The current economic crisis has left automotive manufacturers struggling to put buyers behind the wheels of their newest line of cars. Drive by dealerships in your area and you will see vast parking lots filled with cars that just aren’t selling. Consumers can benefit from this slump in the automotive industry, however, through highly reduced sticker prices. And with many “Cash Back” incentives and flexible financing options available from most major automotive manufacturers, buying a new car can actually provide a great way to place additional funds towards your debt settlements.

Competition among car companies for today’s limited number of buyers has resulted in some of the best deals the industry has seen in years. It is truly a buyer’s market, and car salesmen are willing to do just about anything these days to get you to drive off the lot in a new vehicle. For those of us driving older cars with high mileage that are in constant need of repair, a reasonable monthly car payment may actually save money in the long run.

Cash-Back incentives offer car buyers a sizeable amount of money back when purchasing a new vehicle, often as much as $3,000. Utilizing this money to settle an outstanding credit card debt is a great way to gain an additional benefit from a large purchase such as an automobile. Many dealerships are also offering flexible or deferred financing options, putting off payments for the new vehicle for as much as 6 months from the date of purchase. Using the money that would otherwise be used for these first 6 payments is also a great way to settle outstanding debts.

If you find yourself sinking money on a regular basis into that old vehicle, consider purchasing a new vehicle in today’s buyer’s market. Not only will your monthly car payment potentially be less than current car repair costs, but cash back incentives and flexible financing options can put some cash back in your pocket for use in settling your outstanding debt problems.

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