Automotive News - November 24, 2008 - (Page 28) 28 • NOVEMBER 24, 2008 USED Plunge in price goes beyond Detroit 3 continued from Page 3 Customer Incentives SUBARU , Incentives in this table are a summary of retail programs offered. Programs may vary by region and model. Cash rebate Finance rate Cash rebate Finance rate Cash rebate Finance rate Cash rebate Finance rate BMW Expires Dec. 31. 2009 models 3 series, 5 series, 6 series, X5 M3, M5, M6, X3 2008 models 1 series, 3 series, 5 series, 6 series, M3, M5, M6, X3, X5 7 series, Z4, Z4 M – 0.9-1.9% – 3.9% – – 0.9% 2.9% Prices are dropping along with sales. In October, used vehicles sold at auction for an average price of $8,628 — the lowest average since February 1995, Kontos says. He estimates that barely half of the vehicles that now go to auction are selling, down from the traditional industry standard of about 60 percent. Ricky Beggs, managing editor of the Black Book used-vehicle price guide, says wholesale prices have dropped so abruptly in all segments that financial institutions and other owners that send used vehicles to auction often withdraw them from sale. By the end of October, Beggs says, dealers were buying as few as three of every 10 vehicles initially offered for sale at some auctions. Prices are falling for all brands, not just those of the Detroit 3, Beggs says. For example, in October 2007, a 2year-old Toyota Avalon typically sold at auction for $24,000, according to Black Book. Last month, the comparable sales price was $21,300. Blame the collapse of the credit market, says Terrence Wynne, director of editorial and data services for the NADA Used Car Guide, a unit of the National Automobile Dealers Association. “Credit is not available” for dealers or consumers, he says, adding, “That is killing demand.” CHRYSLER LLC Expires Dec. 1. In lieu of rebates, cut-rate financing is available. 2009 models Chrysler 300 $500-$2,500 4.9-7.9% Aspen $500-$1,500 6.9-7.9% Sebring, Town & Country $500-$1,000 0-7.9% PT Cruiser $500 0-7.9% Dodge Charger $500-$2,500 6.9-7.9% Ram 2500/3500 $2,000 6.9-7.9% Durango, Journey $1,000-$2,000 6.9-7.9% Avenger, Caliber, Ram 1500 $500-$1,500 0-7.9% Grand Caravan $750-$1,000 6.9-7.9% Dakota, Nitro $750 4.9-7.9% Jeep Commander, Grand Cherokee $1,000-$1,500 4.9% Compass, Liberty, Patriot $500-$1,000 0-7.9% Wrangler $0-$1,000 6.9-7.9% 2008 models Chrysler 300C $5,500-$6,000 0-7.9% 300 (excl. SRT8 and C) $2,750-$5,000 0-7.9% Aspen, Sebring $1,000-$5,000 0-7.9% PT Cruiser (excl. convertible) $0-$4,000 0-7.9% Town & Country $2,500-$3,500 0-7.9% Pacifica $2,000-$3,500 0-7.9% PT Cruiser convertible $1,000 0-7.9% Dodge Ram 1500 $4,500-$5,000 0-7.9% Magnum $2,000-$5,000 0-7.9% Charger, Durango $2,000-$4,500 0-7.9% Ram 2500/3500 $4,500 0-7.9% Dakota $2,000-$4,000 0-7.9% Grand Caravan $2,500-$3,500 0-7.9% Avenger $2,000-$3,000 0-7.9% Caliber, Nitro $1,000-$2,500 0-7.9% Jeep Grand Cherokee $2,500-$5,500 0-7.9% Commander $2,500-$4,500 0-7.9% Liberty, Patriot $2,000-$2,500 0-7.9% Wrangler $1,500-$2,000 0-7.9% Compass $750-$2,000 0-7.9% FORD MOTOR CO. Against the tide Some dealers are bucking the downward trend. They are stocking up on used cars and trucks, saying they see opportunity in adversity. Tim Walters, a Chevrolet dealer in Elkland, Pa., says the free fall in usedvehicle prices is creating a “wicked buyer’s market.” He says he is buying high-quality, off-lease vehicles at low prices; advertising them aggressively; and selling them cheaply. “I’ve laid people off and cut expenses, but the world is not coming to an end,” Walters says. “To do nothing is the worst thing you can do.” Similarly, Bill Perkins, who owns three GM dealerships in suburban Detroit, says he is buying lots of used Chevrolets and Pontiacs to meet customers’ demands. Perkins says