Car Buyer Beware
By ATTIYAH BUFORD
Updated 10:45 PM EST, Fri, Jan 9, 2009
Anxious automakers are going to great lengths to get you into their showrooms!
But as the economy continues to falter, some consumer advocates are sounding notes of caution.
They're warning potential car buyers to stay away from deals that sound too good to be true.
Plummeting sales figures confirm, Americans aren't in a car-buying mood.
So for automakers, desperate times call for desperate advertising!
Hyundai has a new ad that says you can return your new car in the next year if you lose your job.
Consumer advocates say even with incredible deals like this, stay leveled headed.
Jonathan Linkov of Consumer Reports says "If you go out there and put a lot of money down on a car and then lose your job, you are out the down payment and you may not be upside down, but you end up owing a little bit of money"
Linkov also say stay alert for the add-ons that can easily add back-on.
“For example, you get the undercoating spray for $250, you get the scotch guarding of your seat for $400. You get the little VIN etching for $350."
While the deals are as tempting as they are unprecedented, you should always base need on true necessity.
Christine Benz, the Personal Finance Director at the Morningstar says, "The decision about whether to buy a new car rests completely on whether you need a new car. So in this economic environment I would say unless you're car is no longer running it probably doesn't make sense to be shopping for a new car.
Still, there's widespread agreement that the time for the best deal is now.
First Published: Jan 9, 2009 10:28 PM EST
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