FOR
IMMEDIATE RELEASE: November 30, 2009
WHAT’S
ON SALE NOW?
Even
in a tough economy, there are some bright spots. For example,
many expensive purchases have gotten a lot less costly because
of industry problems, a steep decline in consumer spending
or both. The New York State Society of CPAs describes three
big-ticket items that may cost less than they did a year
ago.
TIME
TO BUY A HOUSE?
By
the middle of the year, home prices nationwide had fallen
a great deal from their recent peaks, and the decline is
much larger in some former boom neighborhoods. That’s
why many people who might have been priced out of the market
during the buying frenzy of the last few years are now wondering
whether it’s a good time to purchase. As you shop,
though, keep in mind that just because a house is cheap doesn’t
necessarily mean it is a good value. Be sure to take all
the usual precautions before committing to a purchase, including
getting a home inspection from a qualified, independent inspector
who checks to make sure the house is sound and not in need
of major repairs. And while the home may feature a big price
cut from the original asking price, ask your realtor to show
you examples of recent comparable sales of similar houses
in the same area. It may be that the house is still overpriced
for the neighborhood, despite any price reduction. Finally,
make a realistic assessment of your own budget for housing
costs and determine whether the purchase price and monthly
costs are truly affordable for you.
CAR
PRICES MORE ATTRACTIVE?
Many
auto manufacturers have lowered their prices in recent months
due to a drop in sales in the midst of the recession and
because of troubles in the auto industry. As a result, this
may be a good time to shop around for great deals on new
or used cars. When you do your shopping, ask about any incentives,
either in the form of cheaper prices or lower interest rates,
because many dealers are offering them. And get information
before you go to a dealership on the best value for the car
you want and what the competition is asking. Web sites such
as www.kelleybluebook.com and www.edmunds.com provide
information on basic prices on different models. When you’re
an informed shopper, you have a better chance of getting
the best deal.
TRAVEL
IN THE PICTURE?
Both
air fares and hotel rates have been attractive in recent months.
There are two reasons. First, prices have dropped because
of the problems in the economy and travel cutbacks by both
businesses and individuals. In addition, airlines no longer
have to pay for the high gas prices we were all facing last
year.
Once
again, though, shop wisely, being aware, for example, of
hidden costs for any flight you book, such as extra charges
for luggage, onboard meals or cancellation fees if you change
your plans. They could wipe out the value of your bargain.
GOOD
NEWS AT THE HOLIDAYS?
Keep
in mind that it’s not only the most expensive items—such
as houses, cars and air fares—that are now on sale.
Many retailers have cut prices on a wide range of items to
attract buyers and they are continuing to do so as the holidays
draw near. Watch out for sales and you will likely be able
to keep more money in your pocket this holiday season.
CONSULT
YOUR LOCAL CPA
It’s
important to remember that even a bargain is not a good deal
if you can’t afford it, so don’t be tempted by
low prices if you don’t have the money to pay for them.
There are many ways to stretch your dollar in tough times,
and your local CPA can help you make the most of them. Turn
to him or her with all your financial questions.
###
Produced
in cooperation with the AICPA
© 2009 The American Institute of Certified Public Accountants
PUBLIC SERVICE ANNOUNCEMENT
THE UPSIDE OF A RECESSION: BARGAINS
Approx. time: 30 seconds
Even
in a tough economy, there are some bright spots. For example,
many purchases have gotten a lot less costly because of a
steep decline in consumer spending, among other reasons.
The New York State Society of CPAs advises that numerous
retailers have cut prices on a wide range of items to attract
buyers and they are continuing to do so as the holidays draw
near. Watch out for sales and you will likely be able to
keep more money in your pocket this holiday season. It’s
important to remember that even a bargain is not a good deal
if you can’t afford it, however, so don’t be
tempted by low prices if you don’t have the money to
pay for them. Keep in mind that there are many ways to stretch
your dollar in tough times, and your local CPA can help you
make the most of them. Turn to him or her with all your financial
questions.