GM announces 72 Hour Sale on 2008 models, 3.5% Price Increase for ’09s
Facemasks on? Heeeeeeeeeeeeeeere we go!
By David Surace
The Automotive News article landed in my inbox with an ALERT!, which I guess is the internet equivalent to a THUD!
Let’s start off with a small piece of news which was found buried at the bottom of the piece: adding fuel to the already heated rumors that the HUMMER brand is walking the plank, GM’s Mark LaNeve told dealers in a teleconference today that megafinancial group Citibank has been hired to help review GM’s options with HUMMER, the original review of which had been set forth by Rick Wagoner on June 3rd.
Now, onto the headline: GM also told its dealer network that prices are going up 3.5% across the board starting with ’09 models. That’s the proverbial stick. What’s the carrot?
For the vast majority of ’08s sitting on dealer lots, starting June 24th (that’s tomorrow, people) they’re offering 0% financing for 72 months on selected models at Buick-Pontiac-GMC, Chevrolet, SAAB and Cadillac (with a couple exceptions we’ll discuss after the jump).
In another twist, GM will also offer $500 cash to customers who buy, rather than lease, their vehicles.
The full extent of ’08 nameplates being offered up for the incentive isn’t known just yet, though LaNeve indicated it would encompass roughly 80% of that model year’s vehicles, the exceptions being vehicles which are already in short supply. In other words, expect it to be heavy with Lambda crossovers and also SUVs, especially of the GMT-900 variety.
The premium brands will also get into the act, with the now beleaguered HUMMER H2 and H3 models (of course), and the SAAB 9-3 and 9-7X models (apparently the 9-5 was left out).
Cadillac will offer the 0%/72-month financing on all vehicles except for the new CTS, but fear not, it’ll only get 0% APR for 36 months instead, a comparative slap on the wrist for its popularity. On the other hand, the Escalade gets $1000 on the hood on top of the sweet financing.
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