Is it a good idea to buy a car now?
Now that lockdowns are being gradually eased all around the globe, the economy is awaiting for its recovery. However, it seems that this season is far from how it used to look. With households trying to save all the money they can, car loan applications and holiday schemes are amongst the big losers. Consumers re-thinking their wasting strategy are representing the current economic recession. Guarantor loans are, by contrast, a good option if you do need money to afford a new credit. On the other hand, the hospitality industries, followed by airlines are also two large sectors that are facing the complexity of these uncertain times.
Meanwhile, the current situation has caused many job losses. Various industries such as retail and travel are amongst the worst affected.
Table of Contents
Holidaymakers and money restrictions
As no one knows how this pandemic is going to end up, a wide range of families is worried about their overall savings. It is obvious that, as the economy is not performing as it used to, the vast majority of households will not go on holidays this year. Therefore, the consumer goods industry, with trips and holidays on top of that, are being hardly punished within the economy. With tour operators receiving trip cancellations day after day, it is clear that this will be an atypical summer.
In the meantime, households are carefully analysing where their money goes. As a response to that, the automotive industry has been paralysed during the first quarter of the year. Due to this, giants from the sector are giving incentives to help the numbers to soar. For example, with social distancing restrictions taking place, a wide range of car companies has enabled the sell of cars online.
Is this a good moment to buy a car?
As a large number of international car firms have been static for a while, now a whole bunch of offers and promotions are giving the industry a new opportunity. Due to this, it is expected that the sector progressively recover its figures. Moreover, many companies and governments are considering a green-focused strategy with the use of electric cars. Companies worldwide are suggesting and implementing new models based on renewable energy, such as electric cars and so on.
If you had in mind to purchase a car before the Coronavirus pandemic started, now it is worth to say that this is a good moment to buy a car. Little by little, car firms have been announcing a wide range of promotions to help the sector. Many discounts are ranging from 20% (this will depend on every firm, as not every firm is offering the same offers).
Meanwhile, firms are trying by these offers to reduce their stocks. During the lockdowns, there have been too many new cars waiting at the warehouse for being selling. On the other hand, many governments and organizations are also offering different relief schemes so that things can go back to normal as soon as possible.
To sum up, the decision of purchasing a car will always depend on your circumstances. But what is true is that there are some good offers and stocks to be sold out there. As above discussed, now it is a good moment to spot discounts. Therefore, it would be a good idea to compare different options with firms and, if you are not a financial-savvy person, it might be worth to discuss the best options with consultants and other experts. It is always best to ask before it is too late.