ll find at other times. You’ll have more time to check out your options and negotiate a good deal without feeling rushed. Dealers may be a bit more hungry to get your business if fewer people are visiting their showrooms.
Knowing how to identify and take advantage of a good deal takes some research. Not only do you need to know what makes a deal attractive, you want to know how to compare different offers and take advantage of the incentives you find. When you know how the system works, you can confidently use that knowledge to save thousands of dollars.
There was talk in 2019 that the end of zero percent financing deals was near. This February’s deals show that prediction was way off base. There are plenty of zero percent deals available across the marketplace, on models as varied as the 2020 Jeep Renegade and 2020 Lincoln MKZ. Many of this month’s financing deals, such as the offer on the 2020 Ram 1500, include both zero percent financing and a generous cash-back component.
Even though last year’s full-size pickup sales title has been settled, truck makers are continuing the battle of incentives. In addition to the Ram deals, there are excellent offers this month on the 2020 Ford F-150 and 2020 Chevrolet Silverado. There’s even a low-interest financing deal on our top-ranked compact pickup, the 2019 Honda Ridgeline, which is rarely discounted.
Shoppers in the market for an SUV or minivan have plenty of options this month. There are massive cash rebate offers on models ranging from the 2020 Cadillac Escalade ($9,000 cash back) to the 2020 Kia Optima ($3,000) and 2020 Nissan Murano ($6,000).
How Can U.S. News Help You Get a Deal?
Our group of expert researchers and journalists believes that you are not getting a great deal unless you are getting a great car. The mission of the U.S. News Best Cars team is to help car buyers find the best deal on a vehicle that fits their needs and has what it takes to provide years of reliable service.
We start by studying thousands of car reviews from America’s top automotive journalists. We combine our analysis with quantifiable data about each vehicle’s safety and predicted reliability to create scores that we use to rank vehicles. We rank nearly every new car, minivan, SUV, and truck available in dealer showrooms. To ensure our impartiality, we do not accept trips or expensive gifts from automakers, and an outside company handles our advertising.
In addition to the overall scores that power our new car rankings, you can compare vehicles side by side using the factors that buyers tell us are critical in their purchase decisions, such as performance, safety, and predicted reliability.
When you know what you want to buy, the U.S. News Best Price Program will connect you to local dealers offering guaranteed savings. It’s available to both lease and purchase customers, saving buyers an average of more than $3,000 off the sticker price. The Best Price Program can help you identify incentives that you might not have known were available.
The car buying process can be complex, but our team offers resources to help you select and buy a car. Our articles will teach you about how to buy a vehicle, the steps to follow to get a car loan, and how to decide whether to buy or lease. Expert advice, like making sure you have an approved financing offer before you visit a car dealership, will give you the knowledge and confidence you need to negotiate a great price, avoid costly extras, and finalize the deal. Information on car ownership and insurance will help you long after you’ve left the dealer’s lot. Ownership advice, like our article on ways to avoid killing your car, can save you thousands of dollars over the life of the vehicle.
What Is a Car Deal?
Not every model that automakers introduce is a blockbuster hit. Some simply don’t meet their sales targets, and every vehicle eventually reaches the end of its product cycle. Automakers offer deals to increase the sales pace for these models and move them off dealer lots. Buyers can reap huge savings by taking advantage of incentives, and they don’t even have to haggle to get them.
The three most common types of incentives are lease deals, cash-back offers, and financing deals. You can see this month’s best lease incentives on our lease deals page.
Even though it’s called a cash-back deal, it doesn’t mean you’re going to drive away from the dealership with a wad of money in your pocket. A cash-back offer is a discount on the price of the car. Cash-back deals go by many names, including rebates, bonus cash, cash-back incentives, and cash allowances. They all mean pretty much the same thing, no matter what jargon the manufacturer chooses. If you take the $2,750 offer available in some regions this month on the 2020 Jeep Renegade, for example, you can knock $2,750 off its $27,795 sticker price, making your purchase price $25,045.
Many car buyers don't consider, or even understand, the amount of money that they pay in interest on their car loan. Interest costs can add up to thousands of dollars, so taking advantage of a discounted interest rate is a great way to save money. Finding an interest rate that is below the going market rate is like finding a bank with a huge sale banner flying out front. A low- or no-interest deal can allow you to get a lower monthly payment, shorten your car loan, or buy a nicer ride.
To demonstrate just how much you can save with a great financing deal, we’ll use the six-year, zero percent interest rate offer available on most models of the 2020 GMC Terrain. We will assume you’ve chosen a midrange Terrain SLE, negotiated a $28,400 price, and have no down payment or trade-in. Since it’s a zero percent deal, you won’t pay a cent of interest over the term of your car loan. To determine your monthly payment, you just divide the $28,400 by the 72 months in the loan term. Each payment would be about $394.
If you could not get the offer, you would have to pay interest on the loan. We’ll assume you qualify for a 4.6% rate, which is currently the average for a six-year new-car loan. Because the math for determining payments is complex, we’ll use the U.S. News car loan calculator to do the tough part. When we enter the loan amount, the interest rate, and the length of the loan into our calculator, it shows us each payment would be $452. Not only would the monthly payments be $58 higher than the zero percent deal, you would pay an extra $4,153 in interest over the term of the loan.
The best financing deals are zero percent offers, though any interest rate that is significantly below market rates will save you money. Most dealerships only offer financing car deals to buyers with excellent credit. Check your credit reports well before you head to the dealer so you have time to correct any errors and improve your score. A higher score can pay off in a big way when you’re looking for financing.
Though a salesperson might tell you otherwise, buyers who take advantage of financing or cash-back deals should still negotiate to ensure that they are getting the best price possible. Just because the automaker is giving you a deal doesn't mean the dealer can't kick in something to lower the cost further.
Naturally, car deals come loaded with fine print and restrictions. Many offers are restricted to certain models, a percentage of dealer stock, or residents of specific regions. Our Best Price Program, your local dealer, or an online sales rep can help you identify which offers you qualify for. Pay close attention to make sure that an offer won’t expire before you can complete your purchase. Arriving even one day late can disqualify you from getting the discount.
Shopping around can pay big dividends, as different dealers can pay different invoice prices to automakers for the cars on their lots, and those differences may give them more room to negotiate. Some dealerships may be more tuned-in than others to the deals they can offer buyers. It’s a good idea to contact dealers in areas where the car that you’re considering may not be in high demand. Look at plug-in hybrids from rural dealers, for example, or full-size pickups from urban locations.
How Do You Know if It Is a Good Deal?
Every deal you see advertised is a great deal, right? Of course not, but finding out how good or bad a deal is only takes a little work. The most critical thing you can do is to look past the monthly payment and consider the total cost of the loan. It’s easy for a dealer to manipulate the monthly payment to make it look attractive, even on a deal that’s not very good.
The best way to evaluate a new car deal is to determine the total cost of the vehicle, including the price of its financing. Failing to look at all the costs can haunt your finances for years. Be sure to break out the pencil and calculator yourself, and don’t rely on a salesperson, who is an expert at making the numbers say what they want them to say.
Although it can be tough to do if you’re not prepared, it is critical that you break the car buying process into three components: the cost of the car, the cost of the financing, and the value of your trade-in. Bundling them together can lead to confusion, which is great for the dealer but hazardous to your wallet.
You'll often face a difficult choice: low-cost financing or a cash-back offer. The math to compare offers is pretty simple, and we’ll walk you through the steps using a couple of this month’s offers to illustrate.
There is a choice of either zero percent financing for six years or $3,000 cash back on the 2020 Buick Encore. We’ll assume you don’t have a trade-in, you’re not making a down payment, and you’ve chosen a midrange $25,800 Sport Touring model.
Because there’s no interest with the zero percent deal, you can simply divide the $25,800 price into 72 equal payments. Each would be about $358.
Choose the $3,000 cash-back deal, and you have to do a bit more math. First, subtract the $3,000 from the $25,800 price to see the amount you have to finance is $22,800. Unlike the zero percent deal, you’ll have to pay interest on this loan, and the current average rate for a six-year loan is 4.6%. Plug the price, interest rate, and length of the loan into our auto loan calculator to see you’ll have 72 payments of $363.
By choosing the cash rebate, the $363 monthly payment would only be $5 higher than the $358 payment with the zero percent offer. Multiply that $5 by the 72 months in the loan term, however, and you’ll see choosing the rebate would cost you an extra $360 over the course of the loan.
In many cases, the cost difference between cash-back and financing offers is substantially more than our example. Because of all the variables involved, you can never assume that one offer will be better than another without running the numbers and considering your personal financial circumstances. If you are making a substantial down payment or have a high-value trade-in, be sure to include those values in your calculations.
No matter what you do, it is essential to resist the urge, or a dealer's recommendation, to extend your loan past five years to get a lower payment or buy a more expensive car. Doing so dramatically increases your financial exposure and usually increases your interest rate. You never want to be in the position of having a car that is old enough to require costly repairs while you're still making payments on it.
Completing the Deal
Driving away from the dealer in a new car is fun, but don’t let your excitement cause you to rush through the final paperwork that you have to complete. Instead, slow down and read each document carefully to ensure that the numbers match what you agreed to and are expecting. You’ll want to verify that no outrageous dealer fees or costly add-ons have crept into the deal.
Pay close attention to the price, the length of the loan, and the interest rate. If you find an error or parts of a document left blank, don’t sign the paper, even if the finance officer promises to fix it later. If you are pressured to sign incomplete or incorrect paperwork, you should consider it a red flag and walk away from the deal. Never drive a car away from a dealership without having the final loan documents signed, as you may be called back to sign papers at a much higher rate than you thought you were getting.
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.
Car Deals: February 2020
We've compiled a list of the best car deals available in the U.S. for this month.
Save on your monthly payments! Find the best local prices on your next car.