Chevy Axes 0% APR Deals, Discounts Before Memorial Day

By

Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter

, Senior Pricing Analyst - May 4, 2021

The cost to buy a Chevy just went up at dealers across the country. Amid a worsening inventory shortage, dealer incentive bulletins released today show that the brand has canceled every 0% APR deal in its lineup and is offering lower discounts in a move that could cost buyers thousands of dollars ahead of the Memorial Day holiday.

Yesterday, there were nearly a dozen models with 0% APR for at least 72 months. If you were lucky enough to find one of last year's models, vehicles like the 2020 Trax offered 0% financing for 84 months plus $3,300 in GM Down Payment Assistance. As of today, every single one of Chevy's 0% APR deals has been eliminated.

But that's not all. A "percentage off" deal promising up to 20% off MSRP has also been scaled back. For example, 2021 Malibus offered 15% off MSRP, or as much as $4,017 in savings in the case of a loaded Malibu RS. Starting today, that discount has been pared back to just a paltry 5% off MSRP, or $1,339 on the exact same car.

Even regular cash incentives have been affected. For example, last month's $1,500 rebate on the 2021 Camaro was eliminated. Late last year, you could score GM Employee Pricing on Camaros for up to $3,030 in savings on the SS trim. As a result, holiday bargain-hunters may find now a pretty awful time to buy.

Nowhere is the pain more apparent than the brand's popular lineup of pickups. In the most extreme case, both rebates and 0% APR incentives have been totally decimated on the 2021 Colorado. While you can still find a rebate on the flagship Silverado 1500 Crew Cab, the amount has been cut 9% from $4,400 to $4,000.

Financing is also significantly more expensive. Last month, a $50,000 Silverado used to cost approximately $50,000 at $694/month before taxes & fees. Now that 0% APR has been eliminated, a 6-year loan at a rate of 4% would involve roughly $6,300 in interest and be $88/month more expensive, reducing one's buying power.

Curiously, it's a completely different story when it comes to GMC. Unlike the Silverado, the 2021 GMC Sierra 1500 continues to offer 0% APR for 72 months. This could enable shoppers to buy a $56,000 Sierra for about the cost of a $50,000 Silverado based on the aforementioned scenario and end up being a superior value.

Stay tuned for updates to our ongoing Memorial Day deal coverage in the weeks ahead.

Best Memorial Day Truck Deals For 2021 »

, Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

Follow On: Twitter

Privacy Policy|Do Not Sell My Personal Information|Terms of Use|Cookie Policy|Disclaimer|
COPYRIGHT 1999-2021 MH Sub I, LLC dba CarsDirect.com