Money

Grab These Car Deals While You Can

By Jerry Edgerton

Updated on: June 2, 2010 / 6:17 PM EDT / MoneyWatch

The bargain season for new car buying may not last much longer. With May's double-digit sales increase the third strong month in a row, dealers are pruning their oversupply of 2010 models and auto companies are cutting back on rebates and low-rate financing.

"Bargain hunters planning to hold out for the traditional late-summer deals would be wise to start shopping now," cautions Jessica Caldwell, director of industry analysis for the auto information web site Edmunds.com. "There is less need for clearance sales this year and the 2010 inventory is already slim pickings." Recent reports confirm predictions Caldwell has been making. (See Best Car Deals: Buy Now or Wait.)

Slim pickings doesn't mean there are no good deals left, however. For example, General Motors has increased promotions on its Buick, Cadillac, Chevrolet, and GMC brands to an average of $3,739, according to Edmunds.

To help you chase down today's best deals, MoneyWatch surveyed the showrooms and found these four models (two sedans, an SUV, and a pickup) still offering big discounts and incentives:

Chevrolet Silverado General Motors is heavily promoting this popular pickup with a $4,500 cash rebate. Whether you're buying a business truck or just want that pickup look, reviewers rank Silverado among the top choices for its combination of comfort and practicality. Its mileage of 15 mpg in city driving, 20 highway is about average for pickups. According to Edmunds.com, the True Market Value or average price paid for a base model with the $4,500 rebate is $18,094-or a 21% discount from list price. If you happened to be trading in a Toyota, you may be able to knock off another $1,000.

Jeep Grand Cherokee Laredo Despite the woes of its Chrysler Group parent, Jeep remains the top four-wheel drive brand. And the Grand Cherkokee's $4,000 cash rebate is a juicy enticement. Reviewers like the combination of this SUV's off-road ability and luxurious interior. The gas mileage of 16 mpg in city driving, 21 highway is middling among family SUVs but pretty good compared with other off-roaders. According to Edmunds, you can buy the Grand Cherokee for $28,363 with the rebate-a 16% discount from list price.

Nissan Altima Hybrid If you want to step up seriously in gas mileage (35 mpg city, 33 highway), this Nissan sedan may be just what you need. A happy combination of comfort and terrific handling, the Altima is among the best hybrid sedans.(See Cars with the Most MPG for Your Money.) According to pricing service TrueCar.com, you can buy the Altima Hybrid for $25,524. But with a federal tax credit of $2,350 (that comes straight off your tax bill), your net price would be $23,174, or a 16% discount from list price.

Hyundai Sonata The 2010 Sonata-with the 2011 already stealing the limelight-remains a good deal. (See Best Car Deals on Hot Models and Cold.) R eviewers like this sedan's comfort and road manners, not to mention its 100,000-mile power train warranty. With a $2,500 rebate, the base model Sonata is selling for $16,986-or an 18% discount from list price. Active duty military personnel can knock off another $500.

Photos courtesy of the manufacturers