Is Now a Good Time to Buy a Car?
Depends. The answer is based upon your personal financial situation.
I’m expecting there to be very attractive deals in the upcoming weeks and months.
With the uncertainty of the economy and job market, this current time could be a risky move. However, I would recommend that you have at least six months to a year (leaning more towards a year) of expenses saved if you are wanting to purchase a car.
More importantly, assess if this purchase is a want or a need. If you have extra funds available at the moment, perhaps those funds could be best used in some type of investment at this current time. The stock market is down at the moment; therefore, could those funds be better served there?
Those who are satisfied with their investments and who have adequate savings, this could be an opportune time to buy a car.
Although, I am typically not a proponent of purchasing a new vehicle, I expect this is where you will find the larger discounts.
GM is already offering extended terms (be careful with this) and lower interest rates on select vehicles.
For instance, I have read that the company is beginning to discount the brand new previous generation Corvettes. Since the 2020 Corvette is all the rave at the moment, the new 2019 Corvettes should be significantly discounted. I understand that GM has a fairly large amount of them in inventory. If you are not the type of person that has to have the latest and greatest, this could present a good deal for you.
To answer the initial question, yes, this could be a good time to buy a car if you are in a financial situation that allows for it.
Deals are beginning to appear, and I expect them to be even better in the upcoming weeks.