DETROIT ( TheStreet) -- General Motors is eagerly awaiting its IPO and has big buzz behind upcoming models such as the Chevrolet Volt and Cruze, but offers few good reasons to buy now.Much like fellow bailout baby Chrysler, GM is better off than it was a year ago, when it was mired in bankruptcy and saddled with sagging brands and models. Also like Chrysler, though, GM's best days are ahead of it. Sales of its remaining Chevrolet, Buick, Cadillac and GMC brands rose 36% last month from the same period in 2009 -- when it was propping up its Saturn, Saab, Hummer and Pontiac brands, as well as a few redundant models -- but dove between 12% and 13% from May's take. Part of what's holding back the company derisively known as "Government Motors" since taking federal bailout funds last year is a future that still feels miles away. The Chevrolet Cruze, the anticipated compact replacement to Chevy's ho-hum Cobalt that allegedly gets more than 40 highway miles per gallon, won't arrive until September. The plug-in electric Volt won't appear until some two months later. Meanwhile, incentive programs aimed at existing GM models have diminished 8.7% from May to June and are down 4.8% since June 2009, according to TrueCar.com. "If someone last year or in late 2008 decided to pull back and wait and really needs a new car right now, that buyer is more inclined to purchase," says Jeff Schuster, executive director of global forecasting at J.D. Power and Associates. "If it's someone who's really attracted to new product, which we're just starting to see now after being down over the past 12 months, they're waiting it out." GM isn't alone. The entire automotive industry has dropped incentives 1.3% from May to June and 6.9% since last year, according to auto-information company Edmunds. Its neighbors in Detroit have cut back as well, with Ford cutting incentives 0.7% since May and Chrysler hacking its buyer benefits by 5.3% since last June, according to TrueCar. Bargain hunters can try their luck with Toyota ( TM), where recall troubles have helped maintain a 39% incentive increase from June 2009, but will have little luck elsewhere.
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