Carmakers Provide Incentives to Buyers Who Lost Work
Following the steps of Korean company Hyundai, US carmakers have announced it will provide incentives to buyers to lure them to buy new cars. One of these includes car payment coverage for those buyers who will lose their jobs within one year of purchasing a vehicle.
US carmakers are now pumping up dismal sales by covering “car payment” to customers who will lose their jobs within one year of purchasing a vehicle.
Following the steps of Korean carmaker Hyundai, General Motors Corporation and Ford Motors Inc. on Tuesday revealed its job-loss protection scheme that will cover 9 separate payments worth $500 for GM and $700 for Ford. This insurance will protect customers who will be terminated at the height of the current economic slump. The said program will cover buyers in the next 12 months.
Records showed that the US automobile sales continue to decline for the past 12 months with barely 9 million new cars sold.
Before the recession, US have a record of 16 million to 17 million annual car sales.
Experts believe that the crisis has greatly affected the mindset of the American consumers. To date, the US consumers have been reluctant in buying new vehicle which is now considered luxury more than necessity.
Meanwhile, Ford marketing Chief Jim Farley said that they are set to release sales report in March, describing this as “gloomy”.
Because of weak consumer demand and slumping sales, many carmakers worldwide have also shifted to cheaper models instead of producing expensive, luxury vehicles.
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