It appears that as lock downs across the US and Florida are coming to end the auto industry is beginning to see an increase in leads which is likely to result in increased sales in the coming days. What does this mean for the average consumer? Well, it may not just yet be the best time to sell your car, but it is possibly the best time to buy if you haven’t yet done so. As sales go up, so will prices and away will go incentives such as the 90 day no-payment period for new cars.
On May 4th, DealInspire.com released an update on their projections from 4/13/2020. It shows that although real purchasing is not yet strongly increasing, people are online shopping more and dealerships are seeing a significant increase in leads. Towards the end of April 2020, dealer websites nation wide saw an average increase of 30% in consumer leads.
Increase in consumer leads for dealerships
Should you sell your car now?
So what do you do if you have a used car, want to get top dollar for it, but also want to take advantage of the incentives and low prices while they last? The best option would be to go ahead and buy now and wait a month or two to sell your used car. However, if you can’t afford to own both vehicles you still may want to go ahead and sell, even for a lesser value in order to take advantage of the new car incentives.
What if I’m looking to buy used?
If you’re looking to buy a used car you can still get a better deal now then you would in a month or two and here’s why: Dealerships have to pay each month for the cars on the lot and need to report revenues, even they are lower, the turnover of a car sold and bought looks much better for the dealerships financials then the same car sitting on the lot longer. Hence, when you got to buy used car on a lot, you have the power right now. Dealers will sell cars nearly at a loss in order to keep the dealership afloat. The trick is not trading in your car. Instead, either sell it on the private party market place or find a car buying specialist like OfferMORE who pays cash for cars and offers to beat other dealership appraisals.
Located in the Tampa Bay, St. Petersburg or Clearwater area and looking to sell your car for top dollar? OfferMORE beats any other dealership appraisal. We are also taking measures to help protect sellers from potentially coming in contact with any infectious disease such as Coronavirus.
Data Source: https://www.dealerinspire.com/coronavirus-dealership-impact-may-4