NEW YORK (sbup) — People across the world have watched in shock and dismay as the twin natural disasters that occurred in Japan left much of the nation in turmoil. But the earthquake and tsunami that roiled Japan didn’t just hurt the country on a physical and emotional basis, it hurt the country on a financial one too.
Exhibit A: The Japanese auto industry, and what it might mean for American car buyers.
Most industry experts say that, for starters, Japan will be producing fewer cars and trucks in the coming months. But since inventories are low, prices for new vehicles shouldn't go up much.
“If you had any intention of buying a vehicle in the next few months, there is no downside to buying now — and plenty of possible upside,” says Edmunds CEO Jeremy Anwyl. “It seems safe to say that prices aren’t going down, and supply isn’t going up.”
Anwyl points to a recent piece written by Edmunds.com chief economist Lacey Plache in USA Today, who went public with inside discussions executives that have taken place in recent weeks.
Here, from Anwyl and Plache, are the key points impacting consumers as a result of the earthquake/tsunami disaster:
Also expect some delivery delays on a new Japanese vehicle that you’ve purchased or ordered. Keep in close contact with the dealer so you’ll know if a delivery will be a lengthy one.
All in all, auto industry insiders feel that Japanese automakers took quite a blow from the earthquake and tsunami that hit the country. But most automakers say that the plants that have been closed will be opened again by late March, and that should further help to minimize any significant impact on the auto buying public.
Here’s hoping that’s true – and that Japan regains its stability economically and emotionally –as soon as possible.
—For more ways to save, spend, invest and borrow, visit MainStreet.com.