Ford Eliminates Majority of Rebates for Buying Their Cars
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Buying a new car is not cheap, especially if you factor in the costs of car insurance and maintenance. That’s why automakers usually offer incentives to try to get people to buy their vehicles. Whether it's a promotion, or a rebate to put money back into a buyer's pocket, these tactics have been used for decades to increase car sales.
With supply shortages, car companies are having trouble keeping up with demand and worried about losing profits. This is one of the reasons why several automakers, like Ford, have raised their car prices and stopped offering most rebates.
Ford eliminates most rebates for its 2021 lineup
The Drive reported that Ford, one of the world's biggest automakers, has quietly eliminated almost every rebate it would traditionally offer on its 2021 vehicle lineup. Ford will stop offering these rebates:
- Retail Customer Cash
- Retail Bonus Cash
- FMCC Bonus Cash
- Select Inventory (SIP) Cash
- All Series/Trim/Package incentives
- APR offerings on most 2021 vehicle lines
The company said they will replace these bonuses with a "more consistent, simplified incentive structure." Ford is also raising prices on much of its lineup.
The price increases range from $250 to $680 for different models, and this is the second price hike of the year for some of the vehicles. This can mean a significant increase in the overall costs for a Ford vehicle.
You can still get a $1,000 incentive on a Ford
If you're in the market for a Ford, you can still get a $1,000 incentive, but you'll have to look for an out-of-stock model. For a short time, Ford is doubling the amount of its Retail Order Bonus Cash Certificate to $1,000.
This incentive is meant to keep buyers happy while they wait for Ford to restock their vehicles. It’s especially important now with lower-than-normal inventory due to chip shortages and other factors. If you planned to use rebates to save money on a Ford vehicle, you might have to reevaluate whether the price tag still works for you without them.
Pay close attention to the total cost if you're buying a Ford
If you plan on buying a Ford soon, you should make sure you read the fine print and understand the total cost you will be paying. With the combination of higher prices and lack of rebates, you’ll likely end up paying more than you were anticipating.
If you don’t need a new car right away, you may want to opt for an out-of-stock model that comes with a $1,000 incentive. The simplified incentive structure will make it easier to figure out what you’re paying, but you might not see as many savings opportunities as you did in the past.
If the higher price is more than you want to spend, you may want to shop around with other brands. No matter what car you decide on, Jerry can help you save money on car insurance. The free app can provide you with competitive quotes from 45 top insurance companies in under a minute.