Should You Bite On Those Crazy Car Deals?

I mentioned previously that Hyundai is offering a "job loss insurance" deal to get customers back on the lot: buy or lease a new Hyundai, and if you lose your job during the first year you have it you can take it back to the dealer and stop making payments with no penalties. Other dealerships are offering "buy one, get one free" deals...yes, on cars. Some are offering big rebates or "pay what our employees pay" deals. It all sounds pretty good, but is it REALLY a good deal.

The answer is, it depends. If you're in the market and you REALLY need a car, the Hyundai deal isn't so bad, but you should probably steer clear of the "buy an SUV, get a free car" deal. Depending on the make and model of the car, it may not be a great deal. After all, if your car is spending a lot of time in the repair shop, is it really a good deal?

Savvy Frugality's recommendation: if you are in the market for a new car and you can afford it, good deals can be had, but read the fine print. If you are struggling from paycheck to paycheck, look for another alternative. Good used cars can always be found, and if worse comes to worse and your city has a great public transportation system, you may not need a car at all (if I still lived in New York or Norfolk, VA...two cities with good bus systems, I wouldn't even bother owning a car).

Check out more on these car deals in the video:

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