Your Coronavirus Car Buying Questions Answered

Pandemic or not, it’s still important to consider your situation carefully before committing to a purchase! Here are some tips and advice for car buying during this uncertain time. The disruption to car sales caused by Covid differs from state to state. Check your local dealerships website or call to find out their hours of operation as they may have changed.

How Have Things Changed

Depending on where you live and the dealerships near you many if not all aspects of purchasing a vehicle can be done from the comfort of your own couch from browsing model options to securing financing!

Most automakers and dealerships offer configurator applications on their websites that allows potential customers to mix and match options, building a vehicle given their preferences. A specs sheet is also a helpful tool listed on sites to easily compare aspects and attributes of different models such as exterior, interior and performance.

In some cases dealers may offer at-home test drives! It’s also important to get a feel for how the car handles on the road pre-purchase and get a good feel for all the controls and features the car offers. If a dealership does not offer at-home test drives they may instead allow you to test drive without a salesperson, showing your driver’s license and proof of insurance first.

Many dealers now offer special financing approvals online to make securing financing for your vehicle even easier without having to step foot in a finance and insurance office or being oversold with extras! Most automakers are offering low or no-interest financing depending on your credit score. Online loans through other financial services can be finalized with an electronic signature or sent through the mail. Once the hard part is over and the papers are signed a dealer may even offer at-home delivery!

A Sanitized Environment

While guidelines vary state to state, many dealerships are reopening their showroom doors with an abundance of sanitary procedures and protocols. Safety and sanitizing measures include:

• Disinfecting high traffic foot areas and frequently touched surfaces such as doorknobs, countertops, showrooms and of course all touch points of vehicles
• Showroom sales by appointment only or in limited capacity
• Installation of plexiglass barriers, signage to promote 6 feet social distancing and spaced out seating in waiting rooms
• Specialized training in best practices for employees

What Are The Best Car Deals Right Now?

The pandemic had forced many dealerships and automakers to close their doors in March and April causing auto sales to plummet. The economic slowdown has affected used-car vendors much in the same way as it has hit new-car dealers. Over the past few months inventory in dealership lots has sat while potential customers stayed at home.

Both offers and programs are being offered to boost customer confidence in a time of uncertainty. Many automakers are rolling out incentive programs in response to todays climate to aid buyers and potential buyers in the purchase of a new or used vehicle. Auto brands are offering incentives from 0% financing, deferred payments, extended warranties and even payment protection in the event of a job loss. With an ever-changing climate, new programs are appearing daily and more automakers are offering financial assistance to help you get you into the right vehicle.

New Or Used?

As foot traffic dried up dealerships were forced to change the traditional way vehicles have been sold and the lack of sales forced automakers to offer both deals and programs to boost customer confidence in such a time of uncertainty. Despite the pandemic and uncertain economic climate, now may be the perfect time to buy a new car. Stretching out the loan terms without additional interest can buy you more car while keeping monthly payments the same or even lower! In the right situation they can represent big savings over time. For someone who can keep a vehicle 7 or 8 years, a longer term loan at 0% can be beneficial. But remember, some point over the course of a longer term loan your vehicle will be worth less than the amount you owe on it. Keep in mind, current 2020 models that were popular before the shutdown will continue to be in a short supply due to the 2 month auto production shutdown. Specific vehicle colors and packages may be harder to find and/or sell fast. 2019 model close-outs and older in-stock vehicles may be the way to look for some of the best incentives!

There are also advantages to buying used, particularly when models are only a few years old and have lower mileage. Depending on the model, depreciation can also make used cars a lot less expensive. On average, a new car looses slightly more than half its value during the first 3 years. However, buying a highly rated used car can get you into a reliable vehicle with up to date features for a lot less. There may be more room to negotiate a good deal on a used vehicle to get more vehicle for less money. If you’re more flexible with the vehicle you want or will consider similar vehicles across different brands it may be more likely that you will find a deal that suits you the best.

Buying vs. Leasing

It’s always important to consider your situation and do your homework before any vehicle purchase whether new or used.

If you drive a lot of miles within the year, like to own rather than rent, hope to not have a car payment one day and plan on keeping y0ur vehicle for a long time then outright purchasing a vehicle may be the best option for you. Loan payments are calculated around based on the entire cost of the car.

If you enjoy having that new car every couple years, don’t drive an excessive amount and being locked into a car payment, leasing may be an attractive option for you. Working from home may become the new norm post-pandemic for some and therefore may not need to drive to work as much. Essentially with lease payments you’re only paying for the term you’re using the vehicle for therefore payments tend to be less than a typical loan payment. If a buyer is wary about the current environment lower payments may be a more attractive option during an uncertain time. At the end of the lease if you just can’t live without the vehicle and are in a better financial position down the road, buying the vehicle out at the end is an attractive option.

Buy With Lia

All 22 of our Lia Auto Group locations are open and ready to serve you for all your sales, parts, collision and service needs!

To see all the ways we are keeping you safe visit us here. Stay safe, stay healthy and practice social distancing. 

To learn more about current Coronavirus safety precautions see the links below:

NY: https://coronavirus.health.ny.gov/home

MA: https://www.mass.gov/resource/information-on-the-outbreak-of-coronavirus-disease-2019-covid-19

CT: https://portal.ct.gov/Coronavirus

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