As auto market projections vary from source to source one factor remains constant; inconsistency. The Corona Virus roller coaster (aka: Ronacoaster) has been pummeling auto-markets world-wide but Florida has been amongst those areas feeling the strongest effects of the volatile auto-market.
As we initially braced ourselves for severe drop in car sales back in March, experts were unaware that we would have a new slump after a short rebound in late June. Nor did we know how long the initial crash would last. An article from the Tampa Bay Times from March 19th interviewed a dealer who’s been in the business for over three decades, Tom Castriota who had seen new car sales drop while quality used cars were selling strongly. He also estimated the next 60 days would likely be the worst of it. He wasn’t far off.
Meanwhile, online sales are booming
According to Paige Goodwin, an industry leader in this CNBC article, online car sales have nearly tripled from 2.5 to 7.3% in April 2020. This shows that people are beginning to trust the process of purchasing vehicles online. The shift of sales going online has been happening in almost every retail industry starting decades ago with small purchases and slowly snowballing as technology advances and early adopters engage on a larger scale via social media.
Florida sees increase in sales
In Florida, we have seen the market rebounding and our offices here at OfferMORE of Pinellas County have begun to emerge from the staleness with more and more inquiries of individuals looking to sell their vehicles for top dollar. However, as cases are back on the rise we can’t predict what the future will hold except to say; expect the unexpected. New car sales continue to take the brunt of the RonaCoaster’s effect as buyers are watching their wallets, bracing for an uncertain economic outlook.
If you are looking to buy a car, we suggest doing your research. Buy a car that will hold it’s value and if the uncertain future is a concern, buy used. Use tools like CarFax to find a car with minimal owners. Try to purchase a low milage vehicle when possible.
Be sure to bring the power of cash and don’t be afraid to haggle a bit. Also, before buying, sell your current car to increase your cash purchase power. Want to get the most for your car, truck or SUV? No, it’s not a sales pitch just yet, first we strongly recommend you give this in-depth article a read to prepare your car for the best possible appraisal value. Okay, here it is. Once you have that appraisal, bring it to us and let OfferMORE beat it! If you live in Florida it will likely be worth the drive but if you live far north or south, look for a car buying specialist in your area and maximize your buying power!