This Might Be the Best Time to Buy a Car, Maybe Ever?

buy new car covid cat

You’ve seen the ads on TV or Facebook: zero percent financing and no payments for up to six months.

Can this be real?

Yep. It’s real. Auto sales in the U.S. had been slowing for a while and the global pandemic didn’t help. So, there are a lot of cars on dealers’ lots right now and they’re doing whatever they can to make a sale, whether that includes picking up a few of your payments, offering more for trade-ins and negotiating on your terms—you have the upper hand right now. But “now” is key. Here’s why. 

Why if you want a car, you should jump now

Most auto manufacturers assembly plants are shut down and have been for a few weeks, while some are expected to reopen in the coming months, there will likely be supply-chain disruptions and a scarcity of materials and parts. This means that even though there are cars on lots right now, it may be a while before dealers’ inventories are replenished. 

This issue could be magnified if the demand for new cars skyrockets when the economy gets back on its feet, which is what happened in China. As more and more people view personal transportation safer than mass transit, they want their own car.

Auto brands offering the best deals

So, if you’re in a place where you feel confident and ready to buy, this could be the time. Discounts, finance rates and incentives add up to 20 percent or more off the top of the price. Not too shabby. Here are some of the best deals out there right now.

1. Buick, Chevrolet, GMC and Cadillac

Zero percent financing for up to 84 months or up to $6,500 off the MSRP (aka the sticker price). Cadillac offers a cash discount off the MSRP in addition and an additional cash discount is available to First Responders.

Learn more about these deals: BuickChevroletGMC,  Cadillac

2. Honda

Cash discounts and no payments for 90 days. Many leases are $0 down at signing.

Learn more about this deal

 3. Hyundai

Zero percent financing, first payment deferred for 120 days and in some cases, $500 off. Terms depend on the model. For instance, the brand's popular Palisade doesn’t have as sweet a deal, but it’s still good, with financing offered at 1.9 percent.

Learn more about this deal

 4. Jaguar and Land Rover

Zero percent interest and no payments for three months, as well as JLR’s Elite Care protection package which includes five-year/60,000-mile warranty, free scheduled maintenance, roadside assistance and connected vehicle services.
Learn more about these deals: Jaguar and Land Rover

 5. Jeep, Ram, Dodge and Chrysler

Zero percent financing for up to 84 months and special pricing on popular models like the Wrangler, Cherokee and Gladiator…not bad, huh?

Learn more about these deals: JeepRamDodge and Chrysler

 6. Kia

Zero percent financing up to 66 months for most models. Even the award-winning Kia Telluride has a special offers of 0.9 percent financing for four years or special lease deals.
Learn more about this deal

 7. Lexus

Special lease pricing or 0.9 percent financing for 60 months and no payments for 90 days.  

Learn more about this deal

8. Lincoln

Zero percent financing for 60 months, with offers varying by model, but includes the hot new Corsair SUV.

Learn more about this deal

9. Mazda

0.9 percent financing and no payments for 90 days, plus cash incentives for disabled drivers, military and current Mazda owners.

10. Mitsubishi

Zero percent financing up to 60 months plus cash back on most models.

Learn more about this deal

 11. Nissan

Zero money down, 0 percent financing up to 60 months, 0 payments for 90 days and Nissan will make the first two payments on some models. This might be one of the best bargains in the bunch.

Learn more about this deal 

12. Subaru

Zero percent financing for 63 months, even on the new and highly popular 2020 Outback. 

Learn more about this deal

 13. Volkswagen

Zero percent financing for 72 months and no payments for six months, certain cash back incentives and no money down leases. This is one of the best deals on the market, and it’s available even on VW’s most popular models like the Atlas and Tiguan.

Learn more about this deal

Luxury brands AcuraAudiBMW, Genesis, InfinitiMercedes-BenzPorsche and Volvo are offering super low financing, well-priced leases and on some models, cash incentives. 

Even with these great deals, most of which expire at the end of April, be sure to ask if the dealer can offer any additional incentives. Some may offer more incentives than others, so it can pay to shop around. 

And, of course, we can't recommend to shop and purchase safely—social distancing still stands. Most dealers will deliver a car for a test drive, deliver paperwork to be signed and complete a lot of the process over email or via digital services. And, they should deliver the car to your door. 

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Freelance PureWow Editor