While there is still lots of financial uncertainty in the world’s economy due to the pandemic, there are some opportunities for consumers. One place where consumers can get more for their money and save big is with buying a new car. Purchasing a used car also has even more benefits for consumers right now. This unique financial situation that the world is in because of the health crisis may be the perfect time to buy a used car. If you’re thinking about upgrading your ride, here are reasons why now is a great moment to time your used car purchase.
Plenty of Inventory
Because the world essentially went on pause back in March and April, many businesses shut down and consumers started sitting out on major purchases like homes or cars. Now, car dealerships may have much higher inventories than usual due to the slowdown of customers in the spring and early summer of this year. That translates to plenty of options for models, makes, and styles of cars for choosy used car shoppers from places like Southwest Motors.
Online Buying Options
Shoppers for used vehicles are also getting many more options for making their purchase completely online. Most dealerships have their inventory posted online and provide lots of exterior and interior pictures of each vehicle. Deals are also even able to be made through email and financing opportunities are now only a click away. Now, it’s possible to complete your entire purchase right from home without ever even going into the dealership, and find a great Toronto locksmith in case you ever lock your keys in your car!
Great Interest Rates
Getting a loan for your used vehicle is also much cheaper right now than it has been for years. With seriously low interest rates, purchasing a vehicle costs less if you plan on financing and making monthly payments over the next five or six years. Some loan operators are also making considerations for applicants who have been out of work for a few months and giving them some grace.
Because dealerships want to increase their sales to make up for the strict quarantine months, they may be more likely to offer huge incentives to buyers for used cars. Some incentives could be cash rebates or extra options to add on to the vehicle. Some dealers are offering add-on plans like free gas for a year or maintenance options at the dealership. These incentives make it even more enticing to buy used cars Pueblo Colorado.
Next, expect to even see some dealers offering customers deferred payments to get them into a newly-purchased vehicle. Customers who are temporarily out of work may be able to take advantage of deferred payment options, allowing them to replace their vehicles without having to put any money upfront. Some of these deferred payment programs work to help those who aren’t bringing in a full paycheck due to the health pandemic. When they finally get back to a regular paycheck, their car payments will start to be due.
Finally, some customers may even see lower prices on new and used vehicles at the dealership and online. To help boost the industry and clear out inventory to make way for the newer cars, many vehicle manufacturers and dealers are slashing prices. If you’re wavering on the decision to buy now or wait until next year, you may lose out on some of the lowest prices for used cars in many years.
The health crisis around the world has impacted many people and caused chaos in various industries. While it has affected the car industry, many of these effects actually benefit the consumer. If you want a car, now is the time to make that purchase. It may be cheaper and more financially doable during the pandemic than later recovery.