Coronavirus and Cars: What You Need to Know



Coronavirus and Cars: What You Need to Know

 

From a declining stock market to rising unemployment to the shaking confidence of consumers, the overall impact of Coronavirus has been undeniably detrimental to our economy. With so much going on, it can be hard to determine when the right time is to make a big financial decision, like buying a car. In this blog, we will share everything you need to know about buying a car during these uncertain times. 

 

A Glimpse into the Current Situation

 

With many states imposing strict social distancing measures, dealers across the country are facing the challenges of attracting customers and keeping their doors open. Car manufacturers are combating this issue by coming up with new programs to attract sales and support from drivers and buyers who may have trouble making their car payments.

 

Payment Relief Measures by Auto Dealerships

 

With millions of people filing for unemployment, many with car loans are struggling to make the monthly payments. Many dealerships are offering payment relief options to its existing customers amidst the Coronavirus crisis. People can check out the loan relief options provided by the dealerships on their official websites.

 

Buying a Car During the Pandemic

 

To avoid the spread of coronavirus, it is imperative that you follow the advice of medical professionals regarding social distancing, person-to-person interactions, hand washing etc.

 

With demand dropping, automakers are coming up with attractive offers and deferred financing designed to bring more customers in. If you have the money, then it may be the right time to get a great deal on a car.

 

Why  Should Customers Wait?

 

If you are in an industry that could experience layoffs or reduced hours due to Coronavirus, you should be careful about committing to a car loan or lease. Only people who have the adequate disposable income to purchase a car should consider purchasing a vehicle at this time.


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