What’s the Best New-Car Deal for June 2023?

June’s arrival signals longer days, warmer temps and the kickoff to summer vacations. For some, it’s a time to unwind from an overly hectic schedule; for others, it’s a time to pick up the pace, take adventures and seek out an adrenaline rush. The right vehicle can help achieve all these goals. Luckily, following a long stretch of low inventory and nearly nonexistent incentives, the darkest days of the inventory shortage appear to be behind us.

Related: Here Are the 10 Cheapest New Cars You Can Buy Right Now

J.D. Power’s latest sales forecast brings some good news for shoppers: Inventory continues to trend upward as vehicles are spending more time on dealer lots this month: The average vehicle spent 30 days on the lot in May, more than double the 12 days on the lot a year ago. Increasing new-car incentives provide yet another reason to be optimistic: The average incentive for May was estimated at $1,788 — up 88% from $951 in May 2022.

While these are promising signs, there are still some headwinds shoppers need to be prepared for. The increasing incentives have made the average new-car price tag much more affordable just yet, finds J.D. Power. The average new-car transaction price hit $45,838 last month, only a slight improvement from April’s average of $46,044, and a 0.7% increase from last May. At the same time, interest rates are also creeping up, adding to higher monthly payments; the average rate reached 7% in May — up 2.06% from a year ago.

To help shoppers identify the cars with the most generous incentives this month, we’ve compiled four vehicles that cover most summer bucket-list items: an affordable crossover,  a track-ready muscle car, an off-road-ready SUV and a pickup truck that can accommodate a long-awaited road trip or a long-overdue home improvement project.

2023 Chevrolet Equinox

• Factory discount: $1,250
• Approximate price after savings: $26,500-$43,500
• Approximate factory savings: 3%-4%
• Offer ends: July 31

Despite a few flaws, our editors found a lot to like about the 2023 Chevy Equinox in a recent review. The list of pros includes its stylish interior, user-friendly tech, and ample legroom and headroom in both rows. The Equinox’s affordable base price adds to its appeal, and a sizable discount this month makes the compact SUV an even more attractive choice for budget-minded shoppers. Chevy is offering $1,250 off on all trim levels of the compact SUV across the regions we survey; alternatively, qualified shoppers who finance with Chevy parent automaker GM can skip the cash offer in favor of a 1.9% rate for 36 months. All cash and finance deals are good through July 31.

2023 Dodge Charger

• Factory discount: $2,000-$3,000
• Approximate price after savings: $32,000-$55,000
• Approximate factory savings: 4%-9%
• Offer ends: June 19 or July 5 (depending on incentive)

Shoppers looking to add some fast-paced fun to their summer agenda will find discounts on the 2023 Dodge Charger’s SXT, GT and R/T trims across all regions surveyed. The muscle car’s days may be numbered in its current form, with an electrified variant expected to take its place in the coming years. For now, however, the gas-powered Charger takes its final lap with $2,000-$3,000 in savings, depending on trim and region. In lieu of the cash-only offers, qualified shoppers who finance with Dodge parent Stellantis can opt for a special rate of 7.26% for 60 months with up to $3,000 in bonus cash. All deals are available through June 19 or July 5, depending on the offer.

2023 Jeep Grand Cherokee

• Factory discount: $1,000-$5,500
• Approximate price after savings: $36,000-$76,500
• Approximate factory savings: 1%-13%
• Offer ends: June 19 or July 5 (depending on incentive)

The 2023 Grand Cherokee comes in many variants that suit a range of lifestyles and adventure aspirations, including the family-friendly three-row Grand Cherokee L and the efficient plug-in hybrid Grand Cherokee 4xe (which was named our Best SUV of 2023). However, it’s the gas-only two-row SUV that brings the most fruitful savings this month with $1,000-$5,500 off on most trims including the Laredo, Altitude, Limited, Overland, Summit and Summit Reserve. Qualified shoppers who finance with Jeep parent Stellantis can swap the cash-only deal for one of the automaker’s special rates: 2.9% for 36 months, 3.9% for 72 months or 7.26% for 60 months with up to $4,500 bonus cash. Most deals are valid through July 5, and some bonus cash offers expire on June 19.

Editor’s Choice: 2023 Ram 1500 Big Horn/Lone Star

• Factory discount: $2,000-$4,500
• Approximate price after savings: $42,500-$72,500
• Approximate factory savings: 3%-9%
• Offer ends: June 19 or July 5 (depending on incentive)

As full-size pickup truck inventory improves, shoppers considering the 2023 Ram 1500 should find more options on dealer lots this summer. Our long-standing Editor’s Choice offers no shortage of powertrains, trims and towing capacities that help the rig accommodate nearly any task for work, play or both. The popular 1500 Big Horn and Texas-exclusive Lone Star models are hauling big savings of up to $4,500 this month, depending on the configuration and region. Shoppers who finance with Stellantis can trade the cash-only deals for a 2.9% rate for 72 months. The cash and finance deals expire on June 19 or July 5, depending on the offer.

How We Look for Deals

To help car shoppers find the best deals for June, 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:

• Here Are the 10 Cheapest New SUVs You Can Buy Right Now
• Here Are the 10 Cheapest Pickup Trucks You Can Buy Right Now
• Inventory Shortage Update: Should You Wait to Buy a Car?
• Should I Buy a New or Used Car?
• What Car Should I Buy?

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