Chevy Offers 0% Financing on Silverado

Cars and Drivers

Published: September 27, 2015 9:16 am

Last Updated: September 28, 2015 7:17 am

The full-sized pick-up market share wars continue to rage and General Motors Co.’s (NYSE: GM) Chevy has become unusually aggressive in this battle to clear its lots of its 2015 Silverado. Chevy dealers need the showroom space before the 2016 model of the truck hits the showroom.

Full-sized pick-ups are the financial engine of the Big Three auto companies. The Silverado is the second best selling vehicle in the U.S. behind Ford Motor Co.’s (NYSE: F) F-150. Ford has sold 494,800 F-Series trucks, down 0.5% through August. Silverado sales have risen 16.6% over the same period to 387,179. The third truck in the field is Fiat Chrysler Automobiles N.V.’s (NYSE: FCAU) Ram, which had sales of 294,405, up 3.2% for the period.

Chevy’s greatest challenge is the new version of the F-150, which is built partially with aluminum. Ford says the truck is lighter, and its frame stronger. Chevy has countered with its claim that the F-150 is more expensive to repair. Chevy also hopes full-sized pick-up buyers will want to choose more traditionally built vehicles made completely of steel. Since Ford’s production of its new models have been hampered by slow manufacturing, it is too early to see the sale results which support either claim.

The discount on the base 2015 Silverado 1500 Crew Cab is 0% APR financing for 60 months, as part of Chevy’s “Truck Month.” Selective buyers can also get “allowances” of $4,000. Some of the discounts on more expensive versions of the Silverado are even higher.

Part of the sales pitch for the Silverado is an attack on the F-150’s construction material. It is made of “high strength steel”. The implication is the aluminum is not a successful replacement for steel

It will be meaningful if Chevy needs to keep up its discount policy once its 2016 Silverado hits showrooms and the new F-150 comes into full production. The Silverado accounted for nearly 19% of all GM sales over the first eight months of the year. Each parent company has a great deal to lose from a slip in share in this competitive market.

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