Luxury brands such as Jaguar and BMW offered some of the biggest automotive discounts in March.
Overall, cash-back rebates, subsidized interest rates and other incentives in the United States were an average of $3,116 per vehicle last month, a 13% increase over the same month a year ago.
But Jaguar — the former Ford Motor Co. brand now owned by Tata Motors Co. — topped all other automakers in March, more than tripling its discounts to an average of $6,548 per vehicle. Last year, Jaguar offered an average discount of $1,983.
BMW, meanwhile, increased its discounts to an average of $5,216 per vehicle, a 15% over last March. Mercedes-Benz also upped its discounts to an average of $5,052 per vehicle, an increase of 64%.
Korean automaker increased its incentives by 80%, offering an average discount of $5,096 per vehicle — higher than discounts offered by Detroit’s automakers.
The incentives appeared to have paid off, too. Kia’s sales declined only slightly during a month when overall sales fell 37%.
“Automakers are pulling every lever in their effort to attract buyers,” said Jesse Toprak, executive director of industry analysis for Edmunds.com.
Chrysler LLC led domestic automakers on incentives, offering an average discount of $4,618 per vehicle, a 10% jump compared to 2008.
The Auburn Hills automaker piled on the deals, offering employee pricing and discounts — a plan that Chrysler is continuing through April.
This month, the automaker is also adding no-interest financing for 48 months on certain vehicles.
By comparison, incentives in March averaged $3,939 at GM and $3,110 at Ford.
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