Coronavirus and Car Buying – What You Need to Know
Industries of all types have taken a massive hit from the coronavirus outbreak, including the auto industry. As a consumer, you may have several questions about the global shut-down of auto production and how it affects you and your ability to buy a car right now.
Although there are a lot of unknowns for everyone, we at Car-N-Credit want to help ease some of your concerns by answering your frequently asked questions.
Should I buy a car right now?
There are two important things to think about right now: Your health and your finances. If you believe that both are safe and are taking proper precautions to protect them, then you might consider buying a car right now. Car dealerships are open and ready to serve you, and many of them are offering significant discounts to keep business afloat during the economic downturn.
Are car dealerships considered essential businesses?
As of right now, car dealerships are essential businesses and are allowed to stay open in most areas, although some states may decide otherwise. Not only are car dealerships crucial to the economy, but they also ensure that people have safe, working vehicles to use to get to places they need to go, like a doctor’s office, work, or the grocery store.
Will manufacturers delay anticipated vehicle releases?
The production of vehicles has paused along with statewide and nationwide shutdowns, which could cause delays in 2021 vehicle releases. We may also see further delays from parts and vehicle productions that have shut down internationally. The auto industry is also seeing delays in new vehicle unveilings as a result of the outbreak.
Will my financing or lease payments be postponed?
They could be. You’ll likely need to contact your financing or leasing company to make arrangements. You also may need to prove that you’ve lost a job or income or suffered another financial setback due to the coronavirus pandemic.
Some compacompanies have already started offering relief to consumers through payment deferrals and forgiven payments. Hyundai and Genesis, for example, are forgiving up to six months of payments for people who have lost their jobs involuntarily resulting from the outbreak.
Can I get a lease extension?
If your vehicle lease is up due to run out within the next month or two, you might be wondering how to manage it. The best thing you can do is call your lease company to discuss your concerns. Many of them are offering one or two-month lease extensions to give customers some peace of mind.
Other manufacturers are allowing home pickups for those with expiring leases to have their vehicles returned while maintaining safe social distancing practices. Your lease company will still have customer service representatives available by phone, email, or live chat, to explain your options.
Can I be exposed to coronavirus while car shopping?
We know that the coronavirus is extremely contagious, spreading from person to person when they’re in close contact with one another or through sneeze and cough droplets. Therefore, it is possible to expose yourself to the virus when you’re in close contact with other people.
If you do decide to visit a dealership, keep yourself protected. Practice safe social distancing by staying at least six feet away from other shoppers or salespeople. You can also bring hand sanitizer and bacteria-killing wipes with you to wipe off any areas of a vehicle you’ll touch, like the steering wheel and shifter, during a test-drive. Be sure to wash your hands after your test-drive and avoid touching your face or eyes.
You might also avoid a visit altogether and ask the dealership if home delivery is possible. Some dealerships are willing to use this method during this unique time to assist their customers in getting what they need.
The Car-N-Credit team is available to answer your questions and help you find the right vehicle. You can browse our inventory online. Then, give us a call at (937) 773-0895 so we can learn about your needs and work with you to get you in your vehicle as quickly as possible.