CLEVELAND, OH (WOIO) - With the country still in a deep recession, many Americans have locked up their credit cards and shut down their spending. But in at least one case, that may not be a wise financial move and that case is - cars. Every auto maker is struggling with low sales and with GM and Chrysler buffeted by bankruptcy and bad press, the result is that it is an ideal time to get a good deal on a new car.
Interest rates on car loans are rock bottom in many places and most dealers will bend over backwards to make a sale. On top of that, there is the government's "Cash for Clunkers" program. The program started last Monday and runs through November 1st or whenever the nine hundred fifty million dollars in federal money runs out. The "Cash for Clunkers" program gives buyers up to four thousand five hundred dollars if they trade in an old gas-guzzler for a new vehicle that gets good gas mileage. The "Cash for Clunkers" program is aimed in part at helping to increase auto
Sales -- but it's also a pretty sweet deal for anyone looking to get paid for that old beater in the driveway.
The economy of Northeastern Ohio benefits from a strong automotive industry, so when you take advantage of a good deal on a new car, you aren't just doing yourself a favor, you are helping to strengthen the entire region and that's a good thing.