More than 200,000 new vehicles were sold last month in Canada, making it the first time this was ever achieved. This is more impressive considering May has typically represented peak monthly sales volume, not April.
The continued combination of low interest rates, longer loan maturities, and strong incentives have made new vehicles more affordable. This combined with increasing quality and value from more standard features and technology in entry-level models has made new vehicles as attractive as ever.
Many entry-level vehicles from compact sedans to small SUVs can be had for less than $300 per month including taxes, regardless of whether a customer chooses to finance or lease. This week we feature our favourite new vehicle deals for less than $300 per month . However, if ultra-luxury is more your style, be sure to see our recent feature on luxury cars with five-figure discounts.
2016 Kia Rio Sedan
The Kia Rio comes standard with enhancements such as four-wheel disc brakes, air conditioning, power heated door mirrors, and SiriusXM Satellite Radio. Cash purchasers can take advantage of a $2,500 manufacturer incentive on the 2016 Rio Sedan while finance and lease customers are eligible for a $1,000 rebate. Financing for up to 84 months and leasing for up to 48 months are both available at zero per cent.
2016 Kia Rio LX+ Automatic
- MSRP: $17,395
- Manufacturer incentive: $2,500
- Estimated dealer discount: $400
- Freight, PDI, government fees: $1,685
- Cash purchase price before tax: $16,180
- Finance for 84 months at zero per cent interest for $238 per month including tax (includes a $1,000 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 48 months at zero per cent for $259 per month including tax (includes a $1,000 manufacturer incentive applied before tax, assumes a 20,000 annual kilometre allowance and zero down payment)
2016 Toyota Corolla
The Toyota Corolla comes standard with enhancements such as LED headlamps, Bluetooth phone connectivity with music-streaming, and power heated door mirrors. Cash purchasers, lease and finance customers can take advantage of a $1,500 after-tax incentive on the 2016 Corolla (compared to a $1,000 after-tax incentive in March). Financing for 84 months is available at 0.99 per cent (compared to 1.49 per cent in March) while leasing for 48 months is available at zero per cent (compared to 0.49 per cent in March).
2016 Toyota Corolla CE Automatic
- MSRP: $18,815
- Manufacturer incentive: $1,500 (after-tax)
- Estimated dealer discount: $350
- Freight, PDI, government fees: $1,730
- Cash purchase price before tax: $18,868
- Finance for 84 months at 0.99 per cent interest for $263 per month including tax (includes a $1,500 manufacturer incentive applied after tax and assumes zero down payment)
- Lease for 48 months at zero per cent interest for $223 per month including tax (includes a $1,500 manufacturer incentive applied after tax, assumes a 20,000 annual kilometre allowance and zero down payment)
2016 Nissan Versa Note
The Nissan Versa Note SV comes standard with enhancements such as RearView Monitor, Bluetooth phone connectivity, 5-inch colour display, and air conditioning. Cash purchasers can take advantage of $1,750 in manufacturer incentives on the 2016 Versa note (compared to $1,000 in April) which includes a $1,000 “My Choice” rebate that is also available to finance and lease customers. Customers may also choose a complimentary Nissan “Added Security Plan” which extends the manufacturer warranty to 60 months / 100,000 kilometres or a two-month payment waiver in lieu of the $1,000 incentive. Financing for 84 months is available at 1.99 per cent (compared to 2.49 per cent in April) while leasing for 48 months is available at 0.99 per cent (compared to 1.49 per cent in April).
2016 Nissan Versa Note 1.6 SV CVT
- MSRP: $17,698
- Manufacturer incentive: $1,750
- Estimated dealer discount: $400
- Freight, PDI, government fees: $1,740
- Cash purchase price before tax: $17,288
- Finance for 84 months at 1.99 per cent interest for $260 per month including tax (includes a $1,000 My Choice incentive applied before tax and assumes zero down payment)
- Lease for 48 months at 0.99 per cent interest for $266 per month including tax (includes a $1,000 My Choice incentive applied before tax, assumes a 20,000 annual kilometre allowance and zero down payment)
2016 Chevrolet Trax
The Chevrolet Trax comes standard with enhancements such as OnStar assistance, Bluetooth phone connectivity, and ten airbags. Cash purchasers can take advantage of a $3,700 manufacturer incentive on the 2016 Trax, while finance customers can take advantage of a $1,000 rebate (both compared to zero in April). Financing for up to 84 months is available at zero per cent (compared to 0.49 per cent in March) and leasing for up to 48 months is available at 0.5 per cent.
2016 Chevrolet Trax 1LS FWD
- MSRP: $19,795
- Manufacturer incentive: $3,700
- Estimated dealer discount: $750
- Freight, PDI, government fees: $1,840
- Cash purchase price before tax: $17,185
- Finance for 84 months at zero per cent for $266 per month including tax (includes a $1,000 manufacturer incentive applied before tax and assumes zero down payment)
- Lease for 48 months at 0.5 per cent for $299 per month including tax (assumes a 20,000 annual kilometre allowance and zero down payment)
Andrew Tai is CEO of Unhaggle
Pricing and calculations are based on Ontario customers and subject to availability of inventory. Please note that while the information above is accurate at the time of publication, pricing, incentives, and discounts may vary and are subject to change or discontinuation at any time. Dealer discounts are estimates and may be given at the discretion of individual dealers. Consult your local dealership for details.
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