Google searches for “Is now a good time to buy a car” have significantly increased during the COVID-19 pandemic. That search might even be what landed you on this page. As health concerns continue, the impact on the economy continues to rise. During March, when the pandemic in the U.S. started to worsen, the automotive industry saw a 39% drop in sales compared to 2019. Sales figures by volume are the lowest they have been since the 2008 recession.
With the stock market up and down, small businesses struggling, and many Americans out of work, is now really the best time to buy a car? That answer will vary for each individual and their own personal situation, but there are lots of reasons that make buying a car today, a viable option for consumers.
If you’ve been home watching TV, you may have seen commercials from automotive manufacturers and dealerships offering programs to support customers. Payment deferrals, low finance rates, and increasing the opportunity to shop 100% online are a few of the common messages you might have seen.
Here are some reasons why you might want to consider purchasing a new or used vehicle during this time:
Low finance rates
Dramatically low interest rates can save you upwards of thousands of dollars when financing a new or used vehicle. For example, right now at Loeber Motors Porsche, buyers can take advantage of 1.95% APR Financing for 60 months on qualified new and certified pre-owned Porsche vehicles.
Delayed payments and payment credits
Initial payment flexibility can help if you’re in need of a new vehicle (or want to take advantage of low prices) during challenging times. This month, Loeber Motors Porsche customers can take advantage of no payments for 90 days on all new and CPO vehicles.
Great, affordable options on pre-owned vehicles
With an influx of pre-owned vehicles on the lot, dealerships are offering special programs on used and Certified Pre-Owned vehicles as well. Additionally, with used vehicles typically coming in at a lower price point, this may be a viable option for customers who are in need of a car but feeling the financial impacts of the pandemic. Loeber Motors Porsche is currently offering 1.95% APR Financing for 60 months on select CPO vehicles.
It’s safe and easy to do online
Like many businesses, auto dealers have dramatically shifted their business models to an online-first approach. While the Loeber Motors Porsche showroom is still open by appointment, we understand the importance of staying home if you can. Our team is committed to providing a safe and clean environment to keep business as usual for our customers who visit the dealership. However, we’re also available to accommodate any car buying needs online and over the phone. You can even purchase your vehicle 100% online and we’ll deliver it right to your door (Home delivery is complimentary).
Service departments remain open with increased sanitation procedures
Automotive service is considered an essential business and most parts and service departments have remained open – allowing you to service your new vehicle if needed after purchase. At Loeber Motors Porsche, our service staff has increased the frequency of cleaning and sanitation procedures throughout the department and has implemented enhanced procedures including proper and thorough disinfection and employees are utilizing gloves and steering wheel covers.
These offers are for a limited time
While automotive incentives are offered throughout the year, these historically low rates and combined programs may not be around forever. Eventually, the economy will see an upswing, and the current offers may not come around again anytime soon. As demonstrated after the 2008 recession, auto sales hit record levels, skyrocketing from a low of 10.4 million in 2009 to more than 17 million from 2015 through 2019. Visit loeberporsche.com to learn more about this month’s special offers.
Car insurance
During this time, many insurers are offering payment relief, grace periods, and discounts for those who are not commuting every day. Also, if you have some extra time at home, now can also be a good time to research less expensive insurance options if you have had the same policy for an extended period of time.
Low gas prices
On average, gas prices have dropped more than a dollar per gallon compared to this time last year and in some places, have not been this low since 2002. If you’re in need of a new vehicle while maintaining a strict budget during this time, low gas prices can help offset the initial cost of your new investment. But keep in mind, these prices will eventually go back up as the economy restabilizes.
Help stimulate the economy and support local business
Many of these strategies are not only in place to help car buyers, but also encourage lending, accelerate consumer spending, and help stabilize the economy. If you’re in a comfortable situation to purchase a new vehicle right now, you can save by taking advantage of limited-time offers and support local businesses, like Loeber Motors, which has been family-owned for three generations and almost 85 years.
Whether or not to purchase a new vehicle largely depends on your situation and needs for your personal commute or business. Whether you need a new vehicle or service, Loeber Motors Porsche is here to help get you through these challenging times.
*See dealer for details on offers listed in this blog post*
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