2020 will long be remembered as the year the world was turned upside down by the novel coronavirus pandemic. As COVID-19 rages across the globe, governments have put drastic measures in place in attempts to slow the spread of the virus and avoid overwhelming the critical care capacities of healthcare systems worldwide.
Schools and universities are closed, many businesses have shuttered indefinitely which has led to millions of people being out of work, and people worldwide are instructed to remain in their own homes and avoid contact with people outside their own household as much as possible.
These are strange times, and the last thing on most people’s minds is buying a new car. With that being said, these unprecedented times might actually be one of the best times to buy a car. If you are lucky enough to remain in a stable financial position through the coronavirus pandemic, it might be the perfect time to consider buying a new or used car. Before you make your decision, here are 3 things you should know about the upsides of buying a new or used car during the coronavirus pandemic.
Take Advantage of Financing Incentives
More than 30 million Americans have filed unemployment insurance claims since the start of the novel coronavirus pandemic. Widespread job loss as a result of COVID-19-related business closures has led to financial hardship for millions of Americans, which has motivated many car dealerships to offer previously unheard-of financing incentives on new car purchases.
Many car dealerships are currently offering to pay new car buyers’ interest on their auto loan payments for up to 84 months post-purchase. Some dealerships are even offering new car buyers the option to defer all of their auto loan payments for up to 6 months after buying their car. That means that you could potentially put off even starting payments on your new car for half a year without any consequences.
The spread of the novel coronavirus has slashed the cost of financing a new car, which makes now the perfect time to take advantage of these widespread financing incentives if you are in a stable enough financial position to do so.
Score Lower Prices on Used Models
If you’re in the market for a more affordable car, now is a good time to buy a used car as well. Used car prices have gone down by several percents since the start of the novel coronavirus pandemic.
There are multiple reasons why this is true. For one thing, the coronavirus pandemic has suspended virtually all travel. This means that many car rental companies are desperate to sell some of their used models—even for unprecedentedly low prices. Also, car dealerships offering unheard-of sales and financing incentives on new cars have hurt used car sales and spurred dealers to lower the prices of their used models as well.
Take Action Now
For the first month or so that cases of the coronavirus pandemic really ramped up across the United States, many people were unsure of whether or not buying a new or used car was even allowed under widespread shelter-in-place orders that ordered the temporary closure of all “non-essential” businesses in an attempt to slow the spread of COVID-19.
Throughout March and the first half of April, only auto services—and not sales—were concretely deemed to be “essential”, which led many auto dealerships to shutter their sales centers indefinitely. In mid-April, however, new car sales were officially added to the category of essential businesses in the United States.
Many people are worried about buying a new or used car when the market is so uncertain. However, over the past few weeks since the reclassification of auto sales as essential in the United States, the auto market has shown promising signs of recovery. That’s a good thing, but it also means that new and used car prices could go up in the near future and heavy financing incentives might disappear.
If you’re in the market for a new or used car, now is overwhelmingly the best time to make your purchase. New and used car prices are low across the board and car dealerships are offering unheard-of financing incentives as a result of the novel coronavirus pandemic, but there’s no telling how long these low prices and incentives will last.
Take the next step toward securing your dream car at the price of your dreams as soon as possible before prices go back up and financing incentives expire. Contact your local dealership in your area today to inquire about the sales and incentives they are offering during this time.