Stellantis has reportedly dropped its “employee pricing for all” campaign for the Jeep Gladiator, but the latest S&P Global Mobility Market Scan listing, carried by Automotive News, shows that they are slapping a good deal of cash on a large number of hoods.
At Alfa Romeo, rebates rise up to $7,500 on the 2024 Tonale and Giulia; Stelvio hits $1,750. Traditional Mopar fans cannot gloat much, though, with up to $7,500 cash back on the Pacifica, Grand Cherokee, and Wrangler, and up to $7,000 back on the new Hornet—a surprisingly large rebate for a 2024 model which is getting good reviews. The 2023 Hornet’s rebates only go up to $1,000.
Other rebates on 2024 Jeeps and Rams go up to $2,500 (Grand Cherokee L). Avoiding rebates entirely are the ProMaster, Wagoneer, Grand Wagoneer, and Wrangler two-door; these have “promotional” interest rates instead, ranging from 3.6% to 9.9%.
Stellantis seems to be the most eager mainstream automaker to clear out 2024 models; GM’s 2024 rebates only go up to $4,000, and that is for a single car, the Cadillac CT4. The biggest rebate on a non-Cadillac GM car was $1,750. Even the 2023 models didn’t go any higher than $4,000.
The scene at Ford was a little different; their only 2024 rebate was on the Edge, and ranged from $1,000 to $1,500. Aside from the F-150 Lightning, which Ford jacked up pricing on only to issue rebates that cancelled the price hikes, Ford had no rebates on 2023 vehicles over $3,000.
Hyundai-Kia had a few rebates on 2024 vehicles, which was surprising given that some dealers are still adding to list price when selling them. Their 2024 rebates ranged up to $5,000; excluding EVs, their top rebate was $2,500. The high Hyundai rebates on EVs come just as Consumer Reports rates them to be well above average in reliability.
Mazda’s pricing has apparently rebounded, with rebates of $1,000 on the 3 sedan, $2,000 on the CX-90, and $1,500 on just about everything else—and that’s on the ’24s. But Mazda raised prices and dropped content last year.
Finally, Toyota, surprisingly, has a number of rebates—up to $1,000 on just about all its mainstream cars, $500 on the rest, and $2,500 on the BZ4X. Again, this may be compensating for dealer overcharges, or it might be Toyota trying to prevent a sudden drop in sales as customers start getting more price-conscious.
Across the industry, prices rose quite a bit during the years of shortage which resulted from COVID and pre-COVID chipmaking plant disasters. Buyers had little choice but to pay, but with very low interest rates, many still bought higher-end cars. As the cost of borrowing money has risen, economists predicted that the market for high-end cars will shrink and that car prices will be pushed back down, reducing the massive profits seen by both car dealers and automakers. Stellantis may be feeling the pinch first, between its “all premium priced” Jeep line and its already surprisingly high inventories.
