WHAT YOU NEED TO KNOW: Coronavirus and Car Buying

Is now the time to buy a car? The economy is in a downward spiral, but it is still safe to buy a vehicle for the future. The car industry has taken a big hit. From not being able to produce their product or show it off, they are losing every aspect of their business to the pandemic. They are making attempts to entice sales and help buyers who will have trouble making their car payments with the unemployment of millions of Americans.

If you need to buy a car, have the means to afford one, the only thing stopping you is the stay at home order. Car sales took a dive in March and dealers are trying their best to attract business to stay afloat with any money they can find. Multiple have made incredibly generous offers and if you can afford it, this is the best time to find a deal. The question then becomes, “are you able to afford it?”.

Buying a car at this time with a job that is vulnerable to coronavirus costing you hours, income, or your whole job. The industries that are affected by COVID-19 are of every type. Every part of the economy and society has been affected by the pandemic. Being absolutely certain that the part of the economy and society that you serve and funds your home and family is vital to making the decision to buy a car.

Dealerships have been closed in many areas, and low demand has made options limited to a handful of dealers that have kept their doors open or provide fully online options. If you are highly susceptible to the virus, then the risk for buying a car most definitely outweighs the benefit— don’t do it.

There are tons of great lease deals announced in the times ahead as dealers are trying to do whatever they can to keep their business breathing, but a lease is a contract. That contract is incredibly difficult to undo if you can’t make the payments. Unless, like said before, you have an absolute assurance that your job is safe from the pandemic’s economic effects. With a full on purchasing of the car, selling the vehicle is always an option. Defaulting on a lease can severely damage your credit score and make life a lot more expensive.

The best option now is to buy a used car. The lower demand for cars in general makes sellers willing to take far less money than their prices before the pandemic. Used cars are way cheaper than new cars, some barely lagging behind in terms of quality. The best way to protect your finances and your assets is to follow through on those used car deals. Lower costs, smaller loans, and safer deals. Now is the time to buy a car, but do it in a way that is safe for you.

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