Is it a good time to buy a car? The effects of the coronavirus pandemic continue to spread throughout the world, causing great disruptions in economies, sending the stock market on a roller coaster ride, shaking consumer confidence, and putting more than 30 million Americans out of work. With the economic turmoil and the majority of states still enforcing stay-at-home orders, can this the best time to buy a car, and should you?
According to the U.S Centers for Disease Control and Prevention (CDC), “Different parts of the country are seeing different levels of Covid-19 activity. The Unites States nationally is in the acceleration phase of the pandemic and the duration and severity of each pandemic phase vary depending on the characteristics of the virus and the public health response.”
Carmakers are rolling out programs to entice sales and support buyers who may have trouble making their car payments. With restrictions in place for social distancing and shelter-in-place orders, dealers are facing constraints that determine when and if they can keep their doors open. Events are unfolding at a rapid pace, as automakers keep plants shut down to protect their employees and respond to plunging demand.
However, the news isn’t all bad. Analysts at J.D. Power have seen some sales recovery in nearly every major U.S. market. Younger buyers continue to return to the market more quickly than older buyers. If you need to buy a car, can afford one, are secure in your job, and can find a model that meets your needs, the only thing that should stop you from buying a car at stay-at-home orders that limit dealer operations.
What if we tell you that you can buy an affordable, used car without getting out of the comfort of your home? At the Car Factory, we have some great car deals lined up for you. All you need to do is visit us to browse through our range of used, affordable cars, and select the one you like.
Here are a few reasons why is it a good time to buy a car from the market:
Used Car Inventory
The used car market is still likely to be flooded with inventory. There’s simply little demand for used cars already on the lots. Adding to the glut of inventory will be rental car companies that need cash more than cars right now, is it a good time to buy a car as consumers have largely stopped traveling. They will likely dump thousands of cars into the used vehicle inventories.
Since many lessees could not return their cars in March and early April, as planned, is it a good time to buy a car those cars will likely be entering the used car market as soon as the economy opens back up. That will put additional downward pressure on used car prices. If you’re trying to sell a car, you’ll have to accept less for it, but if you’re on the lookout for a used car, it’s going to be a buyer’s market.
Finally, resist the temptation to buy or lease a car if your credit history isn’t quite ready for it. Sure, you can always refinance your auto loan down the road after you’ve had a chance to check your credit score, but you’ll pay more in interest until that happens.
Many dealerships, like the Car Factory, are making the car-buying process, from start to end, possible without having you set foot in the dealership. If you’re looking to buy a car online, the smartest way to do so is by visiting our website. You can go through our catalog of used cars, contemplate and select the car you like the most.
We have some great deals on used and new cars, in case you’re looking!
Recommended Read: How To Buy A Car During A Crisis (With Limited Funds)