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How COVID – 19 has Changed the Car Buying Market

11/30/2020

 
Although many businesses and industries suffered greatly when COVID-19 hit, the mobility and the automotive industries were part of the hardest hit.  Even though many businesses have reopened, consumers are still suffering from financial and health concerns and a worry about the future.

There have been significant improvements in the automotive industries financial outlook in the last few months.  Across the country, car purchases are still 14% below averages before COVID, but that shows a four point percentage improvement since earlier this spring.

Purchase intent is increasing across the country, especially in homes with higher incomes.  The numbers are still below pre-COVID, but show increases from last spring and summer.  Many consumers are planning to spend less on their new or used car than before and are taking advantage of discounts offered by dealerships and automakers.

A big factor consumers are looking for is the ability to conduct all of the purchase online or with very little contact at the dealership.  Many dealers are offering test drives with no sales person in the car and may even bring the vehicle to your home for you to drive.  Some consumers are willing to pay extra for this service if it isn’t offered at their dealership.

​People are also traveling less and while they are likely to return to pre-COVID habits, it is believed that walking and biking as much as possible will become more popular.  Many consumers are still concerned about public transportation and are choosing to commute and travel by private vehicle rather than by plane or bus.  Younger consumers want constant access to a private vehicle and this will likely drive car sales higher when people feel more financially secure.

Tips from People Who’ve Bought Cars during the Pandemic

11/16/2020

 
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Buying a car during the COVID-19 pandemic will most likely be unlike any other time you have purchased a vehicle.  Dealerships may not be open, or if they are, they are open for shorter periods of time with fewer sales people.  Their inventory of used cars may be smaller, as fewer people are trading in cars right now.  Check out these videos of people just like you who found cars during COVID – 19.

Buying a car during the pandemic could be a great deal.  “Be prepared for surprises and don’t get discouraged!”


How to buy a car in a pandemic.  “Make a plan before you need to buy a car.”


What I learned buying a car in a pandemic “Don’t be afraid to speak about safety concerns.  Expect the sales process to take longer than usual because dealerships are often using only a skeleton staff.”


Buying a car during the pandemic: what to expect “Test drives look a lot different.  Here are tips to stay safe while looking at a new vehicle.”


Pros and Cons of Car Buying during Covid- 19 Pandemic “Try to buy something in stock as custom orders could take several months.”


When you are ready to purchase a new vehicle, do your research on what incentives may be available and how other people handled buying a car during the pandemic.

Assignment of a contract

11/9/2020

 
Most people think that when they can’t afford to pay cash for a car, a financing institution, like a bank or credit union, gives them a loan to buy the car.  If you go to the bank and you are given a check, you would be right.  When financing occurs at the dealership, the dealership is actually extending you credit so you can buy the car over time.  It is sort of like layaway at a department store.  Outside your presence, the dealership enters into negotiations with a bank, credit union, or subprime lender to sell the financing contract to the financial institution.  If the bank buys the contract, you get the car, the dealer gets its money, and the bank gets payments over time. 
 
Next time you buy a car or truck, look for language like this at the bottom of the financing paperwork:  Seller assigns its interest in this contract to (name of financial institution like FMCC, GMAC, etc) (Assignee) under the terms of Seller’s agreement with Assignee. 
 
This provision makes it clear the dealer is financing the sale of the car and then selling its right to repayment to a financial institution.  

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