Overhaulin'

Will car prices go down because of this economic thing?

I need a new car, and was wondering if car prices will go down drastically because of the economic crisis?

Public Comments

1. Now is a very good time to buy a new car. I would wait till the end of the month. There is definitely an overstock situation, Detroit has cut way down in production, and the dealers (not all) are desperate. I don't know where you live but here in California the prices have already gone down to almost rock bottom. It cost the dealers a small fortune in interest to continue carrying their inventories. It is definitely a buyers market but be sure to shop around, try the internet for quotes.
2. New car prices probably won't but you will see more incentives. Used car may depending on the economy. Small car that get good mileage will go up. Large car , trucks and suv's will go down because of the mileage they get. But if you don't care about gas prices, you'll save a lot in price on those vehicles, but you'll lose in the mileage department. Right now I can't buy anything small for a good price everything small at the auction is getting top dollar.
3. No, they will be about the same, the mfg's can't really offer much more as they are greatly affected. Most mfg's plan to weather the storm rather than lose money on cars. That being said, right now is typically a good time to buy a car.
4. They have not gone down yet. I think they will. I'm watching the ads..
5. I'm also in the market to buy a new car and found your question when i googled "will car prices go down?" I have been looking at car prices for a few weeks and I have noticed that financing is looking very good at the dealers (though banks are still lending at 6% for excellent credit, several dealers are going with nearly 0% financing) (that's true for BMW, Toyota and Honda right now)... People in my life are saying that car prices are going to down more, but what I have been told by dealers is that the most popular cars (hybrids, mini coopers) will still go for MORE than msrp. I look forward to hearing more on this...i am going to sell my 99 toyota corolla and i have noticed that most cars listed for sale that have good gas mileage, are asking for more than what kelly blue book is valuing the cars at...so it could be that cheaper used vehicles are in the seller's market right now.... good luck everyone.