I am looking at buying a new Mazda CX-5 this month and would like to know if it is the right time to buy a new car. Now with the Coronavirus pandemic being declared, will this mean a drop in car prices over the coming months or do you see it having no effect on the cost of new cars?
It would be a brave person to make any sort of predictions based on the Coronavirus. Suffice to say that as consumer confidence falls (and it must be at some kind of 100-year low right now) people tend to keep their powder dry and their cash to themselves. On that basis, I’d imagine you’d be welcomed with open arms (figuratively) at any sort of new-car dealership right now.
Whether that will make too much difference on the price of a new vehicle is up to the dealership in question, but if you can afford it, now is probably a very good time to shop for a brand-new car. Assuming lock-down laws allow you to drive it anyway. And don’t presume that the end of the crisis will see the end of cheaper cars; the damage being done to the economy will takes years or even decades to undo.