February 18, 2009

Nearly 1,000 Car Dealerships Shut Down in 2008

A record 881 car dealerships closed down in the U.S. in 2008. 80% of them were part of the Detroit 3 (GM, Chrysler, and Ford). Most of the closings happened in the last 3 months of 2008, suggesting that 2009 will be an even worse year for car dealerships. When sales are down, deals are up. 2009 will continue to be a great time to buy a new car (if you can afford to).

Hyundai Offers Even Better Job-Loss Incentive

Back in January, Hyundai launched their "Hyundai Assurance" sales incentive which let Hyundai buyers rerun their new vehicles within a year of purchase if they were to lose their jobs.

Now the deal has been sweetened. They're now offering "Hyundai Assurance Plus", which will pay for the car loan or lease for 90 days white the owner looks for work. If they decide to keep the car, the payments don't need to be paid back. The incentive is effective until the end of April.

Saab File for Bankruptcy

Saab, after losing money for over a decade, has finally thrown in the towel and filed for bankruptcy protection. Saab, which is owned by GM, will continue producing cars in the meantime.

There's good news and bad news for those of you interested in purchasing a Saab. First the bad news: If Saab doesn't make it, resale values of the car will plummet. Nobody wants to buy a car whose manufacturer is out of business. The good news: Prices for new Saabs will be very favorable. GM already has plans to offer major incentives for Saab beginning in March. We'll keep an eye on these for you.

Cartoon Shows How Dismal Car Sales Have Gotten

Now for something on the lighter side. Check out this Doonesbury cartoon showing how desperate car salesman have gotten these days. (Click Here for Cartoon)

Car Buying Report Archives:

  Week of June 18, 2009

  Week of June 11, 2009

  Week of June 4, 2009

  Week of May 28, 2009

  Week of May 21, 2009

  Week of May 14, 2009

  Week of May 6, 2009

  Week of April 30, 2009

  Week of April 23, 2009

  Week of April 16, 2009

Incentives Watch:

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