he has increased the value of his used-vehicle inventory by $300,000 over the past few weeks. His used-vehicle sales and profits were higher last month than in October 2007, he adds. Perkins estimates that about 25 percent of his new-vehicle customers don’t qualify for financing. But he usually can help them get loans to buy used cars or trucks, he says. “We’ve always spread out our finance sources on the used-car side,” Perkins says. “We’re feeling the pinch, but not as much as some other guys.” c Expires Jan. 5. In lieu of rebates, cut-rate financing is available. 2009 models Ford Explorer, Fusion $1,500-$2,000 0-8.9% Escape, Flex, Focus $0-$1,000 0-8.9% F-250 Super Duty, Expedition, Expedition EL, F-350 Super Duty $1,000 3.9-8.9% Explorer Sport Trac, Mustang, Ranger, Taurus, Taurus X $500 3.9-8.9% F-150 – 0-8.9% Econoline – 4.9-8.9% Lincoln MKZ $2,000-$2,500 0-6.9% Navigator, Town Car $2,000 4.9-8.9% MKS – 0-7.9% Mercury Grand Marquis $3,500 3.9-7.9% Milan $2,000 0-7.9% Mountaineer $1,000 3.9-7.9% Mariner $0-$1,000 0-8.9% Sable $500 4.9-8.9% 2008 models Ford F-150 $3,500-$6,000 3.9-7.9% F-450 Super Duty $4,500 3.9-7.9% F-250 Super Duty, F-350 Super Duty $3,500-$4,500 3.9-7.9% Explorer $3,500 1.9-5.9% Expedition, Expedition EL $3,000 1.9-5.9% Fusion $2,500 0-6.9% Focus $2,000 0-7.9% Escape, Mustang $1,000-$2,000 0-7.9% Edge, Ranger $2,000 1.9-5.9% Explorer Sport Trac $2,000 2.9-6.9% Taurus, Taurus X $1,500 2.9-6.9% Econoline $500 1.9-5.9% Escape Hybrid – 4.9-8.9% Lincoln Mark LT $6,500 3.9-7.9% Navigator, Town Car $4,000-$5,500 1.9-7.9% MKZ, MKX $2,500-$4,000 0-4.9% Mercury Grand Marquis $5,000 1.9-5.9% Milan, Mountaineer $2,500-$3,500 0-5.9% Mariner, Sable $500-$2,000 0-7.9% Mariner Hybrid – 4.9-8.9% Canyon, Savana, Savana cargo, Yukon, Yukon XL $1,000 Acadia $750 Sierra 2500HD, Sierra 3500HD $500 Hummer H3 $5,500 H2, H2 SUT, H3T $1,500-$2,500 Pontiac G6 $1,000-$2,000 G5, G8, Torrent $1,000-$1,500 Solstice, Vibe $500 Saab 9-3, 9-5, 9-7X $2,000 Saturn Aura $1,000-$2,000 Outlook, Sky, Vue $500-$1,500 2008 models Buick Lucerne $3,750 Enclave $2,750 LaCrosse $2,250 Cadillac Escalade $6,750 DTS, STS, STS-V $6,000 XLR, XLR-V $4,250 CTS, SRX $2,250-$4,000 Chevrolet Silverado 2500HD, Silverado 3500HD, Suburban $6,000 Silverado 1500 $4,000-$5,500 TrailBlazer $5,250 Avalanche, Tahoe $5,000 Equinox, Impala $2,250 Malibu $1,250-$2,250 Express $2,000 Express cargo $1,500-$2,000 Colorado $500-$2,000 Cobalt $1,500 Uplander $1,250 HHR $1,000 Aveo, Malibu Hybrid $500 GMC Sierra 2500HD, Sierra 3500HD, Yukon XL $6,000 Sierra 1500 $4,000-$5,500 Envoy $5,250 Yukon $5,000 Acadia $2,750 Savana cargo $1,500-$2,500 Canyon $500-$2,000 Savana $2,000 Hummer H2, H2 SUT $5,750 H3 $4,250 Pontiac Grand Prix $2,500 G6 $1,250-$2,250 Torrent $2,250 G8 $2,000 G5, Solstice $1,500 Vibe $1,000 Saab 9-7X $7,250 9-5 $5,250 9-3 $4,750 Saturn Outlook $2,750 Aura $1,250-$2,250 Sky $1,500 Vue $1,000-$1,500 Astra $1,000 Aura Hybrid $500 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Tribute Mazda5 CX-9 CX-7 Mazda3, Mazda6 2008 models RX-8 Mazda6 Tribute B series CX-7, CX-9 $1,500 – – – – $3,500 $2,750 $2,000-$2,500 $3,000 – 3.9% 0% 0-1.9% 0-2.9% 0-3.9% 1.9% 0% 0.9% – 0% Passat, Touareg 2 Eos, GLI, Jetta, New Beetle sedan, Rabbit, R32 – – 0% 0-2.9% VOLVO Expires Jan. 5. 2008 models XC90, S80 – 0.9-3.9% Dealer Incentives Incentives in this table are a summary of dealer programs offered. Programs may vary by region and model. MERCEDES-BENZ Expires Dec. 1. 2009 models R class C class, CLK class, E class, M class 2008 models CLK class, CLS class, E class, M class – 2.9% – 2.9-3.9% – 3.9% CHRYSLER LLC Expires Dec. 1. 