9 Reasons to Purchase a Vehicle During the Coronavirus Pandemic
Google searches for “Is now a good time to buy a car” have significantly increased during the COVID-19 pandemic. That search might even be what landed you on this page. As health concerns continue, the impact on the economy continues to rise. During March, when the pandemic in the U.S. started to worsen, the automotive industry saw a 39% drop in sales compared to 2019. Sales figures by volume are the lowest they have been since the 2008 recession.
With the stock market up and down, small businesses struggling, and many Americans out of work, is now really the best time to buy a car? That answer will vary for each individual and their own personal situation, but there are lots of reasons that make buying a car today, a viable option for consumers.
If you’ve been home watching TV, you may have seen commercials from automotive manufacturers and dealerships offering programs to support customers. Payment deferrals, low finance rates, and increasing the opportunity to shop 100% online are a few of the common messages you might have seen.
Here are some reasons why you might want to consider purchasing a new or used vehicle during this time:
Low finance rates
Dramatically low interest rates can save you upwards of thousands of dollars when financing a new or used vehicle. Right now at Mercedes-Benz of Buffalo, buyers can take advantage of 0% APR financing for 36 months* on select new and certified pre-owned vehicles or 0% APR Financing for 120 days on Mercedes-Benz vans.
Delayed payments and payment credits
Initial payment flexibility can help if you’re in need of a new vehicle (or want to take advantage of low prices) during challenging times. Right now, Mercedes-Benz of Buffalo is offering:
- No payments for 90 days** PLUS the first month’s on us*** when you purchase a new Mercedes-Benz vehicle
- No payments for 120 days when you purchase a Mercedes-Benz van
- Receive up to 3 months’ payment credit on your current Mercedes-Benz financial services lease with the purchase of an eligible new 2019 or 2020 Mercedes-Benz.
Great, affordable options on pre-owned vehicles
With an influx of pre-owned vehicles on the lot, dealerships are offering special programs on used and Certified Pre-Owned vehicles as well. Additionally, with used vehicles typically coming in at a lower price point, this may be a viable option for customers who are in need of a car but feeling the financial impacts of the pandemic. This month, take advantage of 0% APR financing for 36 months on select CPO Mercedes-Benz vehicles at Mercedes-Benz of Buffalo.
It’s safe and easy to do online
Like many businesses, auto dealers have dramatically shifted their business models to an online-first approach. While the Mercedes-Benz of Buffalo showroom is still open by appointment, we understand the importance of staying home if you can. Our team is committed to providing a safe and clean environment to keep business as usual for our customers who visit the dealership. However, we’re also available to accommodate most of your car buying needs online and over the phone.
Service departments remain open with increased sanitation procedures
Automotive service is considered an essential business and most parts and service departments have remained open – allowing you to service your new vehicle if needed after purchase. At Mercedes-Benz of Buffalo, we have installed plexiglass barriers throughout the dealership, our service staff has increased the frequency of cleaning and sanitation procedures throughout the department, and we offer complimentary pickup and delivery for service appointments.
These offers are for a limited time
While automotive incentives are offered throughout the year, these historically low rates and combined programs may not be around forever. Eventually, the economy will see an upswing, and the current offers may not come around again anytime soon. As demonstrated after the 2008 recession, auto sales hit record levels, skyrocketing from a low of 10.4 million in 2009 to more than 17 million from 2015 through 2019. Visit mercedesbenzbuffalo.com to learn more about this month’s special offers.
During this time, many insurers are offering payment relief, grace periods, and discounts for those who are not commuting every day. Also, if you have some extra time at home, now it can also be a good time to research less expensive insurance options if you have had the same policy for an extended period of time.
Low gas prices
On average, gas prices have dropped more than a dollar per gallon compared to this time last year and in some places, have not been this low since 2002. If you’re in need of a new vehicle while maintaining a strict budget during this time, low gas prices can help offset the initial cost of your new investment. But keep in mind, these prices will eventually go back up as the economy restabilizes.
Help stimulate the economy and support local business
Many of these strategies are not only in place to help car buyers, but also encourage lending, accelerate consumer spending, and help stabilize the economy. If you’re in a comfortable situation to purchase a new vehicle right now, you can save by taking advantage of limited-time offers and support local businesses, like Mercedes-Benz of Buffalo.
Whether or not to purchase a new vehicle largely depends on your situation and needs for your personal commute or business. Whether you need a new vehicle, van, or service, Mercedes-Benz of Buffalo is here to help get you through these challenging times.
See dealer for details on offers listed in this blog post
*0% APR Financing is available on select models only to qualified customers through Mercedes-Benz Financial Services (MBFS) at participating dealers through 5/31/2020. Not everyone will qualify. Subject to credit approval. Finance charge begins to accrue on contract origination date. Not available on leases. Certain exclusions apply. Please see dealer for more information.
**90 Day First Payment Deferral Program is available only to qualified customers through Mercedes-Benz Financial Services (MBFS) at participating dealers through 5/31/2020. Not everyone will qualify. Eligible customers have the option to defer their first payment 90 days on qualifying First Class Financing Retail Installment Contracts for new Mercedes-Benz vehicles with a maximum 60 month finance term through MBFS. Subject to credit approval. Finance charge begins to accrue on contract origination date. Not available on leases. Not available in Pennsylvania. Certain exclusions apply. Please see dealer for more information.
***Payment Credit Program offer valid for select vehicles contracted between May 1, 2020 – May 31, 2020. The first payment offer is only valid for a model year 2019 or 2020. Offer only valid for retail or leased vehicles financed through Mercedes-Benz Financial Services. Subject to credit approval. Please see your local authorized Mercedes-Benz dealer for full program details.