Buying,Car,Recession,Despite,t car Buying a Car in a Recession

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Despite the adverse market conditions, the fact remains that it’scertainly a buyer’s market. With car dealers hurting, they’ve becomedesperate to sell cars. Because of this, potential car buyers canexpect to see substantial discounts when they head to dealerships.Many automakers are offering plenty of incentives these days, inmany cases saving buyers thousands of dollars. For example, Toyota isnow offering 0 percent financing, which Toyota dealers Olympiasays is uncharacteristic of the automaker as such as promotion is morecommonly found among domestics. Trucks and SUVs especially have seenhuge discounts among Detroit Chevrolet dealers, in some cases tens ofthousands in discounts.While it may be a buyer’s market, auto sales continue to fall eachmonth, with auto sales reaching their lowest point in decades. Althoughfresh 2009 models are not hitting the showrooms of Boston Infiniti dealersand other dealers across the country, many 2008 models remain unsold ondealer lots. This has placed a huge strain on dealers as the cost tofinance these vehicles is steep, and having them sit unsold for longerperiods of time has placed a heavy toll on many dealerships. In fact,hundreds of dealerships are expected to go out of business by year’send according to the National Automobile Dealers Association.With all the turbulence in the current auto market, how exactlyshould one go about buying a new car? Just as importantly, what shouldbe done with your old car? These are important questions in the currentunstable economic atmosphere.Perhaps the best place to begin is to explore your financingoptions. Regardless of whether you have good credit or bad credit, yourfinancing options may be limited, making it wise to begin shopping forfinancing first. Needles to say, however, those with bad credit mayhave a little more difficulty says Bad Credit Car Loans Chicago, especially considering some lenders, such as GMAC, will no longer consider shoppers with credit scores below 700.If you are fortunate enough to have solid credit, you’re likely tofind an easy approval process and even some pretty attractive interestrates for your new car. For those with less than ideal credit, you maybe looking at having to put a 15 percent down payment on your vehicleto qualify. While a new car may be tough to secure financing for, used cars Nashville dealers say that a pre-owned car is usually easier to get financed.Shop for a car loan before you shop for the car to help save moneyand make the process a bit smoother. There are plenty of websites thatcan help you shopper for a loan online, such as E-Loan. Your local credit union or bank may also be offering attractive rates.Finally, pay a visit to the dealership. In many cases you may beable to find better financing options elsewhere, so it will beadvantageous to secure financing before stepping on the lot. However,some buyers of certain makes, such as Nissan or Toyota, may find 0percent financing available if they have an excellent credit history,which has made Nissan Saint Louis customers quite relieved upon their new car purchase.Another important aspect of the financing process to consider is thelength of the loan period. If you intend to hang on to the car for muchlonger than six years, then you shouldn’t have a problem. But if you’relooking to buy a new car in three years, Toyota dealer Hays warns that a longer loan may not be a good deal.The problem with longer loans is that a vehicle depreciates soquickly over a long period, and you may end up paying much more thanthe vehicle is worth.Consider what you’re going to do with your current vehicle. Detroit Chevrolet dealerswarn that if your current vehicle is a truck or SUV, you may find thatyou vehicle isn’t worth nearly has much as what you paid for it. Thevalue of pickups and SUVs, for example, has fallen by about 23 percentcompared with last year. With that in mind, prepare for some bad news.While you may want to get something brand new, the steep depreciationis another reason to consider holding on to your current vehicle. Checkout Kelley Blue Book to see what your vehicle is worth and the decide what your next move will be. Some of Durango Toyota customers have even considered finding an online Toyota parts store and simply investing in fixing up their current vehicle.In today’s economy it’s the wisest move is to think conservatively. When buying a car, take your time and shop for the best deal possible.