2009 models Chrysler 300 Dodge Ram 1500 Charger Avenger, Caliber, Durango, Journey Jeep Commander, Grand Cherokee 2008 models Chrysler PT Cruiser Aspen Pacifica Town & Country 300, Crossfire, Sebring Dodge Ram 2500/3500 Ram 1500 Durango, Magnum Dakota Caliber, Grand Caravan Avenger, Charger, Nitro Jeep Grand Cherokee Commander Compass, Liberty, Patriot, Wrangler $0-$500 $1,000 $0-$1,000 $0-$500 $0-$500 $400-$4,000 $400-$2,000 $400-$1,000 $400-$500 $400 $400-$4,000 $400-$3,750 $400-$2,000 $400-$1,000 $400-$500 $400 $400-$3,000 $400-$2,000 $400 MITSUBISHI Expires Dec. 1. In lieu of rebates, cut-rate financing is available. 2009 models Raider $3,000 – Galant $2,000 0-2.9% Eclipse $1,000 3.9-5.9% Eclipse Spyder, Lancer – 3.9-6.9% Outlander – 0-6.9% 2008 models Endeavor, Raider $4,000-$5,000 0% Eclipse, Galant $2,500-$3,000 0-2.9% Eclipse Spyder, Outlander $2,000 0-4.9% Lancer $0-$1,000 1.9-4.9% Lancer Evolution – 0-5.9% NISSAN NORTH AMERICA Expires Dec. 1. In lieu of rebates, cut-rate financing is available. 2009 models Infiniti G37, QX56 – 3.9-4.9% Nissan Titan $4,500 0.9% Armada $4,500 0.9-2.9% Xterra $2,000 1.9-3.9% Quest $1,500 3.9-4.9% Frontier $750-$1,250 3.9% Pathfinder, Sentra $1,000 0-4.9% Altima (excl. Hybrid), Versa $750 0-4.9% Altima Hybrid $500 3.9-4.9% Murano, Rogue – 0-4.9% 2008 models Infiniti G35, G37, M35, M45, FX35, FX45, EX35, Q56 – 0.9% Nissan Titan $5,500 0-0.9% Armada $5,000 0% Xterra $3,000 0.9-1.9% Quest $2,500 2.9% Pathfinder $2,500 0.9% Frontier $1,750-$2,500 1.9-2.9% Altima $750-$1,750 0-3.9% Sentra $1,500 0-1.9% Versa $1,000 0-2.9% Altima Hybrid $1,000 3.9% Rogue $750 0-3.9% AMERICA HONDA MOTOR CO. Expires Dec. 1. 2008 models Acura MDX TL Honda Odyssey, Ridgeline Element Accord $4,000 $3,500 $3,500 $1,500 $500 MERCEDES-BENZ Expires Dec. 1. 2008 models CL class $10,000-$20,000 CLK class $0-$13,000 E class, G class, S class $0-$10,000 R class $7,000-$9,000 CLS class, GL class, M class $0-$8,000 SLK class $6,000 C class $2,000-$3,500 MITSUBISHI Expires Dec. 1. 2009 models Raider 2008 models Endeavor, Raider $1,500 $1,500 AMERICAN HONDA MOTOR CO. Expires Dec. 1. 2009 models Acura RDX Honda Accord, Civic, CR-V, Odyssey, Pilot 2008 models Acura MDX, RDX, TL Honda Accord, Civic, CR-V, Element, Odyssey, Ridgeline – 0.9-2.9% – 1.9-3.9% – 0.9-2.9% – 1.9-3.9% SUBARU Expires Dec. 1. In lieu of rebates, cut-rate financing is available. 2009 models Outback $1,500-$2,000 3.9-4.9% Legacy $500 3.9-4.9% Forester, Impeza, Tribeca – 3.9-4.9% 2008 models Impreza, Legacy $0-$2,500 0-4.9% Forester, Out http://www.Edmunds.com
Table of Contents Feed for the Digital Edition of Automotive News - November 24, 2008 Iacocca tip: 'Equality of sacrifice' Ch. 11 would hit dealers hard â fast Detroit 3: Bankruptcy = doom Down the road and a continent away Used-vehicle demand shrivels O'Neill will lead Power GM tweaks production plan Mitsubishi: No to Detroit Ford will cut more output Nardelli: Chrysler is running on fumes GMAC on brink of bankruptcy, S&P warns Off with their heads! (But whose?) In defense (kind of) of Detroit Bailout Motors? Britain went down that road CEOs could have pre-empted the grilling Ford: We still want Mazda expertise Imports clog ports as sales plunge Volvo's N.A. boss will resume leases to boost volume Nissan expects Chrysler pickup deal will survive Toyota: Venza is a trendsetter, not a crossover It's time to put partisanship aside; Detroit needs help What GM needs is GMAC.2 'Buy American' talk won't help industry Readers weigh in on auto industy woes No one bailed out Oldsmobile It's time to move to mass transport We still need manufacturing Bankruptcy is a bet Let's get wages under control Will America be better off? First step: Bring the jobs home America owes it to GM to help The answer is simple: Leasing What about dealerships? Detroit 3 CEOs must offer to quit Oct. truck sales fall 17.4% Honda plant adds parts center They're sold on Camaro Drawn to Ferrari