Buyer Beware: Deals Locking in Price of Gas Aren’t Always Good
EmailHyundai is back at it. The car maker is reportedly about to offer another "assurance" plan. This time it is about the rising price of gas. The Wall Street Journal reports today that Hyundai is going to offer car buyers the chance to lock in what they pay for gas at $1.49 a gallon — for one year — if they buy a car by the end of August.
Hyundai made waves earlier in the year when it offered car buyers who lose their job the chance to return their car and walk away no questions asked. It worked. And Hyundai's sales show it.
GM and Ford followed, offering their own assurance plans. And it hasn't just been cars. Sears today is rolling out an assurance plan that helps you out when you buy an appliance and lose your job.
But buyer beware. Chrysler offered a similar lock in your gas price incentive not too long ago. Buy a Chrysler and you'd be guaranteed gas at $2.99 a gallon. Sounded good last year when prices at the pump were skyrocketing. Today gas is selling for about $2.64. Oops.
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Who would pay retail for a car in this economy? All these perks are a waste of money.
Posted by: Mikedudical | June 30, 2009, 1:11 pm 1:11 pm
I don’t think locking in the price of a gallon of gas is a good idea. As shown here, the price of gas might go below the “locked in” price. What would be good is to guarantee a specific discount on the price of gas. For example, if you buy a Walmart gift card or have a Walmart charge card, you’re guaranteed a discount of 3 cents per gallon regardless of the price at a Murphy’s gas station.
Posted by: macbeth25 | June 30, 2009, 4:00 pm 4:00 pm