Is Now the Right Time to Buy a New Car?

Jan. 25, 2011 - PRLog -- Is Now the Right Time to Buy a New Car?

Andover, Massachusetts January 25th, 2011 – Has the economy over the past two years prevented you from purchasing big ticket items? Or have you purposely stayed on the sidelines because you were not sure about your employment situation and didn’t want to risk investing a lot of money in any one item? Well, recent data suggests that now may be a good time to jump back into buying mode when it comes to new cars.

As the economy has rebounded and mass layoffs are not an everyday occurrence anymore for most areas of the country, consumers are starting to realize that it may be time to replace many of their outdated items, including autos. As such, new auto sales hit a 2 and a half year high last quarter as Americans started to open their wallets again. More good news has come from Edmunds.com which reported today that auto loan rates hit a 9 year low of 4.16% in December. There are a couple of reasons for this but they all point to the fact that 2011 may be a good time to get that new car you have been looking for since before the recession hit.

One, the consumers that have survived the recent turmoil in relatively good shape have for the most part very good credit scores. This allows them to qualify for better rates than the average consumers and also explains why demand for higher priced vehicles outpaced the demand for lower model vehicles. Secondly, many automakers reintroduced 0% interest loans for new car purchases in the 4th quarter. This was a major reason why auto sales continued to post record numbers even while the unemployment rate remained high.

So what does all of this mean for the average Joe? If you have been putting off a new car purchase for the past few years because you could not risk the financial hit you would take, now is the time to step up. These low rates make purchasing a new car a better deal than at any point in the past decade. That old car you have in the driveway will not last forever and every dollar you put into it for repairs is a dollar that you could have spent on a new car. Good luck with the shopping!

Readers, have you stayed on the sidelines over the past few years or were you secure in your job to take advantage of government programs such as Cash for Clunkers?

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $26.5 million worth of consumer debt for just $10 million, for a savings of about 60%- and over 4,000 accounts were settled on behalf of their clients.

For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .

Contact:
Stephan Tavernini
Marketing Coordinator
Certified IAPDA Debt Arbitrator
Preferred Financial Services
stavernini@pfs1.net

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Preferred Financial Services is the leading voice in the debt settlement industry. PFS has worked with hundreds of creditors to help negotiate realistic goals for those drowning credit card debt.