Supply is low and demand for new vehicles remains sky high. That being the case, buying a new vehicle today may consist of long waiting lines and being outbid by those with a deeper pocket who can handle unsolicited price hikes along the way. GM is looking to help shoppers out with price protection however, here’s what we know.
First, as the name implies, price protection keeps you from having to shell out more dough in the event a manufacturer raises the price point of a certain make, or model at signing. This is only relevant for sold orders though, so from the time of order to the moment of delivery, you’re in the clear. Cars Direct says in the event of an increase while waiting on your delivery, the difference between your price protected purchase and the new vehicle price, will be credited to the customer.
A bulletin sent to all dealers mentions the specific brands to offer price protection include; Buick, Cadillac, Chevy, GMC, as well as most of GM’s 2021, 2022, and 2023 models. This also includes performance cars like the C8 Corvette and some commercial fleet vehicles as well. To qualify for Price Protection the production date of your ordered vehicle must be on or after the date of any price increase. If the vehicle is already assembled you will have to pay the increased price. Also, the name of the person who initially placed the order must match the name of the individual taking delivery in order to validate the price protection.
In addition to price protection, GM offers incentive protection that, in a nutshell, protects any promotional incentive valid at the time of order but expired before delivery. Car buying has changed significantly over the years and more manufacturers are adopting price protection, Ford and Stellantis have similar price protection systems in place now, as well.