November 19th, 2008 | 
What little I know about economics tells me that when supply exceeds demand, prices fall, right? If that still holds true in today’s whacked out economy, the information in this article in the New York Times today tells me that if one is in the market for a new vehicle and can find some way of borrowing money for it, there will be bargains – big bargains – to be had.
According to the article, there is “a sea of Corollas, Camrys and RAV4s” at the 150 acre Long Beach port where the cars enter the U.S. And, lest one concludes that it’s just low-end cars piling up, there is also a huge number of Mercedes consuming real estate there. Perhaps even more telling, the tractor trailers that transport the cars to dealerships are also on the lot, sitting idle. Dealers are refusing cars because their lots are similarly full.
Several auto manufacturers are leasing space at the terminal because they don’t know what to do about the cars. Yikes!
Considering I’m not in the market for a car, would it be cruel just to drop by a car dealer and try to negotiate a great deal just for sport? Yeah, that might even be evil.
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It’ll be a very good time to buy a car in a few months. I wouldn’t jump just yet. Inventories are still growing. Eventually there will have to be massive incentives to clear them out.
Further discussed here:
http://www.truedelta.com/blog/?p=290
Michael,
Agreed. With 2008s still siting on lots and cars still piling up at the Detroit Fairgrounds, something’s going to break in a huge way. It’ll increasingly be a buyer’s market for a while.
“Considering I’m not in the market for a car, would it be cruel just to drop by a car dealer and try to negotiate a great deal just for sport?” – would love to know how you go on.