Repo Lots OverFlow As Financial Meltdown Flows to The Automotive Sector

Perfect. Now I can get a 750i on the cheap!

Where can I buy one? Anything good on that lot?

Crap! I just bought a new car!

Why would you buy a new car? Hope u at least leased it. Certified used is a good way to go.

If you want to lease a new car, do it soon because residuals will soon plummet - making the leases a lot more expensive.

This could be the 'perfect storm' (limited auto financing for new buyers, weak US $ + strong Euro&Yen, low US consumer confidence, deteriorating lease residuals, automaker unwillingness to subsidize leases) that results in people no longer being able to afford their 'hot' rides.

I think we are unfortunately in for a couple of dark years on the auto front.

I leased my present car and the 2 previous ones because lease deals were exceptionally attractive. I plan to purchase my next one unless the opportunity cost of tying up money goes up dramatically. Also, I may be moving from Alberta (which has no sales tax) to a jurisdiction with sales tax, so buying before moving from Alberta gives me about an 8% advantage.

EnnNorak,
Have you looked into the sales tax on autos being brought into the new jurisdiction?
In the US, when moving from state to state, many states make you prove you paid tax on the vehicle you are licensing. As for leases, some states tax the lease up front, others tax each monthly payment (or similar manner). Several years ago I leased a car initially from a state that required the tax paid up front (Iowa), then moved to a state that taxes per month (Arizona) and got stung. Basically I had to pay tax 2x. I hope you don't have to deal with this.
In Arizona, they tax the owner of the car, not the leasee, so it is very difficult to fight.

But will it be enough to get Emilio Estevez and Harry Dean Stanton to do a sequel?

Uhh! I just leased a new seven, i could've gotten that one for real cheap, and it looks pretty good too. Oh well, at least i get the new car smell.

And then the whole wide world got endowed with Moron Number 1 who will soon no longer be able to bother us all. But your observation about interest rates is very correct and yes Mr Greenspan did no one any favours, except the banks, by encouraging people not to fix the mortgages when rates basically could not go any lower. But lets also appreciate that many consumers didn't do them selves any favours by borrowing as much as they could in the hope that their salaries or wages would always rise. Sometime a little restraint is a good thing.

Driving through the central valley I couldn't help but notice the many used auto lots overflowing with SUV's in every town. Most of them have 20" huge wheels too. I wonder if they financed the wheels? If you want a newish used suburban or tahoe with bling wheels, come to CA central valley. The houses are getting cheaper by the day too.
Maybe wait a year.