Yahoo had an article today saying that it is a good time to buy a car. I also believe that is true since the auto industry is basically in shambles. With the economy struggling, dealers must have had a lot of trouble getting cars off the lots. According to Yahoo, “Auto makers are offering generous deals, including cash back offers and low financing rates, across a wide range of vehicles. Many that once sold at a markup are suddenly available for well below the sticker price – and often less than dealer cost.”
The article goes on to say that dealerships have been closing all across the nation. Dealers need to clear their inventory of 2009 vehicles and with so much excess supply, good deals are in store. Yahoo gave an example of the deals people have gotten: A guy in Portland, OR bought a 2008 Mazda Miata roadster with a sticker price of $27,235 for $18,000 three weeks ago. The manufacturer gave a rebate along with dealer discounts.
I still believe in the idea of only purchasing what you need and living within your means. Just because something is on sale, doesn’t mean you have to buy it. My Honda Accord that is 8 years old still works just fine and has plenty of years left in it. Even though I could get a pretty good deal, I just don’t need a car right now. On the other hand, if you were thinking about getting a new car in the near future, I would suggest taking advantage of the current deals and the laws of supply and demand.
Make sure you shop around and check out other dealerships since everyone is ready to cut you a deal. Remember that you should always try to negotiate since you have all the power right now. You don’t need to buy a car, but the dealers do need to sell them. Keep that in mind when you go shopping.