Car dealers are desperate. Does that make it a good time to buy a vehicle online?
Showrooms are closed, but many car dealers sell online, with delivery to your door.
AdvertisementThe rules facing car dealerships vary from one California city or county to another. Some counties, including Sacramento, are allowing showrooms to stay open. No sales, including online sales, are allowed in the city of Los Angeles, but they are generally allowed in L.A. County and the rest of the state. Gov. Gavin Newsom’s shelter order is
vague on auto sales, but in any case, tougher local orders take precedent.“Dealers are desperate to generate revenue,” said Sheldon Sandler, who runs a car-dealer consulting service in Princeton, N.J. “You can expect extremely good deals from anyone who can deliver you a car.”
How desperate? “This is a cash-flow business. Make no mistake, the economic impact [on dealers] is severe,” said Brian Maas, president of the California New Car Dealers Assn. “If you rely on selling 10 cars a day, and you’re selling one or zero, that’s $350,000 a day.”
It’s not just California, of course. There are about 16,700 car dealers in the U.S. All are hurting.AdvertisementAutoNation, the country’s largest chain of car dealerships, recently laid off 7,000 workers and said it would delay $50 million in capital spending. Penske Corp., which runs another large dealer chain, said it would furlough an unidentified number of workers and delay $150 million of capital investment.
“This is shades of 2008-2009,” Peter Welch, president of the National Automobile Dealers Assn., told Automotive News. “Only it seems this will have a much greater impact.”Chad Kelman, general manager at Community Chevrolet in Burbank, summarized the situation succinctly in a phone interview: “Business is s— right now, and the deals are smokin’ good.”
How good? Dealers are advertising prices about 3% to 5% below sticker price, based on an unscientific review of Southern California dealer websites. Manufacturers are offering rich incentives — 0% financing, 84-month (seven-year) loans, and 90 days before the first payment is due — on a wide variety of vehicles.Read more: Los Angeles Times »
Time for businesses to open. Now is a Good time to ban cars altogether. Public transportation is the future How r u going to make car payments when there are no jobs ? Why are you encouraging people to go out? Plain irresponsible👍 Safer at home and social distance remember? I can’t make deal or do drive test. I locked down at home. And I can’t drive, what is the car for?
They gave a 18% interest offer for 6 year loan. 10k down. Latest Corolla in 2019. Nope. Their worry is their subprime loans that people took. Gas prices under $1 in some parts of the US. Great time to get a V8. Need a job to buy anything last time I checked. NO_townE ari3Sand Let’s get JEEPS! for the summa, summa, summa time!
Only if they offer auction prices!!! MercedesBenz S550 15k. Now that’s a corona deal 😃😃😃😃 No. Buy an e-bike instead! should people unable to afford their current car payments buy another
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