They're starting to get pretty creative. This might be the time to buy a car!
Auto dealers and manufacturers are offering up interest-free financing, deferred payments, and cash—anything to get you to buy a car.
For most people, the middle of a pandemic is not the time to buy a car. But with falling sales and lower demand for auto repairs, dealers have been looking for ways to move inventory. Car manufacturers are helping, too, with zero interest rate financing and deferred payments. So if your car suddenly went kaput, this might be a great time for you to get a deal.
According to Wards Intelligence, new car sales dropped 27 percent in March across the U.S. with the exception of pickup trucks. Auto dealers in most states have been forced to close their showrooms, moving auto sales online. Auto service is still considered essential so the service departments have remained open. Most auto repair businesses are assuring the safety of customers by wearing protective equipment, offering contact-free drop-off, and thoroughly cleaning vehicles after service is completed.
Many automotive factories have stopped producing cars altogether, or have shifted assembly lines to make supplies for the fight against COVID-19. General Motors and Ford have both converted factories in order to make protective masks and ventilators. Even though the factories won’t be pumping out new cars, dealers still have inventory on the lots that they need to move.
So how do you find the deals?
First, visit the automaker websites and see what they are offering. Ford, Hyundai, and Honda are offering to delay payments by 90 days, with Hyundai going another step and delaying payments for six months for customers that lose their jobs.
Individual owners and franchisees are offering their own deals on top of manufacturer discounts too. A dealer in Silver Spring, Maryland, will even pay your mortgage payment for up to two months if you buy a car.
Just remember to get pre-qualified for an auto loan before you visit any dealer.
What are your thoughts? Have you been car-shopping during the COVID-19 crisis? Did you score a good deal? Tell us what and where in the comments!