Japan poised to control key batteries Europe's worst month hits all automakers Dealers BMW: Diesel 7 series could come to U.S. Honda's FC Sport mixes green and go Infiniti G37's hard top retracts in 30 seconds Redesign of Lexus RX series hard to see Mini electric: Jolt comes from sticker Ford hybrid sedans aim at Camry After only 3 years, Ford revamps Fusion Hyundai plans new crossover, turbo engine Restyled Mustang: More refinement, horsepower Honda: Don't count on CR-Z gasoline variant '09 Nissan Z delivers more of what fans like Mazda3 gets new look, powertrains Nissan Cube joins the box brigade Infiniti upgrades powertrains Lincoln MKZ gets a makeover Porsche won't stall Panamera 2010 GLK priced below rival Bentley's Azure T gets 500 hp Detroit 3 squeezed by credit, cash â politics Waxman could mean trouble for Detroit GM formulates a 'Plan B' if it doesn't get federal loan Infiniti replaces Igo Sharks vs. Jets, D.C.-style What's good for â uh, how'd that go again? Mazda deal imperils Ford training ground More like Toyota, Honda? Careful what you wish for Maybe he's Buck-a-year Bob now Romney: Bankruptcy, not bailout Automotive News - November 24, 2008 Automotive News - November 24, 2008 - (Page Intro) Automotive News - November 24, 2008 - Detroit 3: Bankruptcy = doom (Page 1) Automotive News - November 24, 2008 - Detroit 3: Bankruptcy = doom (Page 2) Automotive News - November 24, 2008 - Ford will cut more output (Page 3) Automotive News - November 24, 2008 - Off with their heads! (But whose?) (Page 4) Automotive News - November 24, 2008 - Off with their heads! (But whose?) (Page 5) Automotive News - November 24, 2008 - CEOs could have pre-empted the grilling (Page 6) Automotive News - November 24, 2008 - CEOs could have pre-empted the grilling (Page 7) Automotive News - November 24, 2008 - Volvo's N.A. boss will resume leases to boost volume (Page 8) Automotive News - November 24, 2008 - Volvo's N.A. boss will resume leases to boost volume (Page 9) Automotive News - November 24, 2008 - Toyota: Venza is a trendsetter, not a crossover (Page 10) Automotive News - November 24, 2008 - Toyota: Venza is a trendsetter, not a crossover (Page 11) Automotive News - November 24, 2008 - 'Buy American' talk won't help industry (Page 12) Automotive News - November 24, 2008 - 'Buy American' talk won't help industry (Page 13) Automotive News - November 24, 2008 - Detroit 3 CEOs must offer to quit (Page 14) Automotive News - November 24, 2008 - Drawn to Ferrari (Page 15) Automotive News - November 24, 2008 - Japan poised to control key batteries (Page 16) Automotive News - November 24, 2008 - Dealers (Page 17) Automotive News - November 24, 2008 - Dealers (Page 18) Automotive News - November 24, 2008 - Dealers (Page 19) Automotive News - November 24, 2008 - Dealers (Page 20) Automotive News - November 24, 2008 - Dealers (Page 21) Automotive News - November 24, 2008 - Dealers (Page 22) Automotive News - November 24, 2008 - Mini electric: Jolt comes from sticker (Page 23) Automotive News - November 24, 2008 - Restyled Mustang: More refinement, horsepower (Page 24) Automotive News - November 24, 2008 - Bentley's Azure T gets 500 hp (Page 25) Automotive News - November 24, 2008 - Bentley's Azure T gets 500 hp (Page 26) Automotive News - November 24, 2008 - GM formulates a 'Plan B' if it doesn't get federal loan (Page 27) Automotive News - November 24, 2008 - Infiniti replaces Igo (Page 28) Automotive News - November 24, 2008 - Infiniti replaces Igo (Page 29) Automotive News - November 24, 2008 - Romney: Bankruptcy, not bailout (Page 30) Automotive News - November 24, 2008 - Romney: Bankruptcy, not bailout (Page 31) Automotive News - November 24, 2008 - Romney: Bankruptcy, not bailout (Page 32)
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