Monday, January 5, 2009

Today's New York Times: Terrible year for Car Makers. Used and new vehicles overflowing sale lots. What does this mean? Auctions cheaper than ever.

2008 may well go down as one of the worst years in the history of the auto business AND the consumer credit business. That means TWO things:

1. Car lots, used and new, are overflowing with vehicles - many of which will have to be unloaded at auction.

2. Cars are being repossessed at a record rate as people fail to meet their payments. Where do repossessed cars end up? They end up at car auctions, pure and simple.

This new year of 2009 should be the best year we've ever seen for snagging cheap cars at auction. The auction listings are fatter than ever and I've never seen this kind of volume before. Get signed up with a good auction site and prepare for the best car deals you have ever seen! Happy Hunting!

Be sure to see my car auction site rankings below.

To read today's New York Times Article on how bad 2008 was for the automakers, see here:

New York Times - 2008 was disastrous for all car makers, American and Imported.