Coronavirus and Cars: What You Need to Know?
The repercussions of the Coronavirus pandemic continue to impact every aspect of the economy. The automobile industry is one of the many industries that have been seriously struggling as almost all automakers have put a break on their productions. With industry turmoil increasing and social distancing orders in full swing, is now the right time to buy a car?
As the situation continues to worsen, dealers are experiencing more restrictions with regards to keeping their doors open. Automakers across the country are launching new programs to attract sales and support customers who are having trouble making their payments.
Financial Relief by Automakers
Large-scale shut-downs have increased the unemployment rate in the country to a concerning level. People who currently have car loans are struggling to make their monthly payments. Consequently, many automakers have come up with payment relief options for their new and existing customers. While new buyers are provided with payment deferment options, existing customers have the option to reschedule their loan payments. By providing payment relief to customers, automakers aim to maintain steady demand.
The Right Time to Leverage Enticing Offers and Programs
If you have the money to spend on a car and have found the model that fulfils all your requirements, then now may be the best time to invest in a car.
While many dealerships have been forced to shut down in response to the slacking demands, the ones that are open have been introducing attractive offers and programs. From reduced prices and payment relief options, to at-home test drive services, and online buying capabilities, dealers have developed various convenient and safe features for their customers.
While the fear of Coronavirus should not stop you from purchasing a car, it is imperative that proper safety measures are taken throughout the entire process. Programs, like online purchasing and at-home test drives are an excellent way to minimize the impacts of social distancing and person-to-person interactions.
Consider the Risk Factor
If you are in an industry that might experience layoffs or reduced hours due to the Coronavirus outbreak, you might want to carefully consider future economic impacts before locking yourself in a car loan or lease.
With the global spread of the novel virus, its impact is no longer restricted to the hospitality and travel sectors. It has increasingly begun to impact every aspect of the economy. So, it might be wise to wait for a couple of months to see how things play out. This way, you can mitigate the risk of getting yourself trapped in a loan or lease and ultimately miss payments due to lack of employment.
Most car deals are announced at the beginning of every month, so if you are planning on purchasing a car, monitor offerings closely. Dealers right now are settling for far less than what they would have prior to the outbreak. This provides the perfect opportunity for customers to lock in a cost-effective deal.