It seems like every vehicle manufacturer is now offering insurance against losing your job if you buy a new car. First, Hyundai offered the ability to give your car back to the dealer/bank if you lost your job. Then, once other manufacturers say how much the gimmick boosted sales, they modified the terms for the better. Keep your car, without making payments, and find your new job.
One manufacturer is offering to make your payments for up to 9 months. Ford is offering up to 12 months of payment free ownership with the Ford Advantage Plan while you look for a new job. Sure, they limit the payment amount to $700, but in these uncertain times, the offer sure makes it easier to stomach buying a brand new vehicle.
One thing many people are not asking: What happens if you buy a new car, lose your job, and the manufacturer goes belly up? Are you still protected? I do not know the answer, but just a day or so after Chrysler filed for bankruptcy, I think it is a very appropriate question. With the economy still beaten down, please think about buying American if you are going to buy a brand new car. There is only one stable American car maker right now: Ford. So, please consider purchasing a Ford.
I recently bought my wife a new Edge. Ford is making a great vehicle these days. Drive one for yourself. If you buy one with an auto loan, and you lose your job, you do not have to worry about making the payments. It is nice to have one less thing to worry about.