This is an encouraging article for anyone who may be in the market to be a new or used vehicle in 2013. While it starts out talking about how the industry will increase a good amount (4 percent), but not as good as 2012 (increased about 14 percent!), I think the real important stuff that applies to everyday folk is in the middle to end of the article.
Here’s what you want to know if you think you want to buy a car in 2013 (and you should):
- Interest rates will remain low. The economy is still recovering and so the government is doing what it can to keep interest rates low. This is excellent news for anyone taking out a loan to purchase a vehicle.
- Credit will be more widely available. Unlike a couple years ago when even people with perfect credit couldn’t get a loan, things are starting to loosen up a little and now, it appears, most people who are qualified should be able to get a loan.
- TONS of competition. The big brands are battling for buyers. The dealerships are battling for buyers. And the vehicles are just getting better. With the Big Three getting bailed out they have trimmed the fat and realized they need to step it up. Even brands like Honda have stepped it up and we are sincerely excited about some of the Honda vehicles coming out in the next year.
- Think about buying a used car. Edmunds.com estimates that nearly 500,000 leases will be up, which means a big influx of used cars…which means less expensive used cars.
- Edmunds.com also predicted more consumers needing trucks as the economy picks up and more builders and contractors need them to do their jobs.
“Interest rates will remain low if you’re buying car, and credit is much more widely available than years ago,” said Michelle Krebs of Edmunds.com. “There will also be a lot of competition and a ton of incentives, so consumers can do a little more bargaining in the showroom,” Krebs said.
Local dealerships are looking forward to what seems like the perfect storm for consumers.
“We are excited for people who have been wanting to buy a new or used car, but were concerned about not being able to a loan, inventory, or that it just wasn’t the best time,” said Bobby Maynard, new car manager at Sims Honda dealership in Burlington. “There are a lot of positive things working for consumers in 2013, so if you are thinking about buy a new or used car, you should really come down and check us out.”
For you opportunity to take advantage of low interest rates, available credit, awesome new and used cars, and awesome deals, head to Sims Honda, Northwest Honda or Apple Valley Honda dealerships today!