Car Deals
This weekend we’ve been reporting that six Denny Hecker dealerships closed. A third of Hecker’s employees are now out of work. It’s a tough time for many industries, but car dealerships are struggling to entice people to buy.
So I spoke with Phil Reed of Edmunds.com today to get his perspective. He said while this is bad news for the industry, it can be good news for consumers.
“Now is a great time to buy a car, especially if you can pay cash or have good credit. If you have a credit score of 700 you will have no problem securing a loan. If it’s more like 600 or below, you’ll need a bigger down payment,” said Reed.
There are lots of incentives and rebates. You can find a link to them here. Be sure to change the zip code so you see the deals for your particular area.
Edmunds.com also has a tool to help you figure out how much you should be paying whether you want a new or a used car. The guide tells you the amount of each option on a car and even what people in your area have paid recently (Just click on the TMV pricing report at the bottom of each page. You'll need to select the color of the car and your zip code).
Reed also said it’s tougher than ever to get a lease for a domestic car because leasing is based on the resale value of the vehicle.
“You can find a lease, but it will be so expensive you wouldn’t want it,” he said.
He said until people feel comfortable they won’t lose their jobs, the car business is not likely to see much of a turn around.
Black Friday Deals
Wal-Mart wants you to have a preview of their Black Friday deals in hopes that it will get you more excited about shopping after Thanksgiving. Black Friday.net typically gives consumers a preview. You can get a sneak peak at all of the Black Friday sales fliers here.
