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Old 18th March 2020, 12:33   #16
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Default Re: Buy a car now or wait for Coronavirus to pass?

I am in the same dilemma and have been waiting for my upgrade since last 6 months. I was mainly waiting for new launches and BS6 transition and I am almost at the final stage of decision making, worked on finance options etc.

However the current situations are making me think twice before signing the dotted lines. As such there is no immediate threat to the industry I am working in and don't foresee any issues going ahead with spending ~25 L, However I am unsure of the coming weeks. There is a worldwide impact and not just localized to one area or specific country. So if the situation doesn't improve in coming weeks, the not-so-obvious impacts will be seen directly or indirectly to all industries.

I would rather hold my money for now, observe the situation and then take the final call. I am not in desperate need of a new car and can hold onto my current vehicle for some more time.

For anyone who is pretty sure of the purchase and can't delay, found this article for the advice on buying a new car in the current situation. It is for US markets, but I think some of the guidelines apply in India too.

Coronavirus and Car Buying: What You Need to Know
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Old 18th March 2020, 15:41   #17
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Default Re: Buy a car now or wait for Coronavirus to pass?

Quote:
Originally Posted by rahul_jo View Post
Is it best to wait it out or should I go ahead with the purchase?
I was in the same boat as you, and needed a replacement for the 3rd car in the household, which I had sold last year. Was hoping to capitalise on the BS IV deals, so kept on delaying the purchase for the last few months. Got a great deal too, and had almost made the purchase, but developed cold feet due to the growing severity of the pandemic. Realised that it is not wise to commit myself to a substantial money outflow during these uncertain times, and should keep the liquidity in hand instead.

Like GTO said, whether one is employed or self-employed, we don't know which way this dynamic situation is headed, and how it will affect us. The situation is changing on a daily basis, and it is best to be conservative with big ticket spendings for the time being. Not that one would be able to fully enjoy a new car in times like these.
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Old 18th March 2020, 18:06   #18
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Default Re: Buy a car now or wait for Coronavirus to pass?

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Originally Posted by rahul_jo View Post
I'll be keeping my 3 series and will only let it go if/when I get a decent deal on the new 330i.
That good deal will show up in a couple of months. Demand is going to come to a virtual standstill. This is far from over.
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Old 18th March 2020, 18:49   #19
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Default Re: Buy a car now or wait for Coronavirus to pass?

My business is Exports. So I have a good knowledge of whats going on as I speak to Multiple People in Multiple countries.

I will suggest everyone doing a big purchase like a car - to HALT or DELAY. The car can come after 6 months. It is still going to be there. The wealth once gone is not !

Even if the virus does not spread here it has done