Due to unfortunate timing, I had to replace both of our cars in 2019. But it got me thinking, is anyone in the market for a car right now? What are your experiences trying to buy/finance/etc?
Covid Car Buying
MudFlap
Well-known member
I'm in the process right now, 0% for 72 months...yes please.
I was able to roam the lot with no salesman, picked the truck I wanted then everything was completed via text/phone. It would be harder if you needed to test drive. I'm trading in a 2016 F150 for a 2020 F150 so I was good just finding the truck I wanted.
I pick it up Saturday, waiting to see if it'll be docusign or social distancing signing of the paper work.
I sent pictures to them to access my trade in.
Pretty easy for me.
I was able to roam the lot with no salesman, picked the truck I wanted then everything was completed via text/phone. It would be harder if you needed to test drive. I'm trading in a 2016 F150 for a 2020 F150 so I was good just finding the truck I wanted.
I pick it up Saturday, waiting to see if it'll be docusign or social distancing signing of the paper work.
I sent pictures to them to access my trade in.
Pretty easy for me.
Luchnia
You will never conquer golf.
I might pick one up depending on what deals will be out there. I will pay cash and negotiate a deal. I will probably go for something used very low mileage with full warranty. I haven't made up my mind yet, but it should soon be a great time to buy.
- Admin
- #4
Watched a thing on this yesterday. Deals are decent right now, not exceptional yet. But the “expert” said trade in values being offered are lower than average.
I think the peak deal time will be in 60 days. Inventory is still stacked despite the plans being closed. Once those open again, deals on new vehicles will be abound. Also, the 0% for 72 may jump to 84 alpine with cash incentives.
Used cars will be tougher. I foresee a “cash for clunkers” 2.0 program in our future. If you have great credit, you may find a deal. But if not, new will be the way to go.
Used cars will be tougher. I foresee a “cash for clunkers” 2.0 program in our future. If you have great credit, you may find a deal. But if not, new will be the way to go.
My daughter gets here permit soon and there is no way I’m letting a 16 year old drive either one of our vehicles so we will be shopping in about 6 months for something AWD with about 30k miles on it. I’m reading that there will be a huge glut of used and new vehicles and the lower prices that go with that for at least 6 months.
I traded in December, so not for me right now. Thought about it, but not worth it at the moment.
It was a good time to buy about 3 weeks ago if you wanted a decent selectiono for something like a BMW, Mercedes, etc. But inventory is low because OEM is not manufacturing ... I've gotten calls to trade in my BMW for a newer used BMW. Not much of a selection for new - but if you find what you want, good financing and decent pricing.
IMO, if you are looking to buy new right now, its probably a good time. People are either worried about losing their job, have been temporarialy laid off or simply are out of work; so car sales are down. I read an article yesterday that say Hyundai didnt stop prouction until recently and they have so much inventory that they literally just have cars sitting at the docks. Anyways because of this, now would be a good time to buy any car. I dont know for fact but I would think that if I were a dealer manager, I would be motivated to move both new and used cars. You know that if someone buys a new car, they are probably going to trade in their used car; so you need to be moving used cars as well as used ones.
So, if you feel confident that you arent going to lose your job or be on reduced hours or if you can just pay cash for a car; I say go for it. Me, I paid off my car as soon as this all started and have no plans to buy anything new unless my current car dies because I dont feel like this is going to end any time soon and I have absolutely no faith in the current administration. I feel like its probably going to be years before the economy really recovers, no matter how much they open the country back up.
So, if you feel confident that you arent going to lose your job or be on reduced hours or if you can just pay cash for a car; I say go for it. Me, I paid off my car as soon as this all started and have no plans to buy anything new unless my current car dies because I dont feel like this is going to end any time soon and I have absolutely no faith in the current administration. I feel like its probably going to be years before the economy really recovers, no matter how much they open the country back up.
I started the process right before the lockdowns, like the week before. My trade in estimate is stupid low compared to every benchmark I’ve been able to pull from reliable sources. But if I can get 0%, i would not care. Where in the world are people seeing 0%?!
I've heard if you can wait another 6 months, there will be a glut of lease returns and prices will be going the way of a barrel of oil. If you need one now, my friend who owns dealerships is allowed to have customers one at a time by appt.
- Admin
- #14
Yeah auto expert on CNBC was talking about this. The trade in money people are getting is absurd right now in most cases. We even did an online thing just to check and my Cadillac was stupid low, down 3-4k in just a month or two.
I will say about the 2nd part though, 0% is in just about every TV commercial I have seen as of late.
New models from certain manufacturers such as Hyundai, Ford, Chevy, etc. If you went with your own financing, a credit union would be a great place to start.
Yeah, I’m down about 4-5k from what I should see but I’m not sure I’m going to wait it out.
Credit union in Chicago has been my go to for a while - currently offering 2.2%. Not too shabby
Ok guys, I run a car dealership in Huntsville, Alabama and let me tell you what you need to know!
1) Everyone has deals right now and every manufacturer has 0% for up to 84 months on selected models. BUT, it’s either you take the 0% financing or you take the rebates offered on that model! So, for example if you are in the market for a 2020 Chevrolet Silverado which offers 6-8000 in rebates, you are better off taking the rebates if you have good credit! Interest Rates are low and you can get a great rate along with the rebates cause if you have good credit and just want 0% you will 100% be upside down on your car if you don’t put money down when you buy that car! So, don’t let 0% fool you! It sounds good of course, but if you have over a 700 beacon, you are better off taking the rebate and getting 1.99-2.99% through duration of the loan.
