A dire and impending doom brought on amidst the COVID19 virus, economic fluctuation.
COVID19 has changed the livelihood of many globally. Businesses directly impacted by the restrictions had to change their operations to retain the spread of this virus. Cities and nations are locked down, having everyone's routines revolutionized to cut out commutes and gatherings. Staying at home went from optional to vital in less than two weeks. There is a silver lining, because consumer spending has come to a halt, there are fascinating options for those looking to purchase vehicles at this time.
Most businesses are suffering, and their revenues are running out before they can alter costs, and many will inevitably go bankrupt if the current situation worsens. It's time to rethink how we reach our public without requiring close contact. It's tough to say when people will start buying again.
If you find yourself in a position to purchase a car, here is why now is the time:
In cities such as Chicago, the CTA transit has become extra hazardous since the start of the spread. Some citizens that find themselves still working need reliable transportation to get to and from their homes safely. Dealerships have implemented the necessary stock on their lots to ensure their inventories will not disappear overnight.
GM spokesman Jim Cain, ensures that dealers are offering strong incentives for anyone trying to raise their credit score. "Zero percent interest for 84 months and deferring first payment for four months," sounds like a heck of a deal. GM is also deferring the first payment for four months. Their current deal is similar to one they ran after 9/11 in 2001 when GM introduced it is the 'Keep America Rolling program' that offered 0 percent financing to help stimulate the economy. But even then, it was only for five years which pales in comparison to the current seven-year deal.
Everyone is deferring payments.
This virus is going to take a hit out of every industry. The automotive industry is hoping to keep the money flowing by implementing deals that make an upgrade doable. Ford has offered deferred payments through their 'Built to Lend a Hand Program.' Ford Credit covers the first 90 days of cash and then defers the next three months on qualified models.
Stop waiting and get yourself a sweet ride!