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Used Cars Are Selling Fast

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Used cars are being bought up quickly. With the industry facing multiple downturns, inventory needs to move quickly. The used car industry is no different. From low oil prices to low car demand while the country is on lockdown, many people look to the future. When the dust clears, there will be a historically high unemployment rate. For many, having a car can be what makes or breaks potential employment.

Stimulus Checks Help Purchase Used Cars

Prior to the COVID-19 pandemic that is currently sweeping the world, many had their sights set on purchasing a car. With the federal stimulus checks that have arrived to many bank accounts, consumers are finding the drastically low price mixed with the high incentive to be more than enough to make their purchase or put a down payment on used vehicles.

Used Vehicles Offer Large Incentives

Prior to the slight uptick ins sales, used car lots were working tirelessly to move out their inventory in order to take in newer vehicles. Thus in order to get rid of their old supply, they needed to offer pretty high incentives. 0% APR rates along with a drastic cut to the overall cost has had many placing their federal stimulus checks in the pockets of used car dealerships.

Will This Last?

Prospecting markets will say “no”. So many individuals are out of work until the crisis is over. The time frame until that point ends remains under speculation. This might be a small uptick in sales, but overall, this will fade away just as quickly as it has sprouted up.

The stimulus checks are (so far) a one time deal. The money has been sent out to stimulate the economy (or to simply pay rent) and for those lucky enough to have a savings, this means that spending can go a little further, but not far enough.

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