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May 03, 2004 -- Great time to buy an SUV!

The sale of SUVs is pretty low right now, and automakers are singing the blues. Because of high gas prices, people are choosing not to buy. It’s changing the mix of what people are interested in. But if you’ve had your heart set on an SUV, now is the time to buy. The overall SUV inventory is more than 20 percent above what dealers consider ideal. Automakers are cutting the production of SUVs and many vehicles are what are known as a “100-day supply.” Automakers want a 60-day supply, which means that as soon as cars get from the manufacturer to the dealership the cars are sold. Every day after 60 is too many, and breaking 100 means there are tons too many in supply. Car dealerships don’t have the money to keep vehicles on its lots for too long, so they will be offering discounts to get rid of them. Dealerships may also throw money at you to buy an SUV. But just remember that gas can cost a bundle.
In other car news, about one-third of people are upside down in vehicles as much as $4,000. People are taking out longer loans, and they’re buying new vehicles before they’re done paying off the old loans. Long term, this is going to cause you a lot of financial pain. If you get bored with a car, don’t bail on it. Keep driving it and you’ll be better off in the future.

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