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

In March, green is synonymous with good luck, especially for shoppers looking to save some green on a new-vehicle purchase. But as the aftershock of the inventory shortage continues to take its toll with near-record-high average prices and fewer incentives, shoppers may need more than a few shamrocks to help them find substantial savings on a new ride.

Related: Is the Inventory Shortage Coming to an End?

According to J.D. Power’s latest sales forecast, the average new-vehicle price reached $46,229 in February — up nearly 5% from the same time a year ago. Meanwhile, new-car incentives are slowly starting to rebound, but they’re still a far cry from the discounts seen prior to the inventory shortage. The average new-vehicle incentive is estimated at $1,335, an improvement from $1,275 seen a year prior, but as a percentage of a new vehicle’s MSRP, it remains nearly unchanged at less than 3%.

Does this mean finding the right car at the right price will be as realistic as finding a pot of gold this month? Some promising signs indicate otherwise. While inventory levels haven’t returned to pre-pandemic levels, new cars are spending more time on dealer lots: J.D. Power estimates that the average number of days a new vehicle is in a dealer’s possession before being sold has reached 29 days — up from 19 days in March 2022. As inventory improves, new-car markups are slowly starting to recede. The firm estimates that 31% of new vehicles are being sold above MSRP, down from a record 48% in July 2022.

Unlike new-vehicle markups, one trend that isn’t showing signs of abating is the demand for SUVs and pickup trucks, which accounted for nearly 80% of all new-vehicles sales in February. Luckily, finding a great price on an SUV or pickup this month should be easier than finding a four-leaf clover with our foursome of best deals below.

2022 Chevrolet Equinox

• Factory discount: $1,000
• Approximate price after savings: $26,500-$44,000
• Approximate factory savings: 2%-4%
• Offer ends: April 3

Thanks to its frugal price and available features, the Chevrolet Equinox earned a spot among the best-value small SUVs in our recent affordability report. This month, the compact SUV gets even more affordable, with a $1,000 discount on the 2022 model in half of the regions we surveyed. Alternatively, shoppers who finance with parent automaker GM can get a special rate of 2.9% for 36 months in lieu of the cash offer. The Equinox was lightly refreshed for 2022 with styling updates and standard wireless Apple CarPlay and Android Auto connectivity, and though the relatively unchanged 2023 Equinox is on sale now, shoppers should still be able to find discounted ‘22 models on the lot — more than 3,500 units were available among Cars.com inventory as of February. Both the cash and financing deals are available through April 3.

2022 Chevrolet Silverado 1500

• Factory discount: $1,750
• Approximate price after savings: $40,500-$61,000
• Approximate factory savings: 3%-4%
• Offer ends: April 3

A fresh face on our monthly deals roundup is the full-size Chevrolet Silverado 1500, which was refreshed for 2022 with an updated exterior and a modernized interior across most trim levels. Another notable improvement was a sizable torque boost for the pickup’s standard turbocharged 2.7-liter four-cylinder engine from 348 to 430 pounds-feet. In addition to the extra torque, the 2022 Silverado 1500 with the 2.7-liter under the hood also brings $1,750 in savings for crew-cab models that, like the Equinox, appear in half of the regions we surveyed. In place of the cash offer, qualified shoppers who finance with GM can get a special rate of 0% for 90 months. The model-year ‘22 Silverado 1500 makes up 24% of all new light-duty Silverados among Cars.com dealers, with 15,000-plus units observed in February. And as with the Equinox, both cash and financing offers are good through April 3.

2023 Jeep Grand Cherokee

• Factory discount: $1,000-$5,500
• Approximate price after savings: $37,500-$75,500
• Approximate factory savings: 1%-13%
• Offer ends: April 3

The Jeep Grand Cherokee, a veteran on our monthly best deals list, faithfully returns with up to $5,500 in savings this month. The 2023 Grand Cherokee comes in many flavors, including the 4xe plug-in hybrid and three-row L variants — however, it’s the standard two-row Grand Cherokee that offers the most fruitful discounts. Qualified shoppers who finance with Jeep parent Stellantis can swap the cash-only deal for one of the automaker’s special rates, like 2.9% for 36 months or 7.26% for 60 months with up to $5,500 in bonus cash. All aforementioned offers are region- and trim-dependent, and they run through April 3.

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

• Factory discount: $3,000-$6,500
• Approximate price after savings: $38,000-$72,500
• Approximate factory savings: 4%-14%
• Offer ends: April 3

Compared to the average incentives for SUVs and pickup trucks, which J.D. Power estimates at $1,339, the 2022 Ram 1500 is hauling significantly heftier discounts. The 1500’s Big Horn and equivalent, Texas-exclusive Lone Star trims offer discounts ranging from $3,000 to $6,500, depending on configuration and region. While the upcoming all-electric 1500 REV may garner more attention, the gas-powered 2022 1500 has plenty to offer: capable V-6, V-8 and EcoDiesel powertrains, solid safety ratings and a generous maximum towing capacity. Shoppers looking for a discounted 2022 model should find that luck (and inventory) is on their side: We observed 9,900 examples among Cars.com dealers in February, which accounts for 68% of all new Big Horn and Lone Star variants. Qualified shoppers who finance with Stellantis can forgo the cash-only deals in favor of a 1.9% rate for 72 months or 0.9% for 60 months. All cash and financing offers are dependent on region and, like the other deals, available through April 3.

How We Look for Deals

To help car shoppers find the best deals for March, 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?
• 2022 Jeep Grand Cherokee Goes High-Tech, Gets Hybrid
• 2022 Jeep Grand Cherokee 2-Row’s Updates Come at a Cost, But No 4xe Pricing Yet

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