Car Buying During Coronavirus 

 

Coronavirus has taken the world by surprise. Since the outbreak in Wuhan, China in December of last year, Coronavirus has continuously been spreading throughout the world. Every country has now been affected by the pandemic. Industries have also been sharing in losses due to this pandemic. The car industry in particular has been facing tremendous turmoil. 

 

The pandemic has shaken the confidence of customers, plunged sales numbers, and put thousands of jobs at risk. The Coronavirus outbreak has been affecting the automotive market in a number of different ways. According to the Center for Disease Control and Prevention, various parts of the country have been experiencing an increased number of COVID-19 cases. This means that the severity of Coronavirus is still growing. 

 

COVID-19 & the Car Industry


As a result of large-scale social distancing efforts, dealerships have been reducing hours or closing altogether. This has resulted in a drastic drop in sales. U.S. automakers have reported that they have witnessed the most severe plunge in sales of the past decade. The beginning of March seems to be when things started to really change for the worse. 

 

To mitigate the widespread negative impacts of Coronavirus, entire industries, including the car industry have halted production for the time being.

 

How Are Automakers Coping With These Losses?


The intensity of the loss due to Coronavirus is severe. To cope with dwindling sales numbers, automakers have come forward with payment relief options for customers who are looking to buy new cars. Due to the complete lockdown, people are not looking to make expensive purchases during this time. Loan relief options are manufacturers' solutions to offset this issue. It is anticipated that in the coming months, automakers may come up with even more enticing offers to boost their sales. 

 

Is Now the Right Time to Buy?


As mentioned above, automakers are providing customers with payment relief options to encourage hesitant buyers to purchase or lease a new vehicle. So, if you are looking for a new car, the pandemic should not stop you. There are multiple payment relief options for customers who are buying or leasing. It is undoubtedly a good time to make a purchase as you can enjoy the most beneficial payment options in recent history. You should also consider investing in used cars during this time as they have also become even more affordable than ever before.