The introduction of a new or refreshed version of a car usually leaves dealers scrambling to get rid of old stock. It's hard to sell yesterday's model when tomorrow's is new and improved. As it prepares to launch the refreshed 2015 Dodge Challenger and Charger at the 2014 New York Auto Show, Chrysler is also preparing a solution to this problem, Automotive News (subscription required) reports.
As part of the "Dodge Double-Up" deal, customers will be able to lease a 2014 Challenger or Charger for one year, then trade up to the 2015 model. They'll get a three-year lease of the new model for the same monthly payment, with no additional money down. Buyers who go straight for the 2015 models will get a $1,000 incentive.
All the lightly-used 2014 Challengers and Chargers sold under the program--which begins April 17 and runs through August--will go to Enterprise Holdings, which will rent them through its Enterprise, National, and Alamo outlets. The deal with Enterprise will keep off-lease 2014 models from going to auction, which would drive down the residuals--the future off-lease value--of 2015 models. So the Double-Up program should keep new-car buyers happy, as well as help Dodge move the last of its aging 2014 muscle cars.
Through March, Charger sales were down 4 percent, while Challenger sales were down 24 percent. The 2015 refresh should bring a little life back to both models, particularly the Challenger, which hasn't received any styling updates since its 2008 launch.
A new SRT performance model with a supercharged V-8 tentatively called "Hellcat" is also expected to join the 2015 Challenger lineup.
The 2015 Dodge Challenger and Charger are expected to go on sale in third and fourth quarter 2014, respectively. In the meantime, head over to our dedicated hub for more 2014 New York Auto Show coverage.