Recently on Spend It Like Beckham, we have discussed the benefits of owning a bike over a car. For some of us, the two-wheel option simply isn’t viable. Having kids that need to go to school, commuting a distance to work, and merely living in the rain and wind of the UK put a lot of people off getting in the saddle. 2020 saw some unprecedented times across a number of different industries. You might be surprised to learn that now is a good time to buy if you are in the market for a car.
An Industry Slowdown
If you think about the context of the last year and how lockdowns have affected so many industries, it makes sense that many people working in the car industry are hungry to make sales. The lockdown restrictions that were put in place in March 2020, and again from the end of that year, meant that people couldn’t really wander into car showrooms and have the normal buying experience that they might have had in usual times. This lack of footfall in car showrooms lead to a steady decline in sales throughout the year.
Salesmen Hungry to Close
Due to sales not happening in car forecourts, those who work in the industry are desperate to close wherever they can. As the car sales industry is target-based, sales professionals are desperate to make their commission and hit their targets. This means that it is a buyer’s market, and you can use this to your advantage. Check out some of the guides for the best second-hand car buys for this coming year, and make sure you are well prepared to negotiate a great deal.
Continued Rise of Electric
The last year has seen the continued uptake of electric cars and other e-vehicles as the technology and infrastructure continues to expand. There is now more support available to those who want an electric car than ever before as mass adoption continues. With many countries making commitments to reduce the sale of non-electric cars in the next few years, it is looking likely that your next car might be hybrid or electric. These are cheaper to run and come with tax incentives. Just make sure you know what you’re looking for, especially if you’re in the market for a second-hand electric car.
Experts Not Expecting a Rush
An article published recently on experts’ predictions revealed that the industry isn’t expecting a so-called “dam-burst of demand“. If you take it down to the level of simple economics, low demand will mean lower prices. Once you are on the forecourt, negotiating with a salesman, the current climate will be in your favour. If you buy now or soon, you will be more likely to get yourself a good deal.
We hope this article has been useful in opening your eyes to the opportunities that exist in the car market. Just make sure you’re keeping an eye out for a deal, and you’ll be on the road again soon!
