Word: dealers
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Combine manufacturer rebates, dealer incentives and cash-for-clunkers rebates of up to $4,500 (which end in November), and there are some huge deals out there. The $16,000 list price on a 2009 Nissan Versa at Boulder Nissan in Colorado can be whittled to under $10,000. A buyer could drive off with a new $18,000 Pontiac Vibe from the Bill Rapp Super Store in Syracuse, N.Y., for $10,000 if he or she does the numbers right. And Lakewood Fordland in suburban Denver will conceivably trim up to $17,000 off a loaded 2009 Ford F250...
...want to drive some hot number off a dealer's lot this afternoon, perhaps a higher-priced, geeked-out cruiser you might not be able to afford. Despite all the sales rebates, leasing is still a viable alternative. It's not as popular as it was among manufacturers, whose bad arithmetic cost them a fortune a few years back. But if you can find a leasable model you like - GMAC Financial Services and GM are offering packages for the 2009 Cadillac CTS, several new Chevrolet models and the 2010 Buick Enclave and LaCrosse - the numbers might work if you drive...
...caveat: if you drive more miles than the lease allows, return the vehicle to the dealer in lousy shape or terminate the lease early, you could be on the hook for some heavy fees, which can dramatically add to a car's overall cost. That's one reason Consumer Reports, among other reputable research outfits, has long determined that purchasing, rather than leasing, makes better financial sense for most individual drivers...
...good bundle of money: hire a broker - that is, an independent agent who will shop dealerships for the vehicle you want, find the best prices in your market and negotiate for you. In many cases, it won't cost you anything. The broker is often paid by the dealer as well as by the loan's originator. Bottom line: two motor heads can be better than...
More importantly, the program was a lifeline thrown at severely cash-strapped dealers. Sales were up. So were the profits. Consumers tend to drop their guards when there are big incentives, assuming that they will get great deals no matter what. As the clunker sales reached a fevered pitch, I think it's fair to say that the deals got much stingier. Many shoppers could have gotten better deals if they had done their homework before going to the dealership. (Watch a video about an optimistic Dodge dealer...