GM bankruptcy as auto bargaining chip?
This got a rather chilly reception on Da Fool, but thought I'd try it here:
For someone eyeing a new car, wouldn't a bankruptcy filing for (say) GM, be a great bargaining tool if shopping for a GM product? Arguments pro:
Rational worries about: availability of parts, warranty service.
Stuff I didn't know about: most dealers don't own the car, they have it on loan from the manufacturer. One Fool pointed this to me, if so, then the dealer doesn't really have any incentive to cut the price way down.
To get the best deals I guess you'd have to bid at an auction. Latest idea would be try to snag a demo model you were interested in (or even late model used), as these probably are dealership-owned and therefore they would be most vulnerable to hard bargaining. Best of both worlds? "Used" car, still before 1st oil change maybe? Recession pricing....how much off? 20% 40% ?
In any case, I will continue driving my beater Saturn, but start lining up some cash and/or line of credit for the day it's time to get a new(er) one.
I've got nothing against an honest day's work, provided that someone else does it.