Should You Buy a Car Now, or Wait till 2010?
With the economy still shaky, buyers generally will want to save as much as possible on purchases. So if automakers keep the higher prices on new 2010 models, they stand to lose many potential customers.
Currently, the best discounts are offered by companies with oversized 2010 inventories. Ford and Toyota have nearly cleared their 2009 stocks, and in October their 2010 models were discounted by 12% and 8% respectively. In the 5-6% range for discounts lie Honda, GM, Chrysler Group, and Hyundai, most of which offered comparably greater incentives on their 2009 models.
Even though many car manufacturers are hoping for an increase in sales by next year, there's a good chance they'll be forced to push incentives if buyers are still reluctant.
If you're on the fence about buying a new car, it may be worthwhile to wait a few months and see if you can take advantage of a possible oversupply of vehicles. If the economy dips back into recession, it's a certainty car manufacturers will be forced to reduce prices again through increased incentives.
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