Car buyers are in a tough spot right now because of the COVID-19 pandemic. They may be thinking of whether or not to buy a car during this time, and if it's worth it. As expected, there are advantages and disadvantages of buying a car at any given point in history. This article will explore both sides of the question - is it a good time to buy a car during the pandemic?
What Are the Pros of Buying a Car During the Pandemic?
- There May Be More Options for You Now Than Later
A limited supply of new cars is available during the pandemic, and the options may diminish even more in upcoming months. If your eyes are set on a specific make and model that is available, buying it immediately might be your best option. However, if you are open-minded to various makes and models, don't feel pressured into making an impulsive decision.
- It May Be Easier for You to Negotiate for Better Prices During the Pandemic
If you can afford a new car, this may be the best time to buy an older model as prices will likely drop. You may also want to understand the fact that car manufacturers are looking forward to their production numbers dropping significantly because of the pandemic, so they might offer discounts on vehicles to get them off the lot quickly.
- Selling or Trading in Your Used Car Now Can Be Rewarding
There's never been a better time to sell or trade-in your used car. High prices for these vehicles mean that even if you don't have the best price, dealerships will still do their best to get it from you. Be sure to ask them about any offers they may give and compare those with private sales to avoid missing out on possible deals. This means that you will add less money to purchase another car. Did you know that Gateway Auto here in Omaha buys used cars and accepts trade ins?
What Are the Cons of Buying a Car During the Pandemic?
The mismatch of supply and demand has led to high prices for new and used cars alike. There is more demand for cars than the available supply. Demand-wise, some people are ready with cash looking to buy a car, while on the other hand, many car manufacturers are dealing with shortages due to the pandemic, which leads to prices soaring up into sky price levels!
- Limited Availability of Cars
The increased demand and limited supply mean that it may be challenging to find the exact vehicle you want, especially if you're looking for a new truck or SUV as they are the most popular. It can also be hard to find affordable used cars also due to this trend of high demand.
- Limited Dealer Incentives for Buyers
There are few incentives available with most dealerships during the pandemic, and you generally need to finance the purchase through their financing arm and have good credit.
Factors to Consider When Buying a Car During the Pandemic
Before buying a car, there are several things to consider. These include.
It is important to research your brand thoroughly before you go out and buy a car. There are plenty of different brands on the market, each with sub-categories that branch off into even more types of vehicles. Make sure you do thorough research about what kind of cars interest you so that when it comes time for shopping, everything falls into place easily. If your budget allows, consider buying hybrid or electric cars as they have plenty of tax credits and rebates available.
You have narrowed down on the car you want and are comfortable with its pros and cons. The second thing to think about is, do you want a brand new or used one? This requires research as buying a new or used car has different outcomes like depreciation in value. Buying a used vehicle instead of a new one may save you money, even if they're more expensive now during the pandemic than they used to be.
- Fuel Consumption and Engine Size
Fuel consumption and engine size are two critical factors to consider when buying a car. They both have an impact on the overall cost of owning a vehicle, so it is worth taking some time to research these things before you make your purchase.
- Spare Parts and Servicing
Purchasing a car that has spare parts and servicing available ensures you are able to take care of your vehicle easily, thus minimizing the costs involved in running it! Have questions about a make or model and it's reputation? Not only may we have that car for sale, we can give you advice from buying, selling, and repairing cars for over 20+ years. Call us at 402-932-0500 for any questions.
When deciding on buying a particular type or model, it's important to ask yourself what your needs are. Is this for work or just something fun and convenient? The usage will help determine the type of vehicle that best suits your needs, so it serves its purpose well!
- How Much Cash You Are Willing to Spend
Having a budget will help as cars can be pretty pricey. You either have savings for the car or are planning to take a loan, but it's crucial that you have an idea of your financial situation before going ahead with any decision.
When shopping for a new or used vehicle, look at that specific make and model reviews. If you're buying used, research its history report to ensure there have been no significant issues in the past.
If you're looking to buy a car during the pandemic, then we recommend that you compare prices from different sellers. This way, it'll be easier for buyers who are on a budget and prioritize saving money as much as possible.
What’s The Right Time to Buy a Car During the Pandemic?
Now might be a great time to buy a car! If you need one, can afford it, feel secure in your job, and have found the perfect model for yourself, there's no reason not to get one. Your trade-in may be worth more than it ever has.
Overall, you may need to consider the purpose and need for buying a car, truck, or SUV over anything else to help you best decide what is the right decision for you.
However, if you're not sure about your finances, then it's a good idea to wait and see what happens before making any purchases. We hope to see prices of used vehicles correct over the coming years, but we don't know the answers yet for what the future holds.
If you are in the market to purchase a quality, clean title used vehicle from a 20+ year local 5 star rated auto dealer then Gateway Auto Sales is here to help. Our team can go find the car you want or you can browse our inventory on the lot, either way we are here to help you navigate the car buying experience during these times.