Zero percent auto loan financing was the most popular incentive in July. Car shoppers with good credit scores were able to borrow money to buy their new cars for free. Some of the 0 percent car loans were even available for up to a lengthy six years.
Auto lease incentives also were abundant across many automakers. With a few thousand dollars down, July shoppers were able to lease well-equipped vehicles with budget-friendly monthly payments.
General Motors, like most other automakers in July, offered 0 percent auto loan rates on most of its vehicles. GM’s incentives stood out because its 0 percent car loans were up to 60 and 72 months long on some models. The automaker’s four core brands were up 24.6 percent compared to last July.
"The size and scope of the U.S. market demands a strong portfolio of well-targeted brands," said Don Johnson, vice president, U.S. sales operations, in a statement. "The success of Chevrolet, Buick, GMC, and Cadillac month in and month out, indicates that the new GM’s brand strategy is sound."
Porsche continues to do amazingly well in July, with a sales increase of 75 percent compared to July 2009. Just last month, Porsche’s U.S. sales saw a 137 percent increase year-over-year. Porsche offered 1.9 percent auto loan rates on most of its 2010 models in July for up to five years.
July 2010 U.S. auto sales
GM: up 24.6% (core brands only)
Ford: up 3.1% (including Volvo)
Chrysler: up 5%
Toyota: down 7.2%
Lexus: down 3.3%
Honda: down 9.7%
Acura: up 44.7%
Nissan: up 12.1%
Infiniti: up 37.6%
Mercedes-Benz: up 7%
smart USA: down 60.5%
Porsche: up 75%
Audi: up 22%
BMW: up 16.4%
MINI: down 11.2%
Kia: up 20.7%
Subaru: up 10%
Hyundai: up 19%
Volkswagen: up 16%
Mazda: up 8.9%
Mitsubishi: up 16.5%
Suzuki: down 44%
