Personal Finance

Car Recession 2020: Is Now The Best Time To Buy A Car?

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Will there be a recession in the car industry in 2020 similar to the 2008-09 financial crisis? This leads us to the overarching question…Is now the best time to buy a new or used car?

The pandemic is affecting a lot of industries right now. The car industry is most definitely one of them. Car production is down, car factories are closed, supply chains are disrupted, and there is obviously much lower demand from consumers to buy a car right now.

We all know that new cars are very expensive at this point, so car dealerships are relying on used cars as a major profit center for their business.

The problem is that used car prices are plummeting. This plummeting in prices affects the car industries in 4 ways, as discussed in the video.

Lease residual values are also getting crushed, which may cause billions in losses for the big financial arms of GM, Ford, and others.

We also talk about how to buy a used car, and also how to take advantage of the incentives for new cars as well.

Please share this video on social media to help someone get a good deal on a car!

Car & Driver: https://www.caranddriver.com/news/a32082842/new-car-incentives-coronavirus-faq/

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