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Story Published: Jul 11, 2005 at 3:05 PM PDT
Story Updated: Aug 31, 2006 at 2:00 AM PDT
But is it really a good deal?
On some vehicles, the new marketing promotion is a real winner. But like a lot of good deals, there are a few catches.
These offers aren't a lot better than what you could get through good negotiating. The difference is, now they're guaranteed.
"That lack of having to haggle with a professional salesperson on the dealership floor, can give a lot of people some extra confidence and a more secure feeling," said Kevin Smith, an analyst with automotive review site Edmunds.com
The best deals are on some popular models that don't normally get discounted. Edmunds.com calculated how much you can really save -- based on what people were paying for the same cars before this promotion started.
For example, Edmunds says you can save nearly $5,000 on GM's Cadillac STS. Saturns are always sold with fixed prices, so this is a rare chance to get one for less.
Emunds says you'll save $2,750 on a Saturn Vue.
The Chrysler PT Cruiser Convertible is pretty popular this summer, and the employee discount gives you close to $800 off.
And you can save just under $600 on the Chrysler Pacifica.
Ford's highest percentage discounts are on the retro Thunderbird, with savings of more than $1,500.
And the Mercury Mariner, where you'll get more than $1,200 off.
"In the long run ,it's a much better thing for consumers than it is for the auto manufacturers, it still is deep discounting it represents a huge price cut, which is exactly what the manufacturers are trying to get beyond," Smith said.
Now, here comes the other shoe:
All three car companies have scaled back their usual rebates and their low interest financing offers. And of course, the hottest vehicles of all, like Corvettes, aren't included in the deal!
The bottom line: These are good deals, especially if you don't like to haggle.
But remember, even with the employee discount, prices are still negotiable. A lot of people don't know that.
And manufacturers are still offering some rebates, to be sure to find out about them.
And if you like to lease instead of buy -- and I'm not a big fan of leasing for most people -- this deal does apply to you, too since the lease is based on the car's total price.
But watch out for the financing. They're dropping a lot of their low financing deals, so consider getting the financing yourself through another source, such as your bank or credit union.
Now, GM was the first one to offer this employee pricing, so do Ford's and Chrysler's stack up? An analyst at Edmunds.com said GM is clearly the best program because it is offered on so many vehicles, even popular ones. Ford and Chrysler, he says, have limited employee discounts to the slow-moving models.
For instance, the popular Ford Mustang and the Chrysler 300, Magnum and popular SRT line are not included in this promotion.
For More Information:
GM Extends Employee Discounts; Ford and Chrysler Match Savings
Incentives and Rebates Database
Automaker Discounts are a Little Uneven