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One of the best barometers of the economy is new car sales.
Chrysler took the biggest hit in December with sales plummeting 53 percent. Ford and General Motors didn't fare much better with 32 and 31 percent declines respectively.
Foreign carmakers also took dramatic hits, too. Toyota saw a 37 percent sales drop during the same period, and Nissan's sales dropped 31 percent.
To boost sales, many auto dealerships are offering unique deals for cars, trucks, and SUVs.
At Michael Jordan Nissan in Durham, many models come with zero-percent financing.
"We're seeing people buy cars that would have typically waited longer because of the deals," said co-owner Mike Mason.
Ford and many other dealers are offering employee discounts, while Hyundai is willing to take the car back if you lose your income.
According to Hyundai's website, customers can "finance or lease any new Hyundai, and if in the next year you lose your income, we'll let you return it."
"People are a little more apprehensive to go ahead and what we call 'pull the trigger,' and buy a car," Mason said.
North Carolina Central University economics professor Abm Basir says the present recession makes car buying complicated. He said that buyers need to consider potential uncertainty in their future, because for many, a job loss could prevent them from making their auto loan payment.
"If I think I could live without a car, I'd rather leave the money in the bank," he said.
Buyers should also check dealer and automaker Web sites before heading out to the lot.
According to experts, many of the offers come directly from the auto manufacturers themselves.

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By AutoLoan on 02/11 03:30 AM
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