Damaso, Yourprimecar.com
As the novel Coronavirus creates disruptions in the economy worldwide, a question arises in the mind of many people, is now a good time to buy a car? As carmakers are willing to offer special conditions to sell their inventory, the question becomes quite relevant.
Safety must always come first
Usually, an article related to this topic, focuses exclusively on the financial aspect. However, we are facing a unique situation. The COVID-19 pandemic is taking lives, jobs, and causing a major economic crisis around the world. So before diving in, it’s appropriate to put priorities in order. Your safety should always come first. Safety here is not only related to health, but also to your financial security. Are you in the position of buying a car? Is your job under risk? If you have doubts, then better wait. On the other hand, if you are confident that you can indeed afford to buy a new car then go ahead and start searching for opportunities. It will not be difficult to find one that suits your needs.
Coronavirus car deals and other incentives
The car industry is facing one of its darkest times. New car sales in the UK are down 44% as a consequence of COVID-19. Literally, thousands of jobs are at risk due to Coronavirus pandemic. Carmakers are aware of this, that’s why most of them are offering huge price discounts, lower interest rates, and even zero down payments. The goal is to alleviate their finances as much as possible.
What does this mean to you? If you were planning to buy a car before this situation then is almost certain that you will be able to find a better deal now. However, as discussed earlier, your health and financial security should be your top priority. No matter how enticing a deal is, don’t lose your head. The premises to buy a car are still the same. Look for as many options as you can, do your research, ask for a discount (yes, it’s still valid), but beyond all that, make your decision with a cool head.
Is now a good time to buy a car?
The short answer is, it depends. Under current circumstances, you should ask yourself the following questions:
- Do you actually need a car?
- Can you afford buying a car now?
- Are you secure in your job?
If your answer is “yes” to all questions, and the only thing preventing you from buying a car is the current lockdown, then remember you count with alternative channels. Explore local dealership websites, contact a car broker or make use of Customer Service phone numbers available on car manufacturers’ websites. From a financial perspective, there is no doubt that now is a good time to buy a car. Manufacturers are facing a huge challenge right now and they know the only way to minimise loss is offering enticing incentives. However, once this situation is over and we return to “normal” it is more than probable that incentives will be reduced since a strong bounce in car sales expected.
Summarising, if you are able to take advantage of the opportunity and buy a new car then go ahead and do it. Just keep in mind that most of the cars sold will not be delivered until after the lockdown.
