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Along with buying a home, purchasing a new car is one of the biggest purchases you’ll ever make.
If you’ve considered a new vehicle this year, chances are that rising gas prices, along with the increasing cost of most basic necessities, has made you think twice. All the major automakers just released their sales figures for the first quarter and analysts say the declining numbers will continue. Chrysler posted a 19.4% drop in U.S. sales compared with March of last year. GM sales were down 18.7%, Ford sales dropped 14.1% and Toyota sales declined by 10.3%.
Drivers are either hanging on to their old cars for another year or looking toward pre-owned vehicles instead, which have lower payments. Will you buy a new car this year, or wait things out? [Chicago Tribune]