Car Dealers Feeling Economic Pinch

Car dealers are seeing the direct effects of a poor economy. A few months ago, it was the fuel economy that was leading people to trade in their cars, but now, in this shaky economy, it's they simply can't afford to keep the one they have.

Used car sales are higher than average at most car dealers across the nation, and the same rings true for Brown Pontiac in Amarillo. More and more people are trading in more expensive models for more wallet friendly versions. General Manager Charles Cooksey says "that's one of the biggest things were seeing. People going down a class. They're bringing in a fifty thousand dollar retail value car and trading it in to buy a 20 or 30 thousand dollar value car, something they can get that's more affordable."

Cooksey says there's never been a better time to buy a car... The manufacturers are slashing prices, so the dealership can afford to pass those savings onto shoppers. That's good news for those who can afford to buy a car... But that group is getting smaller and smaller in the wake of the Wall Street mess.