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The rocky economy has something going for consumers, especially those in the market for new cars. End of model year incentives will be terrific, providing the opportunity for savvy consumers to save a lot of cash on their next set of wheels.

And, the model year doesn’t just change in October anymore. Throughout the year automakers are releasing new product, and slashing prices on the old. The best deals can be had with last year’s model which could still be a 2008 if the 2009 has already been released.

If you are planning to buy a new car, there are some thing you will want to keep in mind before making your purchase:

Do your research. Quite frankly, not all cars are the same. A Kia retailing for $14,900 and a Toyota priced the same share one thing only: price. The Kia likely is better equipped, while the Toyota has a better reputation. Check Consumers Report and pay the $6 they want for their advanced ratings and reviews, an investment certainly worth the price. Search online for additional information about that make/model.

Check for incentives. Almost across the board, all manufacturers are offering incentives. Popular models are typically not included, but then again the Ford Focus is on sale and carrying a cash back rebate that will vary upon your location. Last month, the incentive was $1500 on a car that gets 35 mpg! Use an automotive financing tool to help you compare offers.

Pay cash if you can. If you’re able to pay cash for your purchase, you should be able to negotiate the best deal possible while also taking the rebate. On the other hand, if both zero percent financing and cash back are offered, then finance your car for the highest amount possible. Then, take your cash and let it earn interest in a high rate savings account at ING Direct or elsewhere paying 3.5% or better on your money. Another alternative is to secure auto financing on your own and keeping the rebate.

One final thought as to why you should buy your car now: incentives are the strongest they’ll be for quite some time and some manufacturers are planning to increase the price of cars beginning this fall to recoup the cost of additional safety and technological improvements featured across the board.

Undertaking any renovation project means considering all aspects of the work to be done before getting started. Cost, hiring contractors, possible temporary displacement from your home, and the like must all be weighed. Yet, if a renovation is desired, now is the best time to get it done.

Reasons Why Renovating Should Not Be Delayed

If you delay your renovation project, you’ll soon learn that:

Project costs most certainly will increase — higher fuel prices are pushing the cost of housing materials ever higher. Products that are petroleum based, such as shingles, rise when gas prices go up. Wait a few months and you could be adding hundreds, perhaps thousands of dollars to the cost of the work.

Interest rates may rise — if you are taking out a loan for your home renovation, interest rates are expected to begin rising later this year. Right now, mortgage rates are low, but a shaky economy means that future rates will be higher. Lock in the lowest rate while you can!

Contractor availability — with the housing slump in full force, plenty of contractors are looking for work. This can work to your advantage too — get at least three quotes and compare services offered and prices to find the best deal today.

Of course, when renovating you’ll want to choose your renovations wisely especially if you plan to eventually sell your home. Kitchens and bathroom renovations almost always offer a full return on your investment while most other rooms do not. However, don’t discount the enjoyment a particular room has to offer you as return on investment shouldn’t be allowed to trump your personal satisfaction ever.

Resources

Planning Your Home Expansion Project

All About Spec Planning

Home Equity Lending

Review House Plans

Here is some food for thought: you’re planning to renovate your home or take out a loan to pay for a new car. You’ve done extensive research on what you want and, in the case of a home improvement project, you’ve chosen the contractor, drawn up plans, and priced those new kitchen cabinets and counter tops you want.

One thing remains undone, an important step that could scuttle your dreams: your credit could be trashed, thanks to the work of an identity thief or because of a mistake made by the credit bureau. Yes, you’ve done your homework but you forgot one key step: checking your credit reports to see if they are accurate and reflect current information.

Your credit report is a vital part of consumer lending and, thanks to an act of Congress, is free when ordered through Annual Credit Report, a website managed by the three primary credit reporting agencies, Experian, Expedia, and TransUnion. Once annually, you can get one copy each from the three agencies of your credit report for free and optionally pay the $4-8 fee to get your credit score. Yes, pay the money for your credit score because that is the number creditors use to determine if you qualify for a loan and at what rate.

Checking your credit reports regularly makes sense, but what about other services which keep tabs on you? Though credit reporting bureaus are the most important way to get “the goods” on you, there are some other organizations who keep tabs on you, namely:

Insurance — Your medical history or your homeowner’s policy could be information that insurers want. Several companies keep tabs on this stuff including MIB and Choice Trust.

Tenancy – If you’ve rented before and left your landlord high and dry, don’t think for a moment that this decision won’t come back to haunt you. SafeRent and ChoicePoint know what you did and they’re more than willing to share this information with a landlord, for a fee of course.

Job — Acxiom and ChoicePoint keep tabs of your employment history, but you could be aiding them with your online resume through Monster or CareerBuilder.

Banking — Have you written a hot check lately? Probably not, but opening up a checking account is serious business. That’s why TeleCheck, ChexSystems, and SCAN keep track of good and bad deposit information.

If a problem does come up,  the credit reporting bureau or other credit checker must allow you to address the mistake or correct a problem. Most of the companies I’ve mentioned will provide that information to you for free, but you have to ask in order to get it.

Don’t wait until after you set your home improvement or other consumer project in motion before checking your credit reports. To delay means you’ll really pay, but certainly not in a good way!