Who wants a new car?? I do, I do!! But why in the world would I buy one given the uncertainty of my financial future. My employer (Tribune Company) has filed for bankruptcy protection; we’re merging with WGN-TV in a few months and have been told there will be job cuts; not to mention the stock market doesn’t seem to have found the “bottom” of its free fall yet.
My story is not much different than a lot of people’s story. But that hasn’t stopped car companies from trying to entice us to buy a new car. In January Hyundai came up with a program where it will let customers return the new cars they buy if they lose their job within the first year of the purchase. Hyundai’s sales rose 5% since then, while everyone’s sales plunged.
Then this morning Ford announced a similar program in which it will cover payments for up to year if customers lose their jobs. And on top of that, it’s offering 0% financing on some of its vehicles.
And General Motors is offering to make nine payments of up to $500 if a customer loses his or her job. It will also provide assistance for buyers who find their vehicle trade-in values have deteriorated.
These deals sound GREAT! But I’m still not sure if I’m going to run out and buy a new car. How about you???
