In the car sales world, October first marks the official beginning of the new model year. Automakers and dealers are now more focused than ever to move the remainder of their 2015 inventory to make room for the newly arriving 2016 model new cars.
If you're in the market to buy a new car during the month of October, you can find discounts as high as $12,000 or up to 29.67 percent off the manufacturer's suggested retail price (MSRP).
A combination of large rebates, finance incentives and model year closeouts makes October a great time to buy a new car.
Cars.com updates their new car cash back offer list every month to bring us the best discounts available off MSRP. Remember, these offers may be changed or cancelled without notice, they're also subject to vehicle availability and local incentives. The best way to find out what's available in your area is to check with local dealers to get an idea of what discounts are available and the popularity of the vehicle you're interested in.
The 2015 Kia Soul EV is in the top spot on the list with a discount of $10,000 or almost 30 percent (29.67%) off MSRP. This means if you're in the market for an electric vehicle that gets a fuel economy of 120 city / 92 highway, you can pick up a Soul EV for a little over two-thirds of the manufacturer's suggested retail price this month.
Second and third place also belong to electric drive vehicles. The 2015 and 2016 smart fortwo electric drive models both offer up to 20.5 percent off MSRP with $5,125 in cash back money. The average price for a 2016 fortwo is about $25,000, so after the available discounts you can pick one up for just under $20,000. Not bad for a little buzz-around-town car that gets an average fuel economy of 122 city and 93 highway.
See all the other top 10 new car cash back deals on the list below.
When negotiating a new car's price, it's important to know the dealer invoice price and what other people are paying for the same vehicle in your local area. Otherwise, you won't know what's a good price to pay for the vehicle. I highly recommend using an online referral service such as CarClearanceDeals or Edmunds, their quotes will automatically include any discounts or cash-back incentives currently available in the marketplace.
|Rank||New Car Yr, Make, Model||Cash Back||Discount from MSRP||Expiration Date|
|1||2015 Kia Soul EV||$10,000||29.67%||11/02/2015|
|2||2016 smart fortwo electric drive||$5,125||20.5%||11/02/2015|
|3||2015 smart fortwo electric drive||$5,125||20.5%||11/02/2015|
|4||2015 Hyundai Veloster||$3,500||19.44%||Varies|
|5||2015 Kia K900||$9,750||17.89%||11/02/2015|
|6||2015 BMW i3||$7,500||17.69%||11/02/2015|
|7||2015 Lexus CT 200h||$5,500||17.08%||11/02/2015|
|8||2015 Jaguar XJ||$12,000||16.17%||01/04/2016|
|9||2015 Hyundai Elantra||$2,750||15.94%||Varies|
|10||2015 Hyundai Sonata Hybrid||$4,000||15.37%||Varies|
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