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Coronavirus and Cars – What you Need to Know

Coronavirus and Cars – What you Need to Know

 The consequences of Coronavirus have impacted every aspect of the U.S. economy. Similar to many other industries, the automotive sector is also dealing with the challenge of sustaining itself.

 Almost all manufacturers have halted their production in response to low demands and increased health concerns. Dealerships in many states are only allowed to offer non-sales assistance. The dealerships that are still able to offer sales are coming up with attractive offers to entice new customers and support their existing customers.

 

Financial Assistance for Customers

 With many companies on lock down, people throughout the country have lost their jobs. People who have taken out car loans are struggling to make monthly payments without a source of income.

In response to these challenges, many manufacturers have developed payment relief programs. While new customers are provided with payment deferment options, existing customers can reschedule their loan payments. You can check out payment relief options on the official website of the dealership.

 

A Digital Approach to Sales

 Considering the constantly rising number of positive cases in the country, authorities are taking strict social distancing measures. While many states have restricted in-store sales, dealerships have come up with a new digital approach. They are allowing customers to order vehicles online. 

As part of the process, many dealerships are offering at-home test drive services along with the option to complete all paperwork online. This program has allowed dealerships to keep their doors open for customers and improve dwindling sales.

 

The Right Time to Buy Car

If you need a car, have adequate funding, and have found the vehicle that fulfills your requirements, then now is the ideal time to buy it.

Dealerships, in an attempt to stay afloat, are coming up with advantageous offers to lure in customers. Some of these programs include online sales, at-home test drives, payment relief, etc. With dealers settling for way less than they would have before the pandemic, customers have the opportunity to take advantage of these great deals.

 

Evaluate the Risk of the Situation

The impact of Coronavirus is widespread. If you work in an industry that may experience reduced hours or layoffs, you should take that into consideration before locking yourself in a car loan or lease.

If a car loan is your only option, then it might be wiser for you to wait and analyze the situation for a couple of months. This way, you can eliminate the risk of defaulting on your loan payments down the road.

Dealerships are trying very hard to continue to serve their customers by offering safer and more convenient options. If you have enough disposable income, then now is the time to get yourself a great deal on a car you love.