GM Raises Prices as Much as $1,500 on Higher Costs

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ASusilovic

General Motors Corp., the world's largest automaker, will raise prices as much as $1,500 on its cars and trucks to help recover increasing costs for steel and other commodities.

Prices on most 2008 models will go up an average of about 1.5 percent, the Detroit-based automaker said today in a statement. The increases take effect tomorrow on models shipped to dealers. GM last boosted prices because of material costs in November 2006.

``While most cars and trucks in our portfolio will go up between $100 to $500,'' some vehicles ``in hotly contested segments,'' such as the Saturn Aura and redesigned Chevrolet Malibu sedan, will stay the same, Mark LaNeve, GM's North American sales and marketing chief, said in a statement.

Rising materials prices may hurt Chief Executive Officer Rick Wagoner's plan to lure buyers back from rivals such as Toyota Motor Corp. Wagoner is in danger of losing GM's global auto sales crown to Toyota for the first time in 76 years as the Japanese automaker gains sales in the U.S. and elsewhere.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPndQtK59Mxs&refer=home
 
Ed Hart on FNN circa 1990: "They've gone from three year loans to five year loans to leasing, all to keep from lowering prices."

...didn't work then, still ain't workin'. Me, I drive around in a 1990 Ford, little flakes of rust come off it every day. But it gets me where I'm going; heat and a/c and power windows and intermittent wipers and all. Transmission even changes itself. Only thing it ain't got is cupholders, which keeps me from drinkin' & drivin'.
Anything else is a waste, unless you're a teen on the make.
 
Buying a new car is the biggest waste of money. Price drops as soon as you drive it off the lot. Buying used is the way to go. I rather spend my money traveling the world than buying a brand new depreciating hunk of metal, or in some cases, a hunk of plastic.
 
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