"If you go out there and put a lot of money down on a car and then lose your job, you are out the down payment and you may not be upside down, but you end up owing a little bit of money," warned Consumer Reports Jonathan Linkov.
Linkov also urges buyers to be wary of add-ons that can easily add erase perceived savings.
While the deals are as tempting as they are unprecedented, experts say one should always base need on true necessity.
"The decision about whether to buy a new car rests completely on whether you need a new car," said Morningstar Personal Finance Director Christine Benz. "So in this economic environment I would say unless youre car is no longer running it probably doesnt make sense to be shopping for a new car."
Still, theres widespread agreement that now is the time for the best deals.