Buying a car in a recession

"The economy is terrible! I shouldn't get a new car."

I hear that a lot. The economy is bad - we're in a recession. But that's not necessarily a bad thing for everyone. The long and the short of it is that this is a great time to pick up some amazing deals. But should you run out and snap one up?

Here is my short answer: if you feel fairly certain that you'll have a job and housing throughout the repayment term (loan payments or lease), then this is a great time to buy. If you're thinking you might change jobs or (gulp) be laid off, then my advice would be that taking on new debt is a bad idea.

That is a really simplified and short answer, and it's just meant to be an example. What is right for you is a harder question. If this is something you've been pondering, I'd say to give your CPA, financial planner, or someone similar a call and get some financial guidance. If you get the go-ahead, or decide that you're in a good position to buy a car, give me a call. I'd love to help you get one of the great deals that I've gotten for folks in the last couple of months.