Covid19 has made a huge impact on the economy and the fear of recession is looming across the world. Will this be a right time to buy a car?
“Second round of effects of the pandemic could operate through a slowdown in the domestic economic growth and it would obviously be a result of synchronised slowdown in global growth and as a part of that, the growth momentum in India would also be impacted somewhat”, said RBI Governor Shaktikanta Das in his address to the media. The nationwide lockdown has affected major sectors of the economy – right from agriculture to hospitality; aviation to automobiles. No industry was either shielded nor prepared for this pandemic.
A lot is being told and written about the economy going haywire right now. But once the lockdown is over; will it be safe to make a purchase? Buying a vehicle prior to a potential recession may not look like a great idea, but if you have the resources – Now is actually a great time to buy! We shall list the reasons why –
Interest Costs will be lower – With RBI revising the repo rate; the banks shall reduce the interest cost on vehicle loans. This shall ensure that you’ll bear a lower interest rate vis-á-vis a normal scenario.
Reduced Waiting Period – The dream car you wanted to purchase had a waiting period of months altogether. Now with reduced demand; one shall have a higher chances of the getting the car earlier.
Better Deals – Carmakers & Dealers would now be more than active to serve the customers post the lockdown and one shall get the best deal to ensure purchase.
Better Safety – Still there is no cure for the pandemic and ‘Social Distancing’ is the best way to avoid Covid19. Personal transportation shall be the way to ensure social distancing during.
Ease of Buying Online – OEMs have aggressively transitioned to make online vehicle sales available. Hyundai, Renault, Kia, BMW, etc to name the few. Now car buying will be as easy as making an online sale.
Hyundai (Click to Buy Program) –
Renault India –
BMW India –