Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Consumer
Smart car shoppers can drive a bargain
NEW YORK (7/24/12)--Even though auto makers have less incentive now to cut new-car prices than in previous years, there are deals to be had if you look--and shop--carefully (Smartmoney.com July 9).

There are several reasons that bargains are harder to come by. Consumer demand is high; sales are up 15% over last year, with Chrysler Group and General Motors reporting sales increases of 20% and 16% respectively. Ford Motor sales are up 7%. Auto makers have been increasing production, slowly, which means rising sales are keeping pace with what dealers have on lots. Absent excess inventory, don't expect huge price cuts.

A smart shopper still can find bargains:

  • Favorable financing. Credit is more available and financing deals are enticing. Check first with the credit union and get preapproved for a loan before visiting the car lot.
  • Attractive leases. With used-car values at relatively high levels, manufacturers tend to drop lease prices because they factor in a vehicle's expected resale price. Know your rights and responsibilities before leasing. Visit the Federal Reserve website for more. (See the resource link).
  • Model redesigns. If price is more important to you than style, shop for cars that are due for redesigns in the 2013 model year, such as Chevrolet Malibu and Impala. You'll have more room to negotiate the best deal.
If you're in the market for a used car, don't expect huge savings. It's expected that used-car prices will continue to remain relatively high through the end of the year, despite a slight decline in the past few months because of higher inventories, falling gas prices and competitive manufacturer incentives for new cars (USNews.rankingsandreviews.com June 19).

For more information, read "Intriguing New Small Cars for 2012" in the Home & Family Finance Resource Center.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago
150x172_Sign up for election newsUnite for Good Share your Stories100 Million CU Memberships