NOW is the Perfect Time to Buy a Car!

January 06, 2009

Regardless of all the doom and gloom you might be hearing about the economy, NOW is the perfect time to buy a new car.

As we enter the new year, automakers are leaving behind one of the most miserable years in their history, reporting dreadful December figures demonstrating double-digit drops in sales as credit markets tightened and consumer confidence sank. Just yesterday, @TomWhiteJr reported that most auto sales fell around 30 percent (Toyota -36.7%, BMW -35.9%, Honda -34.7%, Ford -34.4%, GM -31.2%, Nissan -30.7%), though Chrysler was hit hardest, with a giant 53.1% drop in vehicles sold in December 2008.

“Why is this good news?” you might ask? It’s not, at least, not exactly. It was not good news for auto dealers who are sitting with unsold inventory on their lots. It was not good news for manufacturers who have had to idle their plants so their dealers can clear out some of that aging inventory. But it is good news for consumers who are ready to buy, because it means those cars are there right now, just waiting for somebody to take them home to a nice warm garage. And tons of deals to encourage consumers to come look at them.

Thanks to a $13.4 billion in emergency loans from the Treasury Department's financial system rescue TARP fund, fears that auto manufacturers could suddenly crash into oblivion have been calmed. Manufacturers have been given until March 31 to demonstrate that they have mapped out a better future, in a plan which -- says the New York Times –- requires “the companies to quickly reduce their debt by two-thirds, mostly through debt-for-equity swaps, and to reach an agreement with the United Auto Workers union to cut wages and benefits so they are competitive with those of employees of foreign-based automakers working in the United States.” Things are looking up, all around, folks!

According to Sean Tucker at US News, “A perfect storm of record slow sales, government aid to loosen credit markets, and a model-year changeover may make January 2009 the best month to buy a new car in quite a few years - January may even be a better buying opportunity than February will be.” At the US News Best Car Deals page, all the manufacturers publicized incredible sales incentives during the Christmas/New Year holiday period to bring consumers to dealerships. Ford had employee pricing and rebates. General Motors promoted a Red Tag Event Sale. Promotions range from 0% interest to thousands of dollars in cashback offers. Sadly, the December incentive plans expired on January 5, but you can bet the manufacturers will replace them with equally tasty offerings of interest-free financing and plenty of generous cash-back rebates for the remainder of the month. They are doing whatever it takes to stimulate interest and do something about their languishing inventory.

Some dealers are offering “Two for the Price of One” sales specials to bring customers to their lots. But Hyundai wins the prize for the current best possible offer by allowing new car to bring their car back should they lose their income within a year after making their purchase. The manufacturer will allow the buyer to return his new car without penalty if they experience any on a list of “approved” financial tragedies. Find out more by watching this video at Yahoo!

Does all this news make you feel ready to buy or lease a new car? Have you got something in mind, and need more information to help you make your decision?

Why not stop by AskPatty.com to do a little pre-shopping research? AskPatty helps smart, savvy women car buyers by offering these valuable resources to save money and time:

Car Shopping Video Showroom - Powerful narrated 360-degree video car and truck reviews powered by driverTV.com
Search for a Certified Female Friendly car dealership - Just put in a make, model, and year with your zip code to find a Certified Female Friendly dealer near you.
Get Advice - 50 expert automotive women provide expert car advice to women 24/7.
FAQ's - Search our catalog of frequently asked questions with answers from the panel of expert women.
CarBlabber - Car reviews by women for the benefit of women car shoppers.
MyCarPage - Park your car online and get service appointment email reminders based on the auto manufacture suggested service intervals recommended for your car and much more.
MyAutoLoan - Receive up to 4 loan offers from national lenders One simple application is all it takes, even if you've had credit problems.
Insurance Center - Get an automatic insurance rate check and read up on information in our growing insurance knowledge base.
Womanar Podcasts - Listen to podcasts from women automotive industry experts on car care, car repairs, new and used car buying.
Car Tips - Read our advice articles on car purchases, maintenance and other automotive related topics on the AskPatty.com blog.

No matter what your needs, women who want a faster, easier, more powerful way to research a new car or truck will find everything they need at AskPatty.com.

Jody DeVere
President and CEO
http://www.askpatty.com
http://www.carblabber.com