Last post on Nov 14, 2008 at 5:59 AM
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Car Buying, Car Financing, Car Leasing
#330 of 343 Re: Can't beat my rate... [nippononly]
Nov 03, 2008 (5:17 pm)
I purchased a new Infiniti in June with .09% interest rate for 5 years. I was worried that I should have waited for better prices, but it sounds like I would never have gotten that rate ... do you think that is the case? Laura
#331 of 343 Re: Can't beat my rate... [laura26]
Nov 03, 2008 (7:00 pm)
Well, I think in the next 9 months we will see the automakers literally BEGGING us to buy a car, so great rates will be available for anybody with good credit who is buying from an automaker with the same. (not the domestics, in other words).
So yes, you probably could have got a great rate later. But price? With dealers hunkering down and expecting much lower volume, I think the response will more often than not to be to shoot for more profit margin on each individual sale than when times were flush.
PS Anyone know what happened to the 25 posts that just seem to be missing from this thread??
#332 of 343 Re: Buying a Car During the Credit Crunch [kirstie_h]
Nov 03, 2008 (7:22 pm)
I'll browse the thread after posting this reply to message #1.
I came to this forum after reading a comment from GM in which an executive said that sales were unsustainably low.
I would like to point out to GM that 50 years ago GM calculated a 3-year replacement cycle for every car they sold. They were right. Unfortunately, GM pushed quality down to match the cycle. It was easy for resurgent foreign competitors to lure customers away with reliable cars even if they cost more than GM's offerings. GM responded by drawing quality up to levels to match foreign competition. In another unfortunately unexpected outcome, GM's capital structure depends on the same old 3-year replacement cycle. The replacement cycle is now closer to 6 years, and GM is starved for new cash.
The good news is that GM quality is now competitive with everyone in the world and GM will survive this market retrenchment.
I purchased a new Chevrolet Malibu in each of 2003 and 2004. I also purchased a new Dodge Intrepid in 2004, and a used Ford Focus in 2004. All four of these vehicles are running well and are quite dependable. Looking forward, I have no intention of purchasing another car that runs on internal combustion of fossil fuels alone. The first and second generation of hybrid vehicles are interesting. I'd buy a Ford Escape Hybrid if I just had to get new wheels. Lacking an emergent need, I will wait until the 3rd generation of hybrid cars such as the Aptera Type-1h and the Chevrolet Volt become available before making another purchase.
#333 of 343 Re: Buying a Car During the Credit Crunch [jeromeb]
Nov 04, 2008 (7:40 pm)
jeromeb wrote ;
"GM's capital structure depends on the same old 3-year replacement cycle. The replacement cycle is now closer to 6 years, and GM is starved for new cash."
Though with $20 billion in cash, at $2 billion a month that means 10 months at current rates.
They need help obviously. Yes we can ! They survive but have doubts about Chrysler
( Cerebus) Merge with Renault ? Oh the shame.