AUTOS: Wait Till Spring. . .

Are the rebates working? The automakers say that the $200 to $600 checks they have been offering to buyers of new cars since mid-January have saved the decline at the dealerships from turning into a disaster. Yet the 1975 models are still having a bumpy sales ride, to say the least. Buyer interest rose smartly in the last ten days of January, the first period in which all of the automakers had their rebate programs in effect. But then sales plunged again.

The four automakers reported last week that they had sold a total of only 138,108 U.S.-built cars in...

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