In case anyone is in doubt, but not over finances, right now is a GREAT time to buy a car. I cannot overstate this fact. With the economic woes causing our system to collapse all around us, there are many opportunities for which to take advantage. Stock market is one, if you don’t mind the rollercoaster ride. Another way is in using one’s buying power for the big ticket items (cars in particular, but yeah, I’m sure boats and such are going for huge discounts too).
I recently traded in my old 2003 Acura TL Type-S for a 2009 Pontiac G8 GT. As I began on this strange move months ago, I got asked “trade in an Acura for a Pontiac?”. Yes, without reservation. I waited to make this exchange until the end of Sept, and I’m glad I did because I got great pricing. (OK, the reasons why I readily dumped my Acura for a Pontiac are best covered some other time. I’ll just say that no one asks why once they see my G8 GT and ride in it.) Anyway, the point is, right now is a great time to get some really great deals on the cars.
This isn’t a message to tell people “Hey, go out and support the American economy.” This is a message saying “Now is the time to strike; to get the really great bargains.” The consumer advantage is not limited to GM. All the car companies are in pain right now. As I shopped around in recent months, many of the dealers put on a brave face, but there is an air of desperation. I guess a better way to put is that they are willing to actually deal. No more dealer mark-ups. I’ve actually seen quite the opposite. Some brands are selling 2008’s for WAY under even the invoice price (prolly close to what is actually paid by the dealer).
Of course, if you invest your money, you might score a 3.0% yield CD, which is running at about 1/2 the current inflation rate. You can try to time the stock market, but much bigger money is likely timing you instead. If you are going to lose money, you might as well enjoy the ride (literally).
Good call. If you have a use for a larger vehicle, now is absolutely the time. Pontiac G8 are one of the best fullsize/large midsize out there. The Chevrolet Malibu is the best midsize out there. Because of the un-popularity of American cars (although the G8 is actually Australian), both will net you a great value without comparison right now.
Heck, even Toyota is offering 0% financing, they’ve never had to do that before. I hear you can walk away with a Highlander for next to nothing.
Its funny you mention the Malibu. It was also actually on our short list too. We where considering the LTZ trim, which is (for all intents and purposes) a near-luxury car. It has more stuff built into it than cars at twice the price, and a pretty dang good V6 too! Not to mention the reliability has been reported to be pretty good as well. I wrote a little more about this matter on my personal blog: http://fcsuper.blogspot.com/2008/11/what-car-did-i-end-up-getting.html
I agree. I went to the car show this spring and sat in every ’08 midsize/fullsize car. The only ones that impressed me were the G8 (which I couldn’t actually sit in, behind the rope), the Malibu, the Acura RL and TL, the Cadillac CTS and the Honda Accord.
Everything else was lacking somewhere (mostly too small for me at 6′ 1″). Oh, and the whole Mercedes lineup and Lexus LS were nice too, but I’m not dripping money. Even though I only buy used cars, those cars 3-4 years from now will still be out of my range.
I find it amusing how much my comments matched your results!