If you've been meaning to buy a new car or truck from General Motors, your procrastination may pay off – big time.
The Wall Street Journal reports, "General Motors Co. Friday began doubling cash incentives and sweetening lease terms on some vehicles to reduce a growing inventory of unsold cars and pickup trucks." The deals apply to the Chevrolet Malibu, Chevrolet Cruze, Chevrolet Traverse, Chevrolet Silverado and GMC Sierra.
Automotive News says that the program "gives dealers the option to add as much as $2,000 in customer cash on 2012 and 2013 Chevrolet Silverados and GMC Sierras. That's atop the $1,000 in bonus cash GM already was offering on the trucks. The amount of money dealers will get to play with is based on the number of pickups on their lots. GM also is sweetening lease deals on the Chevrolet Malibu, Cruze and Traverse."
"The incentive program represents a slippery slope for the world’s largest automaker," reports Bloomberg. "The company earlier vowed to hold the line on such promotions to protect profits through the end of the year, even as competitors flood showrooms with traditional year-end deals. Walking a line offering incentives that lure buyers without threatening profits or spooking investors is the difficult game that GM is now forced to play."
The Wall Street Journal adds, "In the past, GM and other auto makers focused on keeping factories humming even in the face of slowing demand. When their stocks grew onerous, they would unleash heavy incentives that eroded profitability."
Still, these GM discounts aren't the largest incentives available on pickups in the industry. Bloomberg reports that Chrysler is offering an $8,200 incentive package on Ram trucks, Ford has an estimated $6,500 in incentives on the F-150 and Nissan has incentives that add up to $7,450 on the Nissan Titan. Though competitors are offering bigger incentives, GM has more inventory. Bloomberg says, "Combined U.S. sales of the Silverado and Sierra decreased 8.3 percent last month to 42,400 while deliveries of Ford’s F- Series line increased 18 percent to 56,299 and Ram pickups rose 23 percent to 24,337 in November."
Regardless of what challenges GM is facing, these discounts and incentives make it a great time to buy a new truck or lease a new car from the company. The Chevrolet Silverado is the third-ranked truck in our full size pickup truck rankings, and reviewers like the large cabin in the compact Chevrolet Cruze. The Malibu was just redesigned this year and the Chevrolet Traverse has a third row that can comfortably seat adults. You can check out the latest Chevrolet deals on our Chevrolet deals page.
Shopping for a pickup truck? Check out the U.S. News rankings of this year's best cars. Then, look for a great deal on a new car by checking out this month’s best car deals. You can also find the best local prices in the area by using our Best Price Program. Also, be sure to follow us on Twitter and Facebook.