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Need a new car? Buy now for bargains
December 22, 1997
Web posted at: 10:04 p.m. EST (0304 GMT)From Detroit Bureau Chief Ed Garsten
DETROIT (CNN) -- If all you want for Christmas is four new wheels without giving Santa sticker shock, your holiday wish could come true. "This is a great time to buy a car from a new car dealer," according to Russ Shelton of the Detroit Auto Dealers Association.
That's because new car dealers are putting lots of cash back into consumer's pockets in the form of rebates. Chrysler is offering between $750 and $1,000, Ford and General Motors offer as much as $2,000, and Toyota, up to $1,500.
The reason for the fast cash is two-fold. Sales are down slightly from the same time last year. And the Japanese yen is weaker against the dollar, making Japanese imports a better buy.
In fact, a dollar is now worth about 130 yen, compared to only 80 yen two years ago. That means for cars built in Japan, prices in the United States will be lower than they were in 1995, putting more pressure on the Big Three to price their wares competitively.
What it all means: If you're sitting across from a salesperson, you're in the position to drive a hard bargain.
Related story:
- Used cars: Price drop may make them the best deal around - December 9, 1997
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