At the time of the post we are in the midst of a global pandemic known as Covid-19. With that being said, it has had a significant impact on the global economy. What does that mean for the car industry? Will there be killer deals available? Will I be able to buy a car at the fraction of the original price?
The pandemic has had an impact on the car industry already and the total impact has yet to be determined. There are deals available now, and they may or may not get better within the coming weeks. Will you be able do get a car at the fraction of the original price…probably not.
With auto manufacturers shutting down production over the last few weeks is preventing the market from having a huge surplus of new cars therefore limiting the extent of how deeply vehicles will be discounted.
However, there are some attractive offers from a few auto brands at the moment. One of the most popular seems to be the 0% for 84 months.
First of all, I wouldn’t advise anyone to drag an auto loan out for 7 years. 7 years! Also, if you have followed me for a little while you know that I am a proponent of purchasing preowned vehicles vs. new.
Is there a catch? Well here are some things to consider.
Most dealers only offer 0% financing or a rebate. Not both.
A small interest rate such as 1.9% with a rebate could actually be a better deal. The monthly payment may be slightly higher but the total amount paid over the term of the loan could be lower.
Check out the video below by David B sells Chevy on YouTube where he breaks down the math on an example.
When most people purchase a car, they are generally most concerned about the monthly payment and whether or not, they can manage it.
What should be considered most is the total amount of the loan including finance charges and interest over the total amount of the loan. Just becase the payment is lower doesn’t mean it less expensive.
Moral of the story, pay close attention to total amount being financed, interest rate, and monthly payment. That way you can determine the total amount you will have paid at the end of the loan period.(This will also be in your finance paperwork as well when you are signing the final documents.)
If you have known me for just about any period of time, you know that one of the things that I am passionate about is cars. I love to see, drive, and occasionally buy them. I keep a mental list of cars that I would like to one day drive and sometimes own. They range from high-end exotics to quirky clunkers. Most of them are iconic cars of the late 80’s and 90’s, the era that I grew up in.
Today I had a chance to cross one off of my driving list.
I had the opportunity to drive a 2008 Toyota FJ Cruiser…
Here are a few takeaways from my experience:
1.It drove well, decent acceleration and handling(for what it is
2.It’s a niche vehicle so you kinda have to really want one(think Jeep Wrangler)
3.Not the best visibility, has a few blind spots
4.Accessibility was better than I expected with rear access doors
Overall, I would give it a thumbs up. If you are interested in owning it, the vehicle happens to be for sale in Jacksonville, FL. Contact me for details.
If you have an interesting car that you would like to have featured on IG or my blog, feel free to contact me