GM Car Warranties Still Good Despite Bankruptcy
Many car buyers are now worried about whether GM will be able to provide warranty coverage.
The government has agreed to provide $361 million towards covering any GM warranties for cars purchased during the bankruptcy process. Chances are, if you buy a GM car and it breaks down, you won't have to worry about it.
The one thing you WILL have to worry about is a drop in resale values. It's likely the prices of late-model GM cars will drop (as happened with Chrysler after they declared bankruptcy).
Also, with GM in the process of terminating 2,000 dealers over the next couple of years, it may be more difficult to service your car locally. Just some things to keep in mind if you're thinking of buying a GM car.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid