In the biggest change we’ve seen in Jaguar and Land Rover incentives in about a year, dealers are now allowed to mark up the best brands’ rates. As a result, luxury car buyers looking to purchase this spring may not be aware that there may be far better deals than advertised on TV and online.
If you look Jaguar website, it indicates that the 2021 F-TYPE is eligible for 0% APR for 36 months. But this is not quite true. In fact, Jaguar Financial continues to offer 0% APR for 72 months, as it has been since virtually the start of the pandemic. The main difference is that dealers are allowed to increase the rate up to 1%.
According to a letter sent to dealers, the change went into effect on April 1, eliminating fixed fees paid to dealers. The brand says the move “will give retailers more flexibility when customers fund.” That said, we think it could create a lot of confusion for customers trying to decide if it’s a good time to buy.
In the case of Land Rover, every 2021 vehicle in the brand’s lineup, except the Defender, is advertised with 0.9% financing for 36 months. However, buyers can actually get the same great rate for up to 60 months with a potential markup of up to 1% APR. Your mileage may vary depending on the rates in your area.
This could make estimating your costs a lot less straightforward. With an APR of 0.9% for 36 months, a $ 50,000 SUV would cost $ 1,408 / month before taxes and fees. With a 1% mark-up, a 60 month loan would translate to $ 874 / month. It’s quite a difference and it lacks some of the transparency you can find in competitors.
To help put this into perspective, Infiniti is now offering 0% financing for 72 months across its 2021 lineup. Meanwhile, BMW is offering low interest financing as well as up to APR credit. ‘at $ 2,750 on just about every vehicle. Even Porsche is jumping into the action with an APR of 2.49% for up to 72 months plus no payments for 90 days.
Oddly enough, Jaguar and Land Rover’s latest moves share some similarities with Nissan this month. As we reported this week, the automaker is making it more profitable for dealerships to book finance deals. While they are certainly totally different brands, the two seem to be setting the ball rolling to better favor dealers this spring.
If you are looking to buy a Jaguar or Land Rover, we recommend that you check with your local dealership for the best deals. For example, in what appears to be one of the biggest discounts this month of any major automaker, V8 versions of the F-TYPE are eligible for a purchase incentive of up to $ 10,000 which is not advertised.
Explore the biggest discounts of the month