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05-19-20

Coronavirus And Cars

Coronavirus And Cars

There’s no doubt in asserting that Coronavirus has impacted our life adversely. The infectious disease has now turned into a pandemic, affecting almost every country on the globe. In the U.S. alone, the death toll has risen to 80,000, creating an alarming situation for the country. It is quite clear that people are suffering from the pandemic, whether it is in hospitals or at home. The mass lockdown has halted our lives to a standstill. The number of cases in the U.S. has reached 368,000 by Tuesday. Coronavirus has affected all 50 states, and three U.S. territories.

When it comes to talking about the global economy, nothing can get any worse. Industries have shut down, millions of jobs are at stake, and sales are plunging down drastically. Coronavirus is not just limited to medical crises; it has been affecting economic growth as well. There’s nothing impactful and significant that can be done to improve the situation. With the effect of lockdown and social distancing norms, customers are not able to make purchases that eventually result in reducing sales. 

What Are The Effects on the Automotive Industry?

Just like any other industry, the automotive industry is also going through a time of crisis. According to the U.S. Center For Disease Control and Prevention, Coronavirus will continue to spread in the coming weeks. 

Manufacturing of the vehicles have stopped, the dealerships have been closed, and workers’ jobs are in a dangling situation. If we talk about sales, since the beginning of March, the sales have fallen by 78%, which is undoubtedly a concerning issue. On March 13, the U.S. President ordered a state of emergency to mitigate the crisis. All public gatherings have been restricted. 

What Is the Automotive Industry Doing To Improve The Sales?

Taking charge of the current situation and preventing the sales from falling down has become the need of the hour. The automakers are coming forward with different programs to entice sales and encourage customers to make a purchase decision. 

Due to the current pandemic situation, customers are having trouble with their finances and finding it difficult to make payments. Hence, the automakers have come forward with a payment relief program for customers. This way, customers will engage in the purchase without worrying about the payment. 

Some prominent names in the automotive industry are providing auto loans and payment relief on purchase/leasing of new or used cars. The concerning events are happening at a rapid pace, and automakers are making every possible effort to help customers make a purchase and contribute to the sales. 

Why Leasing A Car Right Now Is A Good Choice

Almost every automobile brand is coming with offers to encourage customers. If you are looking to lease a car during this time, there are plenty of offers that you can benefit from. Whether it is the auto loan relief during the Coronavirus crisis or the three/six-month payment relief, leasing a car right now is certainly a beneficial move. You would not have to bear the financial burden as everything will be taken care of by the automakers.

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