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There’s No Better Time To Buy A Vehicle: Why Even A Recession Shouldn’t Hold Potential Buyers Back

Buy low, sell high. That is the clichéd secret to financial success. By definition, though, most people get that wrong: If everyone is buying, then demand is high, and so is the price. If everyone is selling, then supply is high, which makes it a buyer’s market.

The key to getting the best deal, therefore, is to do the opposite of what everyone else is doing. Sell when fewer people are selling, and buy when fewer people are buying.

That is one of the reasons why our country’s current economic doldrums make this a great time to buy a vehicle. Nationwide, fewer people have been shopping for new vehicles, making this a buyer’s market.

There are several factors working in favor of car buyers right now:

  • Lower prices. With inflation, it is generally safe to assume that the prices of all items will increase a little each year. In this buyer’s market, that is not necessarily the case. For example, Toyota has announced that the prices on many 2012 models will be lower than the 2011 prices.
  • Cheaper financing. The Federal Reserve typically lowers interest rates during a recession to stimulate the economy. This can lead to super-low finance rates on new vehicles—sometimes as low as zero percent.
  • Manufacturer incentives. To boost sales during slow times, car manufacturers will often offer rebates and other incentives that favor the buyer.
  • Better trade-in value. Because of the recession, more people are holding on to their used cars instead of trading them in. Plus, three years ago, the number of new vehicle leases plunged by more than half; that means there are now fewer lease return vehicles on used-car lots. This smaller supply of used vehicles means you can often get more money for your trade-in.
  • Better fuel economy. On average, newer vehicles get better gas mileage than older vehicles. With today’s gas and diesel prices, upgrading your fuel economy by getting a newer vehicle can provide big savings over the long run.

To take advantage of the savings afforded by the current buyer’s market, come visit us at NYE Automotive Group.

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