The experts say that the lack of confidence in the economy and personal finance situations are the root cause for automobile sales being at their lowest in 30 years. Now come some of the car manufacturers to save the day.

In what are being touted as “buyer-assurance” programs, they are targeting those who are feeling skittish about buying a new car. General Motors and Ford Motor Company are offering these plans to help buyers make their payments should they lose their jobs because of layoffs. Hyundai has a similar plan that allows buyers to return cars free for up to one year if they lose their jobs or become disabled and unable to make the payments.

The GM program protects buyers for just the first two years of ownership. They will make the payments of a laid-off worker for up to nine months with a set limit of $500 per payment. Their program is called the “GM Total Confidence” plan.

Ford guarantees to make the payments for the first year on a new vehicle purchase with a limit of $700 per payment per month if a customer loses his/her job. Their plan is called the “Ford Advantage” plan. In addition, Ford offers no interest financing on some of its vehicles as an added incentive. This plan is scheduled to end June 1, but could be extended if demand is high and has the benefit of building consumer confidence.

GM runs its program through April 30 and also guarantees the value of a new GM car or truck when the customer gets ready to trade it for another. It is called the “Vehicle Value Protection” program.

Is this the best time ever to purchase a new vehicle for the consumer? The answer still involves looking at your own personal circumstances and making the decision based on sound financial advice.

If you are one of the fortunate people whose finances are in order, your debt to income ratio is low, and you own your vehicles free and clear or at least you owe much less than what their value is, then you might be a good candidate for one of these programs.

One other piece of advice is to not avoid the used car market. If you can find great programs on new vehicles, think about the prices that might be found on a good used one as well. This is because used car pricing thresholds cannot realistically exceed those of their new counterparts. Used car inventories would soar, and that is not likely to happen, especially since used vehicles have a higher profit margin than do new cars.

If you play your cards right, and go into this carefully, then ‘yes’ you can find a great deal on a new vehicle right now.

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