Canadian new car sales are in a slump, down 18 per cent in the first six months of 2009.

This means you can find some great new car buys as the 2010 models start to come in.

Dealers are still rolling out cash rebates, low-rate financing, free gasoline and job-loss protection plans to get you in the door.

But you have to shop carefully. The incentives aren't as rich as earlier in the year, experts say, and some popular models are in short supply.

"This is a wake-up call to people who think they can keep the old car around," says Paul Timoteo, president of Armada Data Corp., which runs several automotive websites.

"Summer is a very good time to buy, when the market is a bit slower."

Incentives for buyers are good, but not quite as generous as in the recent past, says Dennis DesRosiers, a well-known auto industry analyst.

General Motors, which had the most generous incentives, has gone through bankruptcy protection – meaning that other automakers do not have to match GM's incentives any more.

Some companies, however, are bucking industry trends.

Hyundai Canada sold 21 per cent more cars in the first half of this year, boosted by low prices and much improved quality.

Just ask DesRosiers what brand he'd pick as the best combination of price, quality and fuel efficiency.

"Hands down, it's Hyundai," he says. "In terms of value for money, it's offering the best deals in the market, bar none."

What brands would he stay away from?

"I'd avoid brands that are bankrupt, such as Saab, Hummer and Pontiac, primarily because the resale value will drop.

"This happened with Mercury and Oldsmobile after they were discontinued. Of course, you can buy a Pontiac if you want to drive it until it dies."

Chrysler Canada has big cash rebates and low-rate financing after coming out of bankruptcy protection. But since production stopped for several weeks, inventory is low.

"Chrysler and GM are both short of cars," says Zvi Richman of First Rate Auto Leasing Inc., who acts as a broker.

Meanwhile, Toyota and Honda are trimming back rebates after their sales dropped this year.

"There are still good deals on some models, but not as high as in February or March," Richman says about the two big Japanese automakers.

"Honda Civic had a $1,500 cash rebate earlier this year, but now it's zero. Honda Odyssey, no rebate. Toyota Sienna, no rebate."

Remember when all the ads screamed, "Now is the best time in history to buy a new car?"

Well, the message got through, Timoteo says.

"The deals are becoming few and far between. Because the dealers were running scared in the spring and didn't order enough cars, now it's too late to order. Everyone is scrambling."

Timoteo runs a consumer website, CarCostCanada.com, which supplies dealer cost invoices for $39.95.

In the past two years, his members have saved an average of more than $5,500 on GM models and $6,000 on new Cadillacs.

There are different types of cash incentives, Timoteo says. Automakers can discount the car's suggested retail price and offer rebates to buyers over and above that amount.

As well, automakers can offer rebates directly to dealers. These dealer incentives are rarely advertised and only known to buyers who do their homework.

The Automobile Protection Association, a consumer group with offices in Toronto and Montreal, also has a dealer cost pricing service.

APA counsellor George Powell likes the Hyundai Elantra, which has a five-year bumper-to-bumper warranty, zero per cent financing for three years or 0.9 per cent financing for four years, plus a cash rebate of $3,000 to $3,350.

But he warns buyers to hurry before the incentives run out.

His son Geoff got a $6,500 rebate on a 2009 Ford Fusion mid-size sedan with leather seats and sunroof last March.

Today, the cash-back amount has gone down to $4,500.

"He was $781.20 better off buying in March than today," Powell says.

eroseman@thestar.ca