Should You Consider Buying a Car in COVID-19 ?

It’s a time where putting off desires and prioritizing on essentials is the right thing to do. The COVID-19 slowdown is creating major dilemmas for buyers, as buying a car in coronavirus may seem unnecessary.

As car sales drop, many buyers like you are confused as to whether a COVID-19 car buy is a good option or not… and if it is, are you allowed to buy? Let’s look at this one thing at a time.

First things first, is it a good time to buy?

Totally! The slowdown has forced all manufacturers to halt productions. This means 2 things; First, there will be major discounts from manufacturers in order to sell off existing cars. The second, is that once the slowdown is over, there could be a major demand for cars with very less cars in market. So, if you have the budget now, buy it now for a cheaper price rather than paying a premium price later.

It’s a good time to buy! But are you allowed to buy?

Even though the Shelter-at-Home directive is passed across major states, there is no nationwide lockdown! Dealers have not been asked to stop sales and The Federal Department of Homeland Security listed vehicle service, leasing and rentals as essential infrastructures. So, unless there are specific directives from your state government, there is a high chance of locating an operational dealer nearby!

If you’re allowed to buy, how should you go about it?

Check online what car dealers are operational, along with their timings and delivery schedules. Also, do extensive research on various incentive programs by dealerships or manufacturers. Going for a premium car buy in COVID-19 might be a good option if you could get it at a price within your budget. 

What's the scenario like for auto finance plans?

This is a great time to finance your car! Many manufacturers have rolled out financial benefits for customers. General Motors will finance customers at 0% APR for 84 months. Also, many top insurance firms are offering refunds on premiums paid, due to very less claims being made during this period. If you’re planning to transfer coverage to your new car, check if you’re eligible for a refund. 

All dealers are following strict hygiene protocols and offering contact-less delivery! Also, many dealers are planning to use an e-commerce portal for the selling and paperwork. That means, you won't even have to step out! 

If you’re looking for an insurance agency who’ll search the entire marketplace and find lowest auto coverage rates for your vehicle, check out The Mike Leonard Insurance Agency.