2) You have to be realistic about your trade! Auctions all over the country are down or they are internet only which means prices are going down on trade ins! Plus, it’s simple supply and demand. When everyone is having to stay in place, the demand for used cars are down and that’s a trickle down effect all the way to your trade in. Remember, the manufacturer sets the prices for new cars, it’s right there on the invoice and the window sticker, the public makes the prices for all used cars! And when the demand from the public isn’t there for used cars, the price is going to go down! Also, the other whammy in this is right before the Coronavirus hit, a tornado hit the biggest auction in the country which is located in Nashville, TN which holds some 14000 cars! Along with the tornado and the Corona prices on used car trade ins have gone plummeting down!
So, in closing, find out how good your credit is, if you are over a 700 beacon, you are better off taking the rebate and getting a great rate for your new car or truck. If you are under that beacon score and are currently upside down on your trade in, 0% might be the way to go! And, remember that your trade in has lost value during Corona time. If you need to trade in your current car, I’d give it a little while longer to let this pandemic to die down before doing anything because eventually your trade in will go back up, it just might take some time!
If you have any questions, please don’t hesitate to ask and I’ll try to steer you in the right direction! Thanks, HuddieJ
1) Everyone has deals right now and every manufacturer has 0% for up to 84 months on selected models. BUT, it’s either you take the 0% financing or you take the rebates offered on that model! So, for example if you are in the market for a 2020 Chevrolet Silverado which offers 6-8000 in rebates, you are better off taking the rebates if you have good credit! Interest Rates are low and you can get a great rate along with the rebates cause if you have good credit and just want 0% you will 100% be upside down on your car if you don’t put money down when you buy that car! So, don’t let 0% fool you! It sounds good of course, but if you have over a 700 beacon, you are better off taking the rebate and getting 1.99-2.99% through duration of the loan.
2) You have to be realistic about your trade! Auctions all over the country are down or they are internet only which means prices are going down on trade ins! Plus, it’s simple supply and demand. When everyone is having to stay in place, the demand for used cars are down and that’s a trickle down effect all the way to your trade in. Remember, the manufacturer sets the prices for new cars, it’s right there on the invoice and the window sticker, the public makes the prices for all used cars! And when the demand from the public isn’t there for used cars, the price is going to go down! Also, the other whammy in this is right before the Coronavirus hit, a tornado hit the biggest auction in the country which is located in Nashville, TN which holds some 14000 cars! Along with the tornado and the Corona prices on used car trade ins have gone plummeting down!
So, in closing, find out how good your credit is, if you are over a 700 beacon, you are better off taking the rebate and getting a great rate for your new car or truck. If you are under that beacon score and are currently upside down on your trade in, 0% might be the way to go! And, remember that your trade in has lost value during Corona time. If you need to trade in your current car, I’d give it a little while longer to let this pandemic to die down before doing anything because eventually your trade in will go back up, it just might take some time!
If you have any questions, please don’t hesitate to ask and I’ll try to steer you in the right direction! Thanks, HuddieJ
- Staff
- #18
Thanks
sorry about the McGriddle answer little guy...
I was just sitting here wondering if dealerships were open. Funny to see this topic pop up. I’ve had my current car for about 8 years now and it’s at the point that I either dump a couple grand into it or buy a newer used vehicle.
I live my car but it’s really not practical. 2 door sports car that is terrible in the snow. I’d at least like a 4 door vehicle that’s either awd or front wheel drive and that offers much more room.
Water pump started dripping, bearing on drive shaft cracked, heat/doesn’t work, ceiling liner falling, gas vent sensor broken so have to add gas super slow or it backs up and overflows, rear brakes in need of repair, front head light out, driving with expired sticker since 2017, dent in front quarter panel, stitching on all the seats have ripped, failed emissions during inspection... those are just off the top of my head.
I think it’s time to trade it in!
I live my car but it’s really not practical. 2 door sports car that is terrible in the snow. I’d at least like a 4 door vehicle that’s either awd or front wheel drive and that offers much more room.
Water pump started dripping, bearing on drive shaft cracked, heat/doesn’t work, ceiling liner falling, gas vent sensor broken so have to add gas super slow or it backs up and overflows, rear brakes in need of repair, front head light out, driving with expired sticker since 2017, dent in front quarter panel, stitching on all the seats have ripped, failed emissions during inspection... those are just off the top of my head.
I think it’s time to trade it in!
- Admin
- #21
This is really good info.
The national average is 3 years, so if you don’t drive a whole lot, leasing a car would be a better than purchasing! Remember, you don’t really own the car until you pay it off from the bank, right, and everybody likes to have something new every 3 years, so leasing is a great option!
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I'm hoping you guys are right. We were planning on me getting a newer truck sometime this summer. I will most likely just sell off my current 96 F250 instead of trying to trade it in.
It sounds like to be bud, that you would be better off to trade in your current car than to fix it! On the top of my head, it sounds like it would cost more to fix it than what the car is worth! So, I would trade it in my friend! And yes, car dealerships are open in certain states because we are essential! If your car brakes down during this pandemic, you have to have somewhere where you can get it fixed! So service, the body shop, and parts are all essential to everyday life! Sales is a gray area, but in your case if it costs to much money to fix your car, you might as well get a new one and that’s why we are open!