Local News

Car dealers say they're willing to make a deal

Posted February 6, 2009
Updated March 9, 2009

Map Marker  Find News Near Me

— Auto industry analysts keep saying that now is the time to buy a car, but consumers seem to be doubting whether the deals and financing options are really out there, dealers say.

"We are basically in a buyers' market. It couldn't be a better time for the consumer," said Paul White, owner of Universal Chevrolet in Wendell.

Yet, by and large, people aren't buying, unsure if they'll be able to finance a new car, White said. Meanwhile, industry experts say, car sellers are trying to work the market.

Chevrolet logo Dealerships willing to negotiate on cars

"They're dealing. They want those cars off their lot," Barbara Abate, with AAA Carolinas, said. "They have to finance the cars, and they don't need that money on their books, either."

While dealer financing is slowly coming back, buyers can find money from other sources – often, credit unions.

Southeastern Credit Union's base interest rate for people with excellent credit runs between 5.35 and 6.75 percent, for loans ranging from 36 to 72 months. Coastal Credit Union's best rates for consumers with average credit were between 6.5 and 7.5 percent, depending on the age of the car.

Dealers say their ability to offer financing depends on the customer's creditworthiness.

"It's a matter of us having a discussion with you, seeing where you stand in the vehicle. Do you have equity? Do you have money to put with it?" White said. "We have to work out – which has always been the process – we've got to work out your needs."

Leasing no longer appeared to be an option at local, domestic dealerships.

One customer, Bill Dinwiddie, said he was ready to deal, paying cash up front, but about six different car companies refused to go lower than the sticker price. Instead of spending money on a new car, Dinwiddie said he spent it fixing up the car he owned.

"Everybody else in the business world is taking less money for their services or product, but the dealerships do not seem to be affected by that," Dinwiddie said.

Industry experts and dealers said they were suprised to hear of other dealers not going below sticker price.


This story is closed for comments.

Oldest First
View all
  • giovanni777777 Feb 9, 2009

    Dealers are also giving you 3000-4000 dollars less for your trades. if you are bringing a trade "Now is not the time to buy".

  • ckiser1 Feb 6, 2009

    There is always some one who will make a comment like this, if you went back and checked I bet anything that he has a trade he owes $10,000 more than it's wort and he wants the dealer to give him more that he paid for the car so his payment won't go up! There is not a dealer in the US, Canada, Mexico, China Europe or anywhere else who can afford to run off ANY opportunities. I don't Know where you found Mr. Dinwiddie but it sounds like he might be a US Senator or Congressman, since everybody else "gets it' BUT HIM!

  • For the U.S.A. Feb 6, 2009

    He's been car shopping at the Cary Auto Mall!!

  • Titus Pullo Feb 6, 2009

    Promiscuous lending policies are a big part of the origin of the mess the country finds itself in now. Selling automobiles and houses to people who cannot afford them has been the ruination of our economy.

  • dclayton2000 Feb 6, 2009

    J C Harris Pontiac Cadillac in Wilson has great deals. Low prices and financing at 0%.

  • doinbizzness Feb 6, 2009

    if folks are having trouble getting auto financing maybe they should get away from Chevrolet, Ford, and Chrysler. Southeast Toyota is lending JUST FINE. come to Toyota of Sanford i'll show you.

  • dclayton2000 Feb 6, 2009

    "Everybody else in the business world is taking less money for their services or product, but the dealerships do not seem to be affected by that," Dinwiddie said.

    Apparently Mr. Dinwiddie should have come to Wilson, N.C. to purchase his vehicle.