The auto industry is once again dominating the headlines, and not in a good way. This time, however, the negative story might actually be masking some good news.
Yes, Toyota halted sales of eight popular models and launched a massive recall campaign due to a gas pedal defect that could, in theory, contribute to an accident (the automaker has since resumed sales on a case-by-case basis). But, while everyone was paying attention to that story, the auto industry quietly pulled a little further out of its recent slump.
January auto sales were up slightly from results just one year ago. Ford saw its sales jump by 25 percent. Upstart Hyundai saw its results grow by more than 50 percent. Even troubled Chrysler got a slight sales bump.
Toyota’s troubles may be making headlines, but rest of the industry is slowly crawling back.
While that might be great for car builders, it’s not necessarily good news for car shoppers. Through the economic downturn, we saw automakers present some of the steepest discounts they’d offered in decades. Now that foot traffic is slowly returning to dealerships, they’re pulling back on those heavy incentives. Car prices traditionally rise in January after a holiday low, but this year, the effect is made more dramatic by the end of many cash-back offers, and shorter terms available on low-interest loans.
There are still, however, good deals to be found. It’s important to shop carefully this month. Rather than across-the-board discounts on most cars, we’re now seeing a market where one car can be much less expensive than its competition -- thanks to certain automakers carrying more significant discount programs than their rivals. Below, we’ll highlight a few of the best.
And owners of those troubled Toyotas have more options than ever, as General Motors, Ford, Chrysler and even Hyundai are offering additional discounts for buyers trading in a Toyota product. Shoppers should be careful, though, that they don’t let the dealership get that money right back by offering a low price for a Toyota trade-in, due to the headlines. Experts say that Toyota products should take a short-term resale value hit, but they may recover their value if Toyota solves its gas pedal problem effectively.
Yes, Toyota halted sales of eight popular models and launched a massive recall campaign due to a gas pedal defect that could, in theory, contribute to an accident (the automaker has since resumed sales on a case-by-case basis). But, while everyone was paying attention to that story, the auto industry quietly pulled a little further out of its recent slump.
January auto sales were up slightly from results just one year ago. Ford saw its sales jump by 25 percent. Upstart Hyundai saw its results grow by more than 50 percent. Even troubled Chrysler got a slight sales bump.
Toyota’s troubles may be making headlines, but rest of the industry is slowly crawling back.
While that might be great for car builders, it’s not necessarily good news for car shoppers. Through the economic downturn, we saw automakers present some of the steepest discounts they’d offered in decades. Now that foot traffic is slowly returning to dealerships, they’re pulling back on those heavy incentives. Car prices traditionally rise in January after a holiday low, but this year, the effect is made more dramatic by the end of many cash-back offers, and shorter terms available on low-interest loans.
There are still, however, good deals to be found. It’s important to shop carefully this month. Rather than across-the-board discounts on most cars, we’re now seeing a market where one car can be much less expensive than its competition -- thanks to certain automakers carrying more significant discount programs than their rivals. Below, we’ll highlight a few of the best.
And owners of those troubled Toyotas have more options than ever, as General Motors, Ford, Chrysler and even Hyundai are offering additional discounts for buyers trading in a Toyota product. Shoppers should be careful, though, that they don’t let the dealership get that money right back by offering a low price for a Toyota trade-in, due to the headlines. Experts say that Toyota products should take a short-term resale value hit, but they may recover their value if Toyota solves its gas pedal problem effectively.
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