Discussions

Is this a good time to purchase a new vehicle? Thinking with the economy these days, vehicles pricing should be way below MSRP?

I read an article a few days ago that said this is a good time to buy a used vehicle, because sales-and therefore prices-are way down. The article did not mention new vehicle prices, though the implication was that so far new vehicles are about the same as normal so far. It also said that if you are needing to sell or trade in your current vehicle, it is a bad time to do that. You will not get much for trade in price, nor will you get much selling outright.

Just a little longer! if your looking for new you could really go anytime, if your looking for used I would wait a little longer and wait for Enterprise and other rental companies to start panicking a little more. Soon the used car market will be flooded with good low mileage cars that will put pressure on new and used car dealers to get rid of stock quickly.

I guess the other thing to consider, if you're financing, is how stable your financial situation is. Lots of things will be in flux over the next few months and possibly years - you need to make sure you can afford your payments in worst-case scenarios, i.e. losing your job, long-term EI etc.  
 
Buying something cash might be a good option, as you're not locked into payments and even if you can't afford to drive it and can't sell it, it will cost you virtually nothing (except depreciation) to just let it sit. Then you're not trashing your credit rating. A newer used car like suggested above might be a good buy then.

I heard that financial institutions are wanting proof that people are still working through Covid 19 in order to be approved for financing.  
 
Just an FYI if you are not currently working

I like your thoughts, and yes, I am still working and have good credit. Will wait a bit. Thanks!