Time to Buy a New Car

This is one of the ways how the Obama administration's stimulus package may affect you directly. The bill would definitely benefit those who want new cars in 2009 by gaining from "state and local tax deductions as well as any excise taxes charged in the purchase of a car" (CNN News). The deductions would be ready to those who earn less than $125,000 for individual earners or $250,000 for earning couples.

Like I have said or read somewhere, now's not a good time to save money, this might be your chance to buy at a "sort of" discounted price while helping the car company you bought a car from to benefit from your cash or credit (through bank financing) purchase. Let's just hope that banks will provide financing opportunities now that credit criteria seem tighter, also primarily due to the credit crisis.

In truth, banks don't have the capital to lend further money to individuals after acquiring toxic assets, which are mostly out of foreclosures. This might prove to be a barrier to the car buyers who want to take advantage of the stimulus given by the government. They just can’t make up for the volume of individuals who will be needing money.

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For more info on temporary deduction for car buyers, visit Anything Goes and Saving to Invest