What’s the Best New-Car Deal for April 2022?

“Saving for a rainy day” usually means building up a cash reserve for emergencies, but for shoppers looking to purchase a new car this spring, it takes on a new meaning. The rainy days of the inventory shortage have now stretched into months of emptier dealer lots and higher prices for new and used cars. With demand for new vehicles showing no signs of letting up and inventory remaining sparse, finding substantial savings on a new car may prove more challenging compared with 2021.

Related: Inventory Shortage Update: Should You Wait to Buy a Car?

According to J.D. Power’s latest sales forecast, automakers continue to pull back on discounts. The average new-car incentive is expected to hit a record low of 2.3%, or $1,044 — that’s down 70% from the same time a year previous. At the same time, transaction prices remain elevated: J.D. Power estimates the average vehicle transaction price reached $43,737 in March — a record high for the month and a 17.4% increase from the prior year.

While these conditions may appear threatening, saving on a vehicle purchase is possible with some preparation. To help shield shoppers from the storm of rising prices, we’ve rounded up the top new-car deals for April. The list covers a range of vehicles, including a popular compact SUV, sporty sedan, off-road family SUV and capable full-size truck.

2022 Chevrolet Equinox

• Factory discount: $750
• Approximate price after savings: $26,000-$42,000
• Approximate factory savings: 2%-3%
• Offer ends: May 2

The Equinox has many rivals (think Honda CR-V, Toyota RAV4 and Hyundai Tucson), but it comes out ahead among a crowded pack of compact SUVs with the best cash offer for April. After a delayed refresh for 2022, the Equinox is better equipped to compete in its class thanks to new front and rear styling, standard LED lights, an interior update, standard wireless Android Auto and Apple CarPlay, and a new RS trim. Chevrolet is offering a cash discount of $750 on all 2022 Equinox variants this month in all areas we surveyed, and 2022 models currently make up nearly all new Equinox inventory among Cars.com dealers. Qualified shoppers who choose to finance with Chevy parent GM can swap the cash offer for a special financing rate of 0% for 48 months. Current non-GM owners can take advantage of both the financing and cash offer of $750. All cash and financing offers are available through May 2.

2022 Hyundai Elantra

• Factory discount: $500
• Approximate price after savings: $20,500-$34,000
• Approximate factory savings: 1%-2%
• Offer ends: May 2

A roomy, affordable and efficient compact sedan, the Elantra adds “sporty” to its resume for 2022 with the introduction of the performance-oriented Elantra N. Standard Elantra models are powered by a 147-horsepower, 2.0-liter four-cylinder engine paired with a continuously variable automatic transmission and front-wheel drive; the Elantra N ups the ante with a 276-hp, turbocharged 2.0-liter four-cylinder engine paired with either a standard six-speed manual transmission or an eight-speed dual-clutch automatic. A 139-hp hybrid model is also available for shoppers concerned with fuel efficiency.

All 2022 Elantra variants see a $500 cash discount for the month of April. Thanks to the base trim’s affordable starting price, that seemingly modest discount is enough to land the Elantra a spot on this month’s list. The 2022 Elantra, Elantra Hybrid and Elantra N make up nearly all new Elantra inventory among Cars.com dealers. The standard gas-only Elantra should be easier to find than the hybrid or N variants, which account for 12% and 4% of new 2022 models, respectively. Qualified shoppers who finance with Hyundai can trade the cash offer for a 2.25% special financing rate for 60 months. Both deals are available through May 2.

2022 Jeep Grand Cherokee WK

• Factory discount: $1,000-$1,750
• Approximate price after savings: $37,000-$56,000
• Approximate factory savings: 2%-4%
• Offer ends: May 2

As a carryover of the last-generation Grand Cherokee, the WK model doesn’t come with the same upgrades as the all-new Grand Cherokee. But shoppers looking to save on the off-road-capable SUV will find the WK still carries its weight — along with hundreds of dollars in cash savings. Cash discounts on the 2022 WK range from $1,000 to $1,750, and the odds of finding the carryover model are in your favor: The WK makes up nearly half of all new 2022 Grand Cherokee inventory among Cars.com dealers. In place of the cash offer, qualified shoppers who finance with Jeep parent Stellantis can take their pick of two special financing rates: 0% for 48 months and up to $2,500 in bonus cash or 2.9% for 60 months with up to $2,000 in bonus cash. All deals are valid through May 2.

Editor’s Choice: 2022 Ram 1500 Big Horn/Lone Star

• Factory discount: $1,250-$4,000
• Approximate price after savings: $38,500-$72,500
• Approximate factory savings: 2%-9%
• Offer ends: May 2

The 2022 Ram 1500 is a familiar nameplate in our monthly best deals roundup, and for April, it’s once again dubbed our Editor’s Choice. The Ram 1500 was redesigned for 2019 and offers benefits like a smooth ride and a spacious, well-appointed interior. A 305-hp, 3.6-liter V-6 engine with eTorque mild-hybrid technology comes standard paired with an eight-speed automatic transmission; additional powertrain options include a pair of Hemi V-8s and an EcoDiesel V-6. RWD comes standard and four-wheel drive is available.

An off-road oriented BackCountry Package and the latest Uconnect 5 system accessed through a standard 8.4-inch screen or larger 12-inch display are new additions for the 2022 Ram 1500 Big Horn and Texas-specific Lone Star trims. Said trims offer the most fruitful cash savings, ranging from $1,250-$4,000 depending on the region. They’re not difficult to find, either; Big Horns and Lone Stars account for approximately 54% of all new 2022 Ram 1500 models in Cars.com dealer inventory. Qualified shoppers who finance with Ram parent Stellantis can skip the cash deals in favor of special financing rates: 0% for 72 months or 0% for 48 months and up to $3,000 in bonus cash in the regions we surveyed. The cash and finance deals are available through May 2.

How We Look for Deals

To help car shoppers find the best deals for April, we lead with cash offers available to shoppers at large, not those that require financing with the automaker or having certain qualifications (e.g., military or college-graduate discounts, loyalty or conquest bonuses, etc.). In calculating the overall percentage discount and pricing after incentives, we focus on the vehicle’s price range from the cheapest incentives-eligible trim level with no factory options to the priciest eligible trim with all factory options. We include the destination charge in such pricing, but we exclude a few other items: taxes and fees, which vary considerably by region, and dealer accessories, which vary considerably by automaker.

Because these are factory discounts, they should be available to all participating dealers. As such, use them as the starting point for negotiations, not a reason to skip haggling altogether.

Incentives data come from automakers’ websites. Remember, our numbers are current as of publication for the markets we survey (generally Atlanta, Chicago, Denver, Houston, Los Angeles and New York). They reflect advertised customer discounts, not unadvertised factory-to-dealer cash. Discount financing typically requires qualifying credit, too, and incentives may vary by region and trim level; automakers may also change them later in the month. In sum: Your discounts may vary, so check with your local dealer for specifics.

More From Cars.com:

• Inventory Shortage Leaves Little Room for Haggling; Here Are 5 Other Ways to Save on Your Car Purchase
• Breaking Down the 2021 Ram 1500’s Towing Capacities
• How Long Will the Vehicle Inventory Shortage Last?
• How to Get the Best Offer for Your Trade-In
• Why Are Car Trade-In Values Going Through the Roof?

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Cars.com’s Editorial department is your source for automotive news and reviews. In line with Cars.com’s long-standing ethics policy, editors and reviewers don’t accept gifts or free trips from automakers. The Editorial department is independent of Cars.com’s advertising, sales and sponsored content departments.