What’s the Best New-Car Deal for October 2021?

With Halloween quickly approaching, shopping for a new vehicle this season can feel eerily like entering a haunted house. Amid the ongoing inventory shortage and rising new-vehicle prices, there’s an uncertainty that comes along with the car-buying process: Is the dealer lot hauntingly empty? Are vehicle price tags frighteningly high? Can discounts and incentives get you out unscathed?

Related: How Long Will the Vehicle Inventory Shortage Last?

These are all valid concerns, according to J.D. Power. The firm’s latest report finds the average vehicle transaction price in September reached a record high of $42,802 — up nearly 19% from the prior year. Contributing to the spike are reduced manufacturer incentives that are trending in the opposite direction. The average incentive per vehicle in September was $1,755 — down $2,037 from the prior year. As a percentage of vehicle MSRP, the average incentives in September hit a record low of 4% — down over five percentage points from the prior year.

To ease some of the trepidation of buying a new vehicle in the current landscape, we hunted down the best new-car deals for October. The following vehicles offer the highest factory discounts, some of which are more than double the average manufacturer incentives reported above.

Chevrolet Equinox

• Factory discount: $3,000, excluding base trim
• Approximate price after savings: $25,000 to $43,500
• Approximate factory savings: 6-11%
• Offer ends: Nov. 1

The 2021 Chevrolet Equinox has become a usual suspect in our monthly best deals lineup, and the compact SUV returns for October with up to $3,000 in savings. The base L trim is excluded from the incentives, but shoppers are unlikely to encounter it on dealer lots as inventory is sparse, accounting for less than 1% of Cars.com inventory at the time of writing. Shoppers interested in the refreshed 2022 Equinox, meanwhile, should note that while it’s currently on sale, it’s also hard to find and the available discount is significantly lower at $500. In fact, the outgoing 2021 model accounts for the majority of available inventory at 69% among Cars.com dealers. Creditworthy shoppers who finance with Chevy’s parent company, GM, can forgo the cash back to get 0% financing for 72 months; all such offers are available through Nov. 1.

Ford Escape

• Factory discount: $1,500 to $2,000
• Approximate price after savings: $25,000 to $40,500
• Approximate factory savings: 4-7%
• Offer ends: Nov. 1

Compact SUV shoppers who prefer the Blue Oval to the Bow Tie can save on the Chevy Equinox’s arch rival, the Ford Escape. October discounts for the 2021 Escape range from $1,500 to $2,000 in the markets we surveyed. Redesigned in 2020, the Escape is available with a gas-only, hybrid or new plug-in hybrid powertrain, but PHEV shoppers should note that the model is excluded from the factory savings listed above.

Because the 2022 Escape is not yet available, the 2021 model comprises nearly all of the SUV’s inventory. Alternately, shoppers who choose to finance with Ford can get financing of 5.9% for 84 months or 1.9% for 60 months with added cash back of $1,500 to $2,000. Both the cash and finance deals extend through Nov. 1.

Jeep Grand Cherokee

• Factory discount: $1,750 to $2,750, excluding SRT and Trackhawk
• Approximate price after savings: $34,000 to $71,500
• Approximate factory savings: 3-8%
• Offer ends: Nov. 1

Jeep gave the 2022 Grand Cherokee a significant overhaul with new styling, tech upgrades and its first-ever PHEV powertrain, but SUV shoppers who don’t want to wait for the new model to arrive can find significant savings on the outgoing 2021 version. Cash offers between $2,000 and $2,750 are available on all models, excluding the performance-oriented SRT and Trackhawk in the markets we surveyed. Discounts as high as $4,000 are out there, but we found them in limited markets and exclusive to the Laredo X trim. Shoppers should also take note that these discounts do not apply to the Grand Cherokee’s larger three-row sibling, the Grand Cherokee L, recently introduced to showrooms over the summer.

The 2022 Grand Cherokee will hit dealerships later this year. In the meantime, the new 2021 Grand Cherokee makes up nearly all currently available Cars.com inventory. In lieu of the cash offers, creditworthy shoppers who finance through Jeep parent Stellantis can take advantage of 0% financing for 72 months, with potential cash back on top of that depending on your region, through Nov. 1.

Editor’s Choice: Ram 1500

• Factory discount: $1,000 to $3,500, excluding TRX
• Approximate price after savings: $35,500 to $82,000
• Approximate factory savings: 1-9%
• Offer ends: Nov. 1

Pickup trucks are driving up the average vehicle cost, but choosing the latest-generation Ram 1500 (as opposed to the older-gen 1500, which Ram markets as the 1500 Classic) can ease some of the sticker shock thanks to thousands of dollars in potential savings. The 2021 Ram 1500 offers a plethora of trims, cab configurations and bed sizes; truck shoppers can customize the model that best suits their needs, from the base Tradesman to the high-end Limited. Cash-back deals generally fall between $1,000 and $3,500 for most trims, but the high-performance, off-road-racing TRX is excluded from October discounts.

Cars.com dealer inventory shows thousands of new Ram 1500s available nationwide, and 2021 models comprise nearly 83% of total inventory. Shoppers who finance with Ram parent Stellantis can trade the cash offers for either 0% financing for 72 months or 0% for 48 months with up to $3,000 in bonus cash. All cash and financing offers are valid through Nov 1.

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• How to Get the Best Offer for Your Trade-In
• Car Shoppers Face Shorter Supply, Rising Prices
• Buying a Car During COVID-19: Car Deals & Advice
• Inventory Pinch: 25 Models Still Out There

How We Look for Deals

To help car shoppers find the best deals for October, 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, while days-to-turn data come from Cars.com inventory. 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.

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.