If you're an owner of a Hummer, Saturn, Pontiac or Saab, you may be worried about news that GM is considering phasing out these four brands.
Rest assured that your warranty on any of these cars will be honored as long as GM is in business.
The big concern, however, is resale value. Clark recalls when Oldsmobile folded and became an orphan brand. The value of axed vehicles tends to drops significantly.
On the other hand, there is something to be said about the antiquity factor of a car that's no longer in production. Well-preserved models may be worth a pretty penny decades down the road even though they're unloved today. For example, Clark speculates the PT Cruiser (not a GM model) may experience this simply because it has such an unusual and uncommon design.
If you are leasing a Hummer, Saturn, Pontiac or Saab,
don't be tempted to buy the car at the end of the lease. You'd be best off just turning it in.
One final thought: For potential used car buyers, there will likely be some sweet deals on these GM brands if the axe does eventually fall on them.
Do you have an older car and you're unsure if you should get collision and/or comprehensive insurance?
If the cost of insurance is greater than 10% of the car's value, you'd be better forgetting about collision and comprehensive and only having liability coverage.
