2020 was forecasted to be an increasingly lucrative year for automakers, until COVID-19 came along and sent global markets into freefall.
In the wake of the coronavirus pandemic, the Land Transport Authority (LTA) has ceased ERP charging at all gantries, suspended COE bidding exercises and even motor vehicle dealerships and showrooms were forced to close its doors. With such economical uncertainty and concerns for personal safety, is now the perfect time to buy a car?
As car sales plummet, dealerships are growing desperate to generate revenue. Slow businesses can mean a better chance of discovering that the deal you get during this period could be one of the best transactions you will make in your life. Anticipate exceptional customer service with more attention from salespersons, attractive financing packages and maybe wrangle even more freebies if you know how to drive a hard bargain.
And, since showrooms are not technically open to the public for browsing, some dealerships are offering to bring the vehicle to your home for the test drive, thus reducing the number of people you interact with.
“Indeed, the growing COVID-19 pandemic has taken a toll on the economy. And so, it has prompted more dealerships to reinvest its marketing budget to digital efforts and introduce a plethora of extra incentives to entice new customers while coping with the recession,” Eddie Loo, the President of SVTA added.
However, buyers should keep a few things in mind.
Even though you can still buy a car, it can’t be registered without a COE. So, if the dealer has no COE in hand, they can’t fulfil the order until the market is back in action.
Since buying a car means stepping out of the house and into the wider world, there is the question of personal safety, not just to someone hale and hearty, but to the people around him. A bargain car may not be the best reason to risk yourself and your family to the COVID-19 infection. As with any interaction, the same rules apply: wash your hands, don’t touch your face, and practise social distancing.
The chance to buy a car cheaply is the result of tough economic times that could persist. Who knows how long and deep the upcoming recession will be? Anyone who feels that job security is in question or that a pay cut is coming should think carefully about making a big financial commitment of any kind. On the flip side, making a large purchase is also one way to play a part in keeping the economy going.
Uncertain times may loom ahead, but it can also create the chance to snag a bargain. Purchase a car at the comfort of your own home on UCARS – We bring the best deals to you!