As per numerous recent reports and survey findings, the number of people buying a small car is expected to go up by many folds, but at the same time, due to a slowdown in the economy, people might want to hold on to their buying dreams. This also gets us to the question - 'will cars become cheaper after lockdown'?. Seeing the current situation, we, too, believe that some factors may be responsible for bringing down the car ownership costs. Let us have a look.
Discounts From Manufacturers
Because of the COVID-19 pandemic, the market and the factories were shut for quite a long time. The manufacturers now have piles of unsold stock in the inventories. Thus, to sell these and make space for the next lot of units, manufacturers across the country are offering great discounts on new cars. The customers may see an increase in these discounts in the coming months.
Read More: Honda Cars June 2020 Discounts; Up to 1 Lakh off on the City
Reduction In Loan Interests
Since the business is low for the bank as the number of people applying for loans is going down, many banks have announced a reduction of interest rates for car loans. This will primarily help bring down the car costs and give the industry a great push.
Read More: Maruti Nexa Cars Discounts in June 2020; Ciaz to Baleno
Unsold Pre-Facelift Stocks
Several companies have launched new versions and facelifts for their existing products. Under these situations, there are high chances that the dealers might have older models in their stockyards. If a customer has no issues buying a pre-facelift car with an old design, these models can be purchased at a much lower price as dealers offer great deals on such stock.
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However, as is not well for you if you are planning to buy a high selling model or a used car, it is no secret to anyone that the demand for 4-wheelers will be going up soon. With people now opting for family safety and security over financial savings, the entry-level segment and used car market will see several buyers searching for a product which fulfils all their demands. Under such conditions, it is highly expected that the costs of cars in the used market will go up, and the entry-level hatchbacks and sedans may also see an increase in their prices. Even if fees are not increased, do not expect very high discounts on such models. What is your take on 'Will Cars Become Cheaper After Lockdown'? Share your opinions in the comment box below.
