It's that time of year again--time for great car deals, that is.

As dealers look to thin out their excess inventories, they are offering cash rebates, slashed financing and lease deals to hit their sales targets. Shoppers should be able to snag good deals between now and New Year's, Forbes reported.

Prices have dropped in the last year, according to figures from TrueCar.com. The average price for a new vehicle fell by 0.5 percent last month. Spurred by discounts and dealer incentives, the average transaction price for a car had dropped 0.6 in the 12 months prior, marking the first year-over-year fall since December 2010.

"Relatively higher levels of discounting are being used to clear out 2013 model year vehicles," said TrueCar.com senior analyst Jesse Toprak. "We expect transaction prices to continue to stay in record territory in the short term, as long as the fundamentals in the economy stay positive."

The best incentives will likely come from General Motors, Ford, Chrysler, Nissan and Volkswagen as the brands clear the way for next year's new models, according to Forbes. One example is the 2013 Chevrolet Silverado pickup, which is selling for $4,500 off the list price due to the 2014 update.

For anyone seeking a greener vehicle, Chevrolet has a $7,000 incentive for the 2013 Volt extended range electric car, while Mitsubishi is cutting the price of its i-MiEV all-electric model by more than $6,000 for 2014.

The end of the year features some hot deals on cars, but there are a few drawbacks. Bargain seekers will have a smaller inventory of cars to choose from. They will also have to be less picky when it comes to colors and features. But overall, the end of the year can feature some good deals for shoppers. Go here for a list of Forbes' top 16 new-car deals.

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