10 2010 Cars You Should Buy Now

SANTA MONICA, Calif. (TheStreet) -- So automakers sold a few more cars than they did last September. Deals and incentives are still lingering with last year's models.

Auto analysts say that lots packed with this year's models are driving discounts of nearly 25% as the 2011 models fight for space in the showroom. Auto sales were up 29% from last year's post-"Cash for Clunkers" crash and surged 4% from August's stagnant pace. Roughly 64% of those sales were this year's models, though, with average incentives of $3,021, according to Edmunds.com. That's up from 57% of sales from the 2009 model year last September, though average incentives are down from $3,425.

Before buyers race down to the dealership, however, they should know deals aren't what they were. Incentives are down 4.6% from last month and 6.2% from last September. Japanese automakers including Honda(HMC), Nissan(NSANY) and Toyota(TM) are the exception to the rule this year, raising incentives an average of $229 while their American, European and Korean counterparts diminished their deals.

Regardless, a stockpile of discontinued models, popular pickups, languishing luxury vehicles and redesigned rejects await car buyers willing to take a chance on last year's leftovers. Here are 10 examples, compiled by car-pricing site TrueCar.com, that offer significant value despite their vintage:

2010 Chevrolet Cobalt
MSRP: $15,710
Price after incentives: $11,898
This is the perfect storm of discount vehicles: An unpopular, discontinued, downmarket model being replaced in 2011 by the more cushy Chevrolet Cruze. The bare-bones nature of the Cobalt left buyers cold, and incentives couldn't stop a 53.1% sales slump last month, but those seeking a solid "Point A-to-Point B" passenger vehicle get a 24% discount for diving on this consumer grenade. That lowered cost comes with a note of caution from TrueCar analyst Jesse Toprak, who says the Cobalt only becomes a bargain if it's used for five years or more.

"If you're going to buy a Cobalt and want to sell it in the next year, you should understand that your resale value is going to be impacted by the incentives you're getting today," he says. "When you buy something at a high discount today, when you try to trade it in the next year or two you're going to get that much less for it."

2010 GMC Sierra 1500
MSRP: $21,845
Price after incentives: $16,940
If GM wanted to clear one of its most popular pickups off the lot in a hurry, a 22% discount was the way to do it. The GMC Sierra -- which is basically a replated Chevy Silverado -- sold 11,077 models last month alone, accounting for roughly 43% of all GMC models sold.

2010 Nissan Altima Hybrid
MSRP: $27,520
Price after incentives: $21,353
A hybrid at a 22% discount? That's a steal, right? Not so fast. Part of the Altima Hybrid's problem, and the reason it hasn't sold out its somewhat limited run, is that its mileage is pretty weak considering that it has a "discount" price similar to the Mercury Milan's MSRP. The EPA puts the Milan hybrid's average mileage at 39 miles per gallon and the Altima's at 34. In monetary terms, it costs $154 more a year to fill up the Altima than it would to fill the Milan. "The gain you have in gas mileage in buying the Altima Hybrid versus the price you have to pay for the car doesn't pass the math test," Toprak says. "Nissan has priced the hybrid so high despite the fact that the gas mileage gained isn't significant."

2010 Ford(F) F-150
MSRP: $23,035
Price after incentives: $18,039
Like the Sierra, the F-150 doesn't need a whole lot of incentives to move, but a 22% discount helps dealers clear lot space in a hurry. Last month alone, Ford sold more than 47,000 of its F-series pickups, a 40% increase from the year before. "With the F150 and similar vehicles like the GMC Sierra 1500, it's a very competitive market, and automakers actually built a bit of incentive and discounting into the sticker price," Toprak says. "Also, there has been some weakness in the large truck sector due to weakness in the economy and the fact that these vehicles are tied directly into construction and small businesses."