Why Now Might Be The Perfect Time To Upgrade Your Car
The global pandemic has wreaked havoc on the global auto industry, dropping sales figures by as much as 50% and putting dealers and manufacturers in a tight spot. This follows years of sales decline as drivers favor cheaper used models. For those with the means, however, a new car may represent a significant improvement in safety and comfort. Depending on your situation, now may be the right time to start looking.
The market has changed
As sales plummet, both used and new car prices have fallen in response. For consumers, this represents an opportunity: it’s a buyer’s market and there are deals to be had. Those looking to buy may find the best deals in slower selling models. As retailers struggle to move inventory, their slowest sellers are likely to be discounted in an effort to clear the floors. The sales of models that previously would have sold quite quickly have declined by as much as 24% as a result of economic downturn and stay at home orders brought on by the pandemic. Many automakers are offering special deals or loans to consumers in efforts to improve sales figures.
The used car market has seen an influx of stock due to the bankruptcy of rental firm Hertz, which in tandem with coronavirus has depressed used-car prices by around 2%. Furthermore, interest rates have dropped significantly, down 1.8% compared to this time last year. All of these factors put consumers who can afford large purchases in a very favorable position.
Of course, it is important to research any expensive product before you decide to buy. Understanding your needs as a consumer is key to finding the perfect vehicle. Finding an outlet you trust that will help you get to grips with what each car can offer is a great place to start. There are many review publications available online these days, and getting the research done has never been easier.
The latest features available
Modern cars come with a suite of incredible safety and comfort features. Indeed, the technologies present in the modern automobile continue to bring it closer to a smart phone in its breadth of functionality. Many of these features result from advances in autonomous driving technology. While self-driving cars are still a long ways off, the progress that’s been made is being applied to emergency and passive technologies. These include lane-keeping assist and automatic emergency braking. A large part of what makes this possible is the increased availability of the sophisticated sensors and processing power required. These sensors allow the car to develop a real-time sense of the world around it and predict potential hazards, reacting quicker than any human could.
While sales prices are continuing to drop, this trend won’t last forever. Potential buyers should begin researching soon and develop a clear idea of not just the car they want, but also the best place to purchase it. Many dealerships are cutting prices in a bid to move stock while interest rates are at an all time low. For those with the means, now is definitely the time to start buying.