Looking back at all the blogs I’ve done this semester, I see quite a few that have to do with money or other financial issues. True to what appears to be my form, I have another financial-type article to wow (or bore) everyone with this week.
This weekend, I watched Chevrolet’s newest PR push, and boy is it a good one! They are following in the footsteps of another major car dealer (I believe it’s Hyundai) by offering an amped up finance package. As a born and bred Chevy fan, I have to say that Chevy’s Total Confidence package does exactly what the name suggests: gives the buyer absolute confidence that investing their money with Chevrolet is a wise choice.
The first two branches of this package consist of a fully backed transferable warranty with roadside assistance and a complimentary year of OnStar service. Yes, both features come standard with most new cars these days, but it is still worth mentioning. In these times of uncertainty, vehicle owners like to know that they are protected while they’re at home or on the road.
The third and fourth branches of this package are what make it truly special. The third branch is Vehicle Value Protection, where Chevy will protect your new vehicle’s retail value when you decide to trade in for your next Chevy vehicle. The final branch is Payment Protection, where Chevy will make your payments (up to $500/month) up to nine months if you lose your job.
Now tell me, how much more confident would this package make you, the car buyer feel? If I was in the market for a new vehicle, I would definitely be looking at Chevrolet first. If the unspeakable would happen and I lost my job, I would have to give back my vehicle, then how would I get a new job? By offering Payment Protection, Chevy is giving me a way to get back on my feet, which is a nice thing for a car company to do.
With the negative press that the GM Corporation received after giving fired CEO Rick Wagoner a $20 million severance package, this is exactly what is needed. They say that good news travels quickly, so hopefully news of the Total Confidence package can overtake the Wagoner scandal.
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Go Chevy!! These are some very good incentives. But, I don't know how many people can go out and buy a new car during this time period. It would be really interesting to see how many people actually buy a vehicle because of these new offers. I sure would buy one if I could.
ReplyDeleteI think more companies are going to follow lead and come up with better incentives for their vehicles. That is one good side of this economic crisis - competition for our business and outdoing each other with incentive packages, etc.
I agree with Kim (again! :) )that other companies will fall in line. This is reminiscent of what happened after 9/11 when everyone started offering 0% financing. At that time, it was a huge deal--no one had ever had 0% financing before! Wow--it's free money! You'd be dumb not to finance instead of pay cash!
ReplyDeleteNow everyone just sort of expects 0% financing offers and lots of other discounts and rebates too--employee pricing, loyalty rewards and discounts, customer cash back, and on and on. I wonder if these types of incentives will stick around like the others--it would be a good thing if they did--force the companies to be accountable for the quality of the vehicle they put out.
I would have to totally agree as well. I am not in the market but if i was that is the company that I would for sure go with. There are a lot of car companies that are offering amazing deals because of the economy issues that we are facing today. I think many companies are very similar but if that company as not yet placed a planned they should definitly look at Chevy's plan and do something very similar. Great Post!
ReplyDeleteI think this is a really good way to get people to look at buying your car or pickup, even if they were not interested before. With them protecting your car's retail value when you trade it in it is almost a win, win. If you trade it back in with them you will supposedly get more money back for it, but they in turn will get you to buy another new car from them, so that is smart on their part. As for making your car payments I never fully understood this because I am sure that you will still have to pay them back, and the interest rates will probably go up so I am not sure how "great" of a deal that is, but it sure is compelling.
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