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deals of the week

Savvy car shoppers will recognize two primary types of incentives auto makers typically use to spur vehicle sales – giant cash rebates or discounted financing rates. It is rare to find a new car deal that offers both though, as cash rebates are typically only available to buyers who purchase in cash and do not require financing (referred to as a "non-stackable" rebate).

However, the deals featured this week are noteworthy as they all offer zero per cent financing that can be combined with cash rebates. To illustrate, the interest paid on a $30,000 loan amortized over 60 months with 3.99 per cent interest totals to $3,142. The interest avoided with zero per cent financing effectively represents substantial savings incremental to any available cash rebate.

There are pitfalls with zero per cent financing deals though and they can often end up costing you more in the end if you have to forgo big cash rebates to qualify. We explain when to avoid zero per cent financing in this previous Globe Drive article and the math that every car shopper should do before financing a new vehicle.

Here are our favourite deals with zero per cent financing in November:

Hyundai

2016 Hyundai Santa Fe

Cash purchase, finance and lease customers can now take advantage of a $2,000 incentive on the 2016 Santa Fe. Those who have financed or leased a Hyundai previously are entitled to an additional 0.25 per cent rate reduction, which can result in a loyalty interest rate as low as 2.14 per cent for leasing (the finance interest rate is already zero).

2016 Hyundai Santa Fe Sport Premium 2.4L I4 AWD

  • MSRP: $31,699
  • Manufacturer incentive: $2,000
  • Estimated dealer discount: $500
  • Freight, PDI, government fees: $2,035
  • Cash purchase price before tax: $31,234
  • Finance for 84 months at zero per cent for $420 per month including tax (includes a $2,000 manufacturer incentive applied before tax)
  • Lease for 48 months at 2.39 per cent for $469 per month including tax (includes a $2,000 manufacturer incentive applied before tax and assumes 20,000 annual kilometre allowance)

GM

2016 Chevrolet Malibu Limited

Cash purchasers can take advantage of a $3,000 incentive on the 2016 Malibu Limited. Finance customers are entitled to a $2,500 rebate (compared to $1,000 in October), while those who lease are eligible for a $1,000 incentive. Current owners or lessees of any 1999 or newer GM vehicle are entitled to an additional $500 loyalty rebate applied after tax.

2016 Chevrolet Malibu Limited (O) 2.5 1LZ AUTO FWD 4dr

  • MSRP: $33,350
  • Manufacturer incentive: $3,000
  • Estimated dealer discount: $1,050
  • Freight, PDI, government fees: $1,790
  • Cash purchase price before tax: $31,090
  • Finance for 84 months at zero per cent for $425 per month including tax (includes a $2,500 manufacturer incentive applied before tax)
  • Lease for 48 months at 0.5 per cent for $566 per month including tax (includes a $1,000 manufacturer incentive applied before tax and assumes 20,000 annual kilometre allowance)

Mitsubishi

2015 Mitsubishi RVR

Cash purchasers can take advantage of a $2,250 incentive on the 2015 RVR. Finance customers are entitled to a $500 rebate, while those who lease are eligible for a $1,200 incentive. Current owners or lessees of a Mitsubishi vehicle are entitled to an additional $500 loyalty rebate applied before tax. The No-Charge Winter Tire Promotion program launched by Mitsubishi last month continues into November for many of its models, including the RVR. The package includes four Yokohama/Dunlop winter tires with steel wheels and tire pressure monitoring sensors

2015 Mitsubishi RVR SE Limited 4WD CVT

  • MSRP: $26,898
  • Manufacturer incentive: $2,250
  • Estimated dealer discount: $800
  • Freight, PDI, government fees: $1,840
  • Cash purchase price before tax: $25,688
  • Finance for 60 months at zero per cent for $517 per month including tax (includes a $500 manufacturer incentive applied before tax)
  • Lease for 48 months at 0.9 per cent for $408 per month including tax (includes a $1,200 manufacturer incentive applied before tax and assumes 20,000 annual kilometre allowance)

Kia

2016 Kia Optima Hybrid

Cash purchasers can take advantage of a $6,000 incentive on the 2016 Optima Hybrid (compared to $5,000 in October). Finance customers are entitled to a $2,500 rebate, while lessees are eligible for a $2,000 incentive. These rebates for cash, finance and lease purchases all include a $1,000 Eco-Bonus, which is deducted from the negotiated selling price before tax.

2016 Kia Optima Hybrid EX

  • MSRP: $33,695
  • Manufacturer incentive: $6,000
  • Estimated dealer discount: $800
  • Freight, PDI, government fees: $1,675
  • Cash purchase price before tax: $28,570
  • Finance for 60 months at zero per cent for $604 per month including tax (includes a $2,500 manufacturer incentive applied before tax), or alternatively finance for 60 months at 3.99 per cent (BMO Bank of Montreal rate) for $594 per month including tax (includes a $6,000 manufacturer incentive applied before tax)
  • Lease for 48 months at 1.9 per cent for $524 per month including tax (includes a $2,000 manufacturer incentive applied before tax and assumes 20,000 annual kilometre allowance)

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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