Auto dealers are trying to entice more consumers to purchase cars, sweetening incentive packages so much that the average value of new car incentives has jumped by 53 percent in June compared to the same month last year.
More and more consumers are deciding to hold off on purchasing new cars amid elevated interest rates and rising inflation, causing auto dealers to see their inventories grow. In response to this noticeable downturn in new car sales, dealers are cutting prices and raising the value of the incentives they are offering.
This is according to data obtained by Motor Intelligence, which found that major car manufacturers like Hyundai, General Motors and Volkswagen are improving the deals they offer potential buyers.
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