Let’s face it, even with the bail-outs and rising gas prices (and prices rising on just about everything else), the economy still sucks. Jobs and careers still are disappearing as company after company declares bankruptcy. So, buying a car isn’t exactly an option on everyone’s horizon.
But right now is either the best (or worst) time to buy a brand new auto.
The current President and United States House of Representatives have passed numerous bills providing all types of discounts to new car buyers. Even more money is being deducted for buyer’s interested in picking up a new fuel efficient (and environmentally friendly) auto.
In fact, Congress just passed a bill, which allows car dealers to provide up to $4,500 in cash back to consumers who trade in their older (aging) or non-efficient autos for newer models. The bill also calls for the older autos that are traded in to be crushed, so that they are pulled out of commission and kept off the road.
Certain states even passed a bill that fully protects consumers if a car dealership defaults on paying off auto loans. This means that even if the company goes under, the consumer is protected and their money does not go down the drain.
GM and Ford came up with a “job-loss” protection program that will protect new car buyers for a certain period of time in the event they lost their job. In order to participate consumers must fit the criteria for state unemployment benefits.
The government also protected auto warranties for those manufacturers that could possibly declare bankruptcy. The auto industry bail-out set aside an option for the government to honor warranties for GM and Chrysler while they get back on their feet.
As you can see, there are plenty of deductibles and deals set in motion for consumers interested in purchasing a new car. There are a few more not even mentioned here, and as time goes on and more auto dealers file for Chapter 11, I can be quite sure more will surface.
So, if you’re thinking of picking up that new energy or fuel efficient auto you’ve had your eye on, why not go for it?
