Best car deals, discounts and incentives for February 2024

The car buying experience has been a wild ride over the past few years as automakers and dealers grappled with all manner of disruption, from supply chain issues to a global pandemic. While the situation hasn’t completely returned to “normal,” things are calming down, and the market is moving in the right direction. J.D. Power recently released its U.S. Automotive Forecast that assesses car deals and incentives for February 2024, and one of its major takeaways was that incentive spending is on the rise, driven by aggressive lease deals and discounts.

J.D. Power projected that automaker discounts would climb to $66 this month, adding to an impressive trajectory since this time last year. The average per-vehicle incentive spend has increased by a whopping 75.3 percent since February 2023, and spending as a percentage of MSRP has more than doubled, from 2.3 percent last year to 5.3 percent now. That growth is expected to bring the average discount per vehicle to $2,565 this month.