| Buying CTS-V with GM 's Bankruptcy Potential? Question: What are your thoughts about buying a new car (CTS-V) from a car company that has a potential for bankruptcy?
I'd love to buy a new CTS-V, my dealer has one ordered to my specifications and I have the first option (but no obligation) to buy or not.
All the talk about possible bankruptcy for GM, especially if a bailout is not offered (even if it is offered I'm not sure it is any long term fix), has me nervous. Although many suggest bankruptcy and restructuring under Chapter 11 may be one of the better options, if GM cannot qualify for DIP financing (debtor-in-possession), and some experts and some at GM feel they may not, then Chapter 7 and liquidation may be the only option and an end to GM. A recent survey of car buyers revealed 80% would never consider buying from a bankrupt automaker.
Although a guarantee of third party warranty coverage would be helpful, my real thought would be plummeted resale value should one ever wish to sell it. I'm hoping a great deal could be had, and keeping it long term may soften the depreciation blow. Even at that, I'm wondering about sitting tight for awhile and see what pans out. Some are speculating a bailout may not pass at present and they may push this out to the new administration. Not sure if GM will make it that long with cash depleted.
Am I alone being nervous about this? Wondering what some of your thoughts are on this matter.
Would you buy a car from an automaker that is or has a real potential to go bankrupt?
Thanks. |