General Motors, Ford Ramp Up Incentive Spending for President's Day
Official Incentives over $7000 for Sierra, Silverado, Some Dealers $10K Off
Some say the automotive industry is addicted to them. Yep, we’re talking about incentives. But when push comes to shove, and it's time to move out inventory, incentives are a sure-fire way to move the metal. For the upcoming President's Day holiday and through the end of the month, General Motors and Ford are stepping up to the plate with generous incentives to help whittle down bloating inventories of full-size trucks, Reuters reports.
Official factory incentives for the 2014 Chevrolet Silverado are $7092 and up to $7588 for the GMC Sierra. Some dealerships are reportedly advertising offers of up to $10,000 off MSRP. Ford's official incentives for the 2014 F-150 are $3250, but some dealers are knocking more than $8000 off the price. Ram is offering up to $2500 on the 1500 pickup through the end of February. Sales of the Ram 1500 have been strong throughout most of 2013, showing a double digit year-over-year gain for most months of the year.
Although the news would appear negative for GM at first glance, the upside is that the average transaction price on the Silverado was up 12 percent in January to $40,575. At the end of January, Ford reportedly had a four-month supply of F-150s on dealer lots, and Chevrolet had a five-month inventory of Silverados.