Car Buying Outlook for 2010
Car manufacturers and dealers have been suffering as of late which means car shoppers have enjoyed one of the best buying periods in history. So how likely is it that 2010 will continue to be a great time to buy a car?
It really depends on whether the economy continues to improve. We've come out of recession, but the likelihood of a double-dip recession is high. Unemployment is 10% across the country and it doesn't look like it will fall anytime soon. While this is bad for the economy, it's good if you can afford to buy a new car.
The best time to buy a car is usually near the end of the year. It's too late to take advantage of that now, but there are still some incredible deals to be had on leftover 2009 models.
Domestic brands such as GM, Ford, and Chrysler are offering the best deals on leftover models. There is still a few months worth of inventory left and many options and colors to choose from depending on the particular model.
If you're serious about buying a new car and don't mind waiting, we should have a better idea of where the economy is heading in the next 3-4 months. If we do slip back into recession, you can rest assured incentives will rise dramatically. Car manufacturers have been ramping up production since they expect the economy to improve. If they're wrong, car buyers benefit tremendously.
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