Tuesday, November 25, 2008

It's a buyer's market out there

In the auto industry, the first thing to go in this economic slide was the big truck and SUV market.
Gas prices went up, sales of those vehicles went down, way down.
Sales of small cars picked up pretty smartly, though.
Then, the economy went even deeper into the tank, and now even small car sales have slipped.
But now, things have gone so far down hill that the automakers are even offering incentives on the fuel sippers.
Toyota, for instance, put $1,000 on the hood of the Corolla and offered zero percent financing for 36 months.
Ford put $2,000 on the hood of its Focus sedan, and offered zero percent financing on it, too.
Whatever you're in the market for, you're likely to be able to get a pretty good deal on it, thanks to automakers' strong motivation to move products off dealers' lots.
The best deals are being offered by the Detroit 3 - Ford, General Motors and Chrysler - for obvious reasons: their sales have struggled mightily and they are in the midst of asking the federal government for assistance.
"Consumers are just not in the mood to buy anything,” John Casesa, managing partner at Casesa Shapiro Group LLC, told the Wall Street Journal.
Dealers really don't want to be stuck with high inventories during the coming winter months, which traditionally are slow in sales. “There’s going to be motivation to deal on anything except the absolute hottest models,” Casesa said.

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