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The Right Time to Buy a Car?

The violent winds of the current economy seem to be stirring up the perfect storm for great deals on a new car. Auto manufacturers and dealers are obviously hurting and under pressure to find a way to increase sales, so it seems likely that consumers will begin to enjoy some of the best deals on new cars between now and the spring . So, if your old beater is on its last leg and you've just been waiting for the right time to take the plunge, now is the time to ask yourself three important questions.

First, is it worth taking on more debt right now? Buying a car in cash is always the best route to take, but that's not realistic for many people. Second, are you certain your income is somewhat stable for the near future? And third, how much cash do you have socked away to make a sizable down payment? Auto financing is certainly available these days for those with good credit, but it's best to be prepared to at least put down 10-20 percent. That will ensure you get the best terms and interest rates possible.

on Sun, 2008-12-21 16:00