Coronavirus: Can I Get a Good Deal on a Car During the Pandemic?
Almost all American car sellers have come up with relief packages for their customers who have already bought or are about to buy new vehicles in 2020. The range is wide varying from Chrysler’s family discounts of $2,000 to GM’s deferred credit payments of up to 120 days. This trend in the new car market has naturally created similar expectations in the used car ones and the question is certainly valid as to whether used cars in Greer, SC, will come with similar deals where discounts will be available to customers and relief packages will be floating around. Unlike the former, used car dealers function with a different business model. Understandably, what is possible for the automakers directly, may not apply to these dealers.
The coronavirus has come as a shock to the entire industry
COVID-19 has taken away a vital piece from the used car market – their customers. Most used car dealers depend on trade-ins to fill their lots and sell those vehicles to keep the shop running. With customers taken out from the equation, both supply and demands have been heavily impacted and these dealers are struggling in proportion to their size. As the virus rages on, finances are facing strain and the more this drags on, the harder it will become for industries to survive. The fact that every penny of the $300+ billion small business stimulus package has already been exhausted can put the fight into perspective. The Government is coming up with a fresh fund to help those who missed out.
A good deal is unlikely anytime soon
Used car dealerships will have to make up for this hit that they are taking now. And the only way they can restart their revenue stream is by selling cars. Deals and discounts come out from their profit margin and the cuts make sense when the dealers are selling cars in large numbers. If demand is dry and the situation is unlikely to improve anytime soon, any business will try to hold on to the last bit of profit. Additionally, given the current strain, offering a deal right now would mean selling a car at a rate lower than its purchase price. Simply speaking, if you are looking to buy a used car in Duncan, SC, do not expect a good deal during this pandemic.
However, things might not be that bleak
A used car dealership with buy here pay here in Greer might offer you a good deal on auto financing. Amidst this crisis which has hurt the economy, interest rates have hit rock bottom. As the overall margin has fallen, BHPH dealerships might give you a lower rate to stay competitive in the market. This is truly a great time to finance your car as the APR will be at its cheapest. Plus, as used car dealerships also generate a steady revenue with their financial offerings and they might extend a deal here if it is not possible to give the same on car prices directly. Dealers with a massive inventory will have the car of your choice. Grab the offer on financing and buy a used car with a good deal.
Post-2020, deals and discounts will rebound
The COVID-19 pandemic is likely to lose its current influence by the end of this year. People should be returning to work and factories can start running again. As production starts in full swing, automakers will try to sell more cars and that should kickstart the deals and discounts trend. As consumers flock to buy new cars at exciting deals, their used cars will flood the buy here pay here dealerships. These dealers will then start to offer discounts on used cars in Greer, SC, as the flurry of consumers will start supporting the model again. Right now, you can assume that the process has come to a momentary halt. Once things go back to their previous state, good deals are bound to return as well. So, if you need a car right away, stick to the best buy here pay here in Greer, SC. Process your application online and get your car delivered with social distancing followed. Explore your possible options of getting a good deal now but try not setting your expectations too high given the current trying situation for all businesses.