5 Days of Reasons to Buy a New Car in 2012

2011 Scion tC

2011 Scion tC

The next few days will feature reasons 2012 is a great new year to buy a great new car.  Starting with reason #1 today.. Low Interest Rates!

“New-vehicle sales could rise by as much as six to seven percent during 2012 according to Automotive News, due largely to the one-two punch of a stabilizing economy and pent-up consumer demand. Here’s why you should join the crowd and head down to your local new-car dealership in the coming months to kick the tires.

1. Low Interest Rates

Those looking to finance a new-car purchase should continue to enjoy record-low rates over the coming year. That’s because the Federal Open Market Committee recently reiterated it would keep the federal funds rate between 0 and 0.25 percent and would likely to remain at those rates until at least mid-2013. That translates into affordable credit across the board.

According to Bank Rate Monitor, as of January 2, the average rate for a 60-month new-car loan in Chicago was 4.9 percent, with the lowest posted rate at just 3.25 percent. What’s more, many automakers continue to offer cut-rate loans as low as zero percent for up to 72 months on select models, though these don’t usually include the most in-demand cars and they’re typically restricted to borrowers having pristine credit ratings.

 

Information from Forbes.com, Author Jim Gorzelany

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