Are employee discounts like GM Preferred Pricing worth it?
There are plenty of ways to save money when purchasing a new vehicle. One of those ways is through exclusive employee pricing or discounts. Not every automaker offers employee pricing discounts, and they don’t always call it the same thing either. Ford refers to it as employee pricing while GM calls it Preferred Pricing. Nissan, Mazda and a handful of other automakers offer this type of pricing as well.
Regardless of the name, it provides essentially the same benefits. Buyers get access to rebates that are sometimes offered to the regular public, but often are reserved for close associates and employees.
GM Preferred Pricing, for example, sets the price for a new vehicle at the invoice price plus 1.5% of the MSRP. Better yet, the rebates can be stacked with other rebates that are offered to the public on regularly-priced vehicles. Although the exact amount saved will differ from one model to the next, the key takeaway here is that if you can get access to GM Preferred Pricing, it’s certainly financially advantageous.
“We’re used to helping GM employees get their GM Preferred Pricing benefits here at John Bear, being so close to a GM plant. Although I can’t speak of specific rebates given that they vary greatly from one model to the next, what I can say is that they provide a ton of value and make buying a GMC or Buick a no-brainer for a General Motors employee”, says one sales representative at John Bear GM in St. Catharines, Ontario.
Here are a few things to know about GM Preferred Pricing:
- Up to two vehicles can be purchased with GM Preferred Pricing
- Vehicles purchased under the GM Preferred Pricing plan have to be kept for at least six months or 12,000 kilometers.
- Most Chevrolet, Buick, GMC, and Cadillac cars and SUVs are eligible with a few exceptions.
- The process of buying the vehicle is basically identical to buying any vehicle; you can add a trade-in to the deal and you can choose either a vehicle in dealership inventory or order it.
For automaker employees like GM employees, it can pay to learn more about the discounts available to you. Learn more about GM Preferred Pricing here.