Affording the car of your dreams, or in some cases, any car at all, is becoming increasingly difficult for many people.
The struggling economy is putting the brakes on sales at local car dealerships. From the moment the first Model T Ford rolled out of the factory, the car has symbolized the American Dream. But now, in the wake of the mess on Wall Street, it may be a symbol of our financial turmoil.
Charles Cooksey, the General Manager at Brown-Pontiac GMC, says, "More people than ever are getting turned down for credit." No doubt about it... The crisis on Wall street is impacting the cars on your street. Brown-Pontiac Salesman Randy Morgan says "The first thing people ask is what is your interest rate? Can I get a loan?" And often times, the answer is no. Cooksey says, "People are wanting to buy cars the lenders say they can't afford. They're having to downsize and purchase the lesser value car the lender thinks they can afford."
But good news if you're a glass half full type... Those with good credit are in luck. "Now is the best time to buy a car. You couldn't have timed it better. The prices are the lowest they've been in five years. You're going to get a great deal." That being said, Morgan says the great deal only applies to buying new cars. "Now is the time to buy, not the time to trade. If you have a car you bought a few years ago and still owe money on, now is not the best time for you to trade it in."