Malls and departments stores are packed with shoppers scrambling to check off gift lists, but car dealerships see much less traffic over the holidays. To help make a new car a more budget-friendly gift, several auto makers are promoting a variety of payment waiver and payment deferral offers to help ease the common credit hangover come January.
While the idea of driving away with a brand new car without paying anything sounds attractive, it is important to understand what you are actually signing up for. Payment waivers function as if someone else is making the payments for you for a specific period of time, which would be a direct savings and result in fewer actual payments owed by you over the term. Payment deferrals simply delay the start of payments and interest until a later date, but you would still be responsible for all of the payments (you would still make 60 payments over a 60-month term).
In either case, both are opportunities for those otherwise thinking about buying a new car in the next few months to enjoy that new ride now without any impact on the bank account in the short-term. That said, fiscally responsible shoppers will need to remember that the payments do start eventually. Our deals this week feature offers with either a payment waiver or payment deferral to help you save .
2017 Kia Sedona
Standard equipment includes Bluetooth, stain-resistant cloth seats (leather seats available), rear-view camera and eight passenger seating. The Sedona is powered by a 3.3-litre engine producing 276 horsepower. Cash purchasers can take advantage of a $1,500 incentive and finance customers are eligible for a $500 incentive. Financing for up to 60 months is available at 0.9 per cent and leasing for 48 months is available at 2.9 per cent. Additionally, Kia customers can take advantage of up to $1,500 in additional savings during Kia’s Unwrap a Deal offer, as well as a four-month payment deferral for finance customers during the Don’t Pay Until Spring promotion.
2017 Kia Sedona LX
- MSRP: $30,595
- Manufacturer incentive: $1,500
- Estimated dealer discount: $1,000
- Freight, PDI, government fees: $1,880
- Cash purchase price before tax: $29,975
- Finance for 60 months at 0.9 per cent interest for $597 per month including tax (includes a $500 incentive and assumes zero down payment)
- Lease for 48 months at 2.9 per cent interest for $525 per month including tax (assumes a 20,000 annual kilometre allowance and zero down payment)
Payment deferral and additional savings from Kia’s Unwrap a Deal offer are in addition to pricing shown above
2016 GMC Canyon
Standard features include a rear-view camera with dynamic guide lines, power adjustable front bucket seats and projector-beam headlamps with LED signature lighting. Cash purchasers can take advantage of a $1,500 manufacturer incentive on the 2016 Canyon while finance and lease customers are eligible for a $500 rebate. Financing for up to 60 months is available at zero per cent and leasing for 48 months is available at 1.9 per cent. Lease customers also qualify for a one-month or two bi-weekly payment waiver totalling $600 during the We Pay Until 2017 sale. Additionally, GM customers may qualify for up to $17,000 in cash credits towards the purchase or lease of a new vehicle during the Connect & Win promotion.
2016 GMC Canyon Base 4x4 Extended Cab
- MSRP: $30,325
- Manufacturer incentive: $1,500
- Estimated Dealer Discount: $325
- Freight, PDI, government fees: $2,138
- Cash purchase price before tax: $30,638
- Finance for 60 months at zero per cent interest for $596 per month including tax (includes a $500 incentive and assumes zero down payment)
- Lease for 48 months at 1.9 per cent interest for $438 per month including tax (includes a $500 incentive, assumes a 20,000 annual kilometre allowance and zero down payment)
Payment waiver and additional savings from GM Connect & Win promotion is in addition to pricing shown above
2016 Mercedes-Benz E-Class
Standard equipment includes 4MATIC all-wheel drive, COMMAND navigation system and Collision Prevention Assist Plus safety system. While 2017 models have already hit showroom floors, cash purchase, finance and lease customers willing to opt for any remaining inventory of 2016 models are eligible for a $5,000 incentive. Financing for up to 60 months is available at 0.9 per cent and leasing for up to 45 months is available at 1.9 per cent. Additionally, finance and lease customers qualify for a three-month payment waiver totalling up to $3,150 for finance and $2,550 for lease.
2016 Mercedes-Benz E300 4Matic
- MSRP: $65,500
- Manufacturer incentive: $5,000
- Estimated dealer discount: $1,500
- Freight, PDI, government fees: $2,215
- Cash purchase price before tax: $61,215
- Finance for 60 months at 0.9 per cent interest for $1,179 per month including tax (includes a $5,000 incentive and assumes zero down payment)
- Lease for 45 months at 1.9 per cent interest for $909 per month including tax (includes a $5,000 incentive, assumes an 18,000 annual kilometre allowance and zero down payment)
Payment waiver is in addition to pricing shown above
2016 Smart fortwo
Having undergone a major redesign for the 2016 model year, the all-new fortwo includes a 3.5-inch instrument cluster with TFT colour display, a three-spoke steering wheel with audio controls and LED headlights. Cash purchase, finance and lease customers are eligible for a $500 incentive on the 2016 fortwo while financing for up to 84 months is available at 0.9 per cent and leasing for up to 45 months is available at 2.9 per cent. Additionally, finance and lease customers qualify for a three-month payment waiver totaling up to $750.
2016 Smart fortwo passion coupe
- MSRP: $18,800
- Manufacturer incentive: $500
- Estimated dealer discount: $500
- Freight, PDI, government fees: $1,435
- Cash purchase price before tax: $19,235
- Finance for 60 months at 0.9 per cent interest for $371 per month including tax (includes a $500 manufacturer incentive assumes zero down payment)
- Lease for 45 months at 2.9 per cent interest for $348 per month including tax (includes a $500 incentive, assumes an 18,000 annual kilometre allowance and zero down payment)
Payment waiver is in addition to pricing shown above
Andrew Tai is CEO of Unhaggle.
Manufacturer incentives and pricing calculations are based on Ontario customers and subject to availability of inventory. Dealer discounts shown are estimates for illustrative purposes only, may vary by region and are given at the discretion of individual dealers. Please note that while every effort is made to ensure the information above is accurate at the time of publication, pricing, incentives and discounts are subject to change or discontinuation at any time. Consult your local dealership for details.