What You Should Know About Coronavirus and the Car Industry
- 25 April 2020
- Car Loan Credit Blog
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What if I have a car that is coming off a lease soon?
Most manufacturers’ fund units are constructing coronavirus plans with flexibility in terms of leases — on average of up to a six-month extension.
Will there be scarcities of imported vehicles?
As of now, no — but it is possible in the future, and especially for European vehicles. Listings also show a lot of imported vehicles for sale such as on cars.com. Production issues also are contingent by country, and it also continues to be visible how much the coronavirus will affect such things like shipping and delivery to dealers.
Will there be setbacks of new models for the 2021 model year?
The answer is yes! Factory interruptions additionally could decelerate retooling and the coming of new models. Setbacks have already been issued, such as for the revamped full-size SUVs from GM that were expected to commence with production in April. Numerous launches of new models have also been delayed — such as an event for the all-new Ford Bronco. And you can also expect and search for more setbacks in all-new and updated vehicles due to dealers this year and moving forward, such as Ford’s Mustang Mach-E electric SUV and Jeep’s coming Wagoneer. Car financial stress also could mean a setback or cancellation of development projects: FCA unfortunately let go 2,000 contract workers assisting projects that are now on hold, and GM has expressed to suppliers that development of many new and reinvigorated cars has been suspended to save money to deal with the pandemic.
Will people run the risk of coronavirus exposure by shopping for a car?
There is a hazard from any clash with other people, and physically going to places for nonessentials is not advised. But, as people are steering clear of sharing rides such as Uber and public transit has reduced, getting a car has turned into a precedence such as for keeping an essential job — and more dealers are actually providing ways to purchase and take delivery securely with no interaction.