A new report by Bloomberg shows that automakers and dealers cut new car incentives in April to their lowest point in five years.

The 14 percent decline puts the average incentive for a new car at $2,320 in April. Automakers seem to be tightening their belts for two reasons. Sales are good right now, thus they don't need the extra bonuses to help hit their target numbers. And production in Japan has slowed to a crawl, meaning that the companies are hoping to squeeze every penny out of each vehicle they do have.

"The outlook for incentives is that they are going to be down dramatically," said Jesse Toprak, vice president of industry trends at TrueCar.com.

In terms of specific automakers, Ford and Chrysler both cut incentives by approximately 20 percent each. GM offered some great deals on trucks, but offered absolutely no deals on its Cadillac luxury vehicles.

Over in Japan, Nissan scaled back the most, cutting deals by 33 percent and postponing its annual spring sales event. Toyota was more modest in its rollbacks, but still saw incentives drop off by 3 percent. Honda was the only automaker to offer more savings, with a 9 percent increase.

Drivers looking to save may want to avoid the new vehicle market for the time being, and instead browse the selection of used cars for sale at New Jersey State Auto Auction.