Business

Used Car Purchase Tips during the Coronavirus Pandemic

3 Mins read

Used Car Purchase Tips during the Coronavirus Pandemic. Over the last few months, we have been hoping that the social distancing rules soon become a thing of the past. However, as of now, the end of this crisis is not even in sight. At the same time, it is also true that there are certain things that can’t wait until the days of social distancing are over. If you have made up your mind to purchase a car now, there are plenty of options for you. 

As we all know, the economy is in serious crisis and the governments are still uncertain about when things will get back on track. In this situation, instead of buying a new car, it is a wise decision to opt for a used or certified pre-owned vehicle. If you are looking to buy a car in these circumstances, you must be in dire need of it. However, you need to be extremely careful in the way you go about your business in these troubled times. 

Is it a Good Time to Purchase Used Cars? 

It may sound surprising, but this is actually a good time for purchasing old cars. With businesses shut down for months and consumers stuck at home, almost all car buying websites and dealerships are now desperate to get things moving. From the perspective of a buyer, this could mean significant savings. However, if the economic conditions continue to remain suppressed for a few more months, not many qualities used cars may be left in the market. 

Where to Buy? 

You may be aware of the fact that some states have ordered the sales departments of dealerships to operate in restricted hours or remain closed. However, many of them have shifted to an online selling model to stay relevant in the market. Also, many car dealerships always had a dedicated department for online sales that can be accessed online or reached over the phone. They may even be prepared to send salespeople at your home for finalizing the deal. However, you need to decide whether you would be willing to take that chance. Also, don’t forget to check your state’s guidelines related to the existing social distancing norms. 

Another excellent alternative for you is to look for a reputed online car retailer. In the current scenario, many of these retailers are offering special benefits such as delayed payment due days and others to provide an extra cushion to the buyers. 

Can I Negotiate? 

Regardless of the time of purchase, car sales will always be subject to negotiation and that is even more applicable to pre-owned vehicles. Another good thing about the current market is that the buyer has an upper hand in determining the price. Therefore, as the buyer, you should be prepared to use that to your advantage. Therefore, if you are not satisfied with a deal, don’t hesitate to walk away. Also, never feel pressured to make a decision on the spot. Take your own time to think about it, even if you are in a hurry to purchase. 

Financing Options Available Now:   

You would be happy to know that the banks have not stopped lending because of the pandemic. However, the interest rates may not be as good as they were before this crisis. In this present scenario, the best approach would be to arrange the loan before you even start negotiating a deal with the seller. This will give a clear idea about how much you can afford to pay in these circumstances. Also, this will ensure that the dealership can’t take advantage of the situation by providing you a loan with higher interest rates.  In addition to banks, you may also check the interest rate and loan terms with a credit union in your locality. If you have decided to buy a used car amidst the pandemic or after it is over, be sure to seek advice from Car Buying Strategies.       

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