Local News

It's a Great Time to Buy a Car ... Or Is It?

Posted December 29, 1997 12:00 a.m. EST

— It happens every year. The cold weather is accompanied by a blizzard of car ads saying that "now" is the time to buy. But is it really less expensive to take the plunge at the end of the year? WRAL-TV5'sBrian Bowmandid a little digging, and discovered that you can save money if you know the facts.

The decision to buy a new car has been weighing on Minora Hicks' mind for weeks. Thanks to some year end rebates, she's finally making her move.

For the next few days, dealers are doing their best to send you home in the latest model. Dealer John Howell says this just might be the ideal time to take them up on it.

Lenders say this is the time of year many people get their best deals on new cars because there are so many models available from 97 and 98. Just about any dealer would rather sell the cars now than hold onto them and pay taxes later.

Lenders say the deals are there, but you should avoid rushing into a purchase. Loan officer Rhonda Summerlin says it's fairly easy to save money right now. First, look for rebates and have a down payment ready. Search for the lowest interest rate you can, and if you own your own home, keep in mind that an equity loan could save you hundreds.

The task will take some patience and leg work, but with the right amount of each, deals can be found.