Coronavirus and Cars: What You Need to Know

Coronavirus and Cars: What You Need to Know


The outbreak of coronavirus has forced us all to take a break in our lives. Considering that there is still no cure for this virus, the only measure the world can take is to continue social distancing efforts.


The consequences of the Coronavirus outbreak continue to impact all aspects of the economy. Among others, the automobile industry is struggling to stay afloat in these challenging times. While almost all automakers have stopped their production, many dealerships across the country remain open. With the government imposing strict social distancing measures, it can be hard to determine the right time to buy a car. Automakers are offering a number of new programs to improve sales and provide support to the customers who are struggling to make their car loan payments.


Payment Relief by Automakers


During the Coronavirus outbreak, the unemployment rate has been skyrocketing. With millions out of work, people are struggling to make their car loan payments, among other bills.


Subsequently, automakers across the country have introduced payment relief programs for both new and existing customers. By purchasing new vehicles, customers have the option to defer their payments. Existing customers, on the other hand, can reschedule their payments. This support program is an attempt by automakers to offset the decrease in demand.


Why It’s the Right Time to Buy a Car


If you have money to spend on a car and have found the right vehicle that fulfills your needs, then now may be the time to invest in a car.


Although many dealerships have been shut down due to low demand and health concerns, the ones that are open for sales are coming up with enticing offers and programs. Whether it is reduced prices, payment relief, online buying options, or at-home test drives, dealerships are bringing many convenient and attractive offers to the table.


If you have the money and follow the right safety precautions, then the fear of Coronavirus should not stop you from investing in a car. Choose a dealership that offers online services so that you can minimize your person-to-person interactions.


Why Should You Wait?


If you are a part of an industry that might experience layoffs or reduced hours as an impact of Coronavirus, you should consider this before committing to a car loan or lease.


If you have decided to buy a car, then wait for the beginning of the month as this is when automakers announce their deals. Right now, dealers are settling for way less than what they would have before the pandemic. This has provided a great opportunity for consumers to get the car they want at the right price.