The automotive industry is facing down a crisis right now. Global sales are expected to fall 22% this year, while domestic sales will drop by nearly 27% per CNBC. This will be a very tough time for the automakers, but it could be a perfect time for you. If you were considering buying a new vehicle, you may have a shot at great deals in the coming weeks and months.
Are you in the market for a new vehicle? If so, are you going to make a move, and has the effect of the Coronavirus impacted your financial decisions?
Automakers are getting desperate to move the metal. The loan terms are getting obscene and interest rates should be dipping. Assuming you still have money flowing in right now, there’s a strong chance you could snag something for far less than its MSRP. No, this doesn’t mean it’s time to pull the trigger on those exotics or ultra high-end sports cars. But now is likely a brilliant time to buy a fresh daily driver.
In fact, with oil plummeting into the abyss, it might be a fantastic time to purchase an electric vehicle. There should be deals galore on the EV machines. You can socially distance yourself from gas stations, at least with regards to a daily commuter car. Leave the rest of the fuel for your project cars, Lemons racers, motorcycles, and fleet of microcars.