THE CLASSIC CAR MARKETPLACE
Auto Sales in our Current Recession
Since 2008, the US has seen millions of jobs vanish, home values plummet, and credit offered by bank lenders dry up. The impact on the auto sales industry resulted in a drastic drop in vehicle sales which many in the auto industry referred to as the ‘auto recession.’ The result was government bailouts to the auto industry and a restructuring of auto companies to make them more efficient. The financial crisis played a big role in the drop in auto sales as consumers were afraid to add on more debt by making expensive purchases, and banks began making it quite difficult for people to get financing for a new vehicle. As well, job market instability caused people to tighten their budgets and hang on to their current vehicles instead of taking on a new loan.
Recently, there have been signs that the economy is starting to improve which is good news for the auto industry. J.D. Power & Associates is estimating that “auto sales in the U.S. may reach 11.5 million during 2010” which is a 15% increase above the 10 million estimate for 2009. With the auto industry feel more optimistic, this is likely a good time to consider a new car. Because the economy is showing improvement, you may likely find some great deals in order to boost sales. However, if you do decide to buy a car, it is important to know how to get a good deal.
When searching for a new car, it is essential to comparison shop. It is important to be aware that manufacturers will offer dealers price incentives. The dealers will then pass on their savings to the consumer by offering special discounts and incentives in order to sell their cars. These incentives can vary among dealers so you should compare dealer prices and their incentives in order to get the cheapest price.
If you are looking for the cheapest price on a brand new car, research the advantages and disadvantages of various models that may increase the price. As well, inform the salesperson that you have done your research so they know that you cannot be influenced into buying unnecessary features that will increase the price of the vehicle. If a dealer tells you that the price quote they offer is only good for that day, move on to another dealer. A reputable dealer will be able to hold a price for more than a day. Remember, it is important to be a hard bargainer.
It is important to consider the price you will pay to insure the vehicle. The decline in auto sales also meant the decline in new auto insurance policies. The result has been auto insurance companies raising their rates. You can counter the rise in auto insurance quotes by taking measures to cut down on the price you pay for your policy. For instance, vehicles that have a good safety record, are fuel efficient, have anti theft devices, and have less expensive features such as a regular engine instead of a high performance engine, are cheaper to insure. The key to locating cheap auto insurance is to use an auto insurance comparison quote tool located on insurance information websites.
When searching for financing for a new vehicle, it is wise to go with a bank lender over dealership financing. With a bank lender you can often get better interest rates than a dealership. As well, take advantage of as many incentives as possible such as cash rebates and trade-ins to reduce the amount of your loan. If you are doing a vehicle trade-in, get an appraisal so that you know that you are getting a fair price. It is essential to comparison shop for the best financing and lowest possible interest rate.
The recent economic recession has had a devastating financial impact on the auto sales industry. Now that there are signs that economic recovery is under way, dealers and auto manufacturers are feeling more optimistic about 2010 car sales. This may be a good time to buy a new car because dealers and manufacturers are feeling very motivated to make 2010 a good year for car sales.
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