General — June 2, 2020
Covid-19: The Impact in Purchasing a Vehicle
We all are obviously aware of what’s going on in the world right now and the huge impact it has made in everyday life and businesses. We are all learning how to live in a new way of life and having to explore other options to keep moving forward. The government has started plans to phase into reopening businesses and making sure everyone practices social distancing with restrictions.
At the beginning of March when the pandemic started to have an impact here in the US, only 7% of individuals anticipated delays in purchasing a new vehicle. Then the COVID-19 pandemic worsened and we were forced to implement even more drastic restrictions. By mid-March, it jumped up to 32% of individuals who anticipated delaying purchasing a new vehicle within 6 months. By the time we hit mid-April, the percentage increased to 79% at the high peak of the pandemic. The good news is we have reached a point in the pandemic that more car shoppers are ready to ease into the idea of transacting. As of now, we are close to 48% of people willing to purchase a vehicle within a month of restrictions being lifted. There are also incentives and triggers that will accelerate vehicle purchases.
- Corona-virus cases start to decline
- Government start to lift quarantines
- Find a deal or an incentive that cannot be refused
- Employment situations look more secure
- Schools and businesses reopen
- Treatment for corona-virus emerges
- Ability to make a car purchase completely online
One of the biggest incentives to the right consumer is that shoppers expect a good deal. Now that we are starting to re-open the economy shoppers believe that it might be the best time to get the best pricing available. Recently rolled out on selected makes and models, consumers can possibly get close to having 0% financing.
Crossroads Auto Leasing has been operating remotely and giving customers the flexibility to purchase a vehicle in the comfort of their own home with no need of stepping into a dealership. We help the client select the car, locate the car, get them approved, do all the negotiations, and deliver the client’s new car to their doorstep, as well as remove their old vehicle. Crossroads Auto Leasing is always up-to-date with all crucial information in the car market. We make sure we provide the best rates and offers to establish an affordable price for customers to obtain a new vehicle. We make sure vehicles are thoroughly sanitized and disinfected upon delivery while wearing protective gloves and face-mask. Our priority is to make sure everyone stays safe and healthy while obtaining a new vehicle.
Credit to: Autotrader