With the recent inventory and chip shortages, you could be hard-pressed to get a good deal on a new car right now. However, if you’re shopping for a mid-size sedan like a 2021 Toyota Camry, then you might be able to take advantage of some incentives this month. Ari Janessian – a broker at Boston Automotive Consulting – recently went over some pricing tips that you can follow if you plan on making a move and purchasing a new Toyota Camry.

Financing a 2021 Toyota Camry

If you plan on shopping for a Toyota Camry, then it helps to know which trim level to look for in order to get the best deal. The Camry currently comes in seven different trim levels: LE, SE,

SE Nightshade, XLE, XSE, TRD, and XSE V6. Janessian notes that there are currently 2,177 SE models at dealerships nationwide, so you could have the best odds of getting a good deal on one due to a large amount of inventory.

If you want to finance a Camry SE, then here is a breakdown of Janessian’s price structure:

2021 Toyota Camry SE FWD
MSRP: $29,185
Target selling price: $27,142
Rebate: $1,000
APR: 1.9%
Final price: $27,142
Monthly payment: $475/month + tax

As we can see, the MSRP for the Toyota Camry SE is $29,185, but Janessian urges buyers to aim for a 7% discount, bringing the selling price down to $27,142. There is also a rebate from Toyota for $1,000 as well as a special financing APR of 1.9% for up to 60 months.

Buyers can either choose the rebate or the special finance rate, but not both. However, if you chose the special rate, then you can anticipate a monthly payment of $475 per month plus tax if you just cover the car’s taxes and fees as your down payment.

Leasing a Toyota Camry will give you a lower monthly payment

If you’re looking for a sub-$400 per month payment, then leasing a 2021 Camry could be a more viable option for you. While certain incentives from Toyota can vary depending on which region you currently reside in, Janessian put together a lease example to show what’s possible given the current rebates.

The leasing example breakdown looks like this:

2021 Toyota Camry SE FWD
MSRP: $29,185
Target selling price: $27,142
Lease Cash: $500
Residual: 53%
Money Factor: .00018
Due at signing: $1,700
Monthly payment: $317/month + tax

Janessian used the same starting MSRP and target selling price for a lease, so be sure to start there, if possible. Toyota currently has a lease cash offer of $500 when you lease a Camry and a money factor of .00018 (equivalent to a 4.32% APR).

If you were to put down all of the taxes and fees as a down payment, which should equate to around $1,700, then you’ll be looking at a monthly payment of around $317 per month, plus tax.

Remember, your mileage may vary

While the aforementioned numbers are a great guide to landing a good deal on a Toyota Camry SE, keep in mind that your actual payment and selling price can vary. Different Toyota dealers will be able to achieve different results, so be sure to shop around between two or three in order to get the best price and the exact car that you want. Also, your taxes, fees, and discounts can vary by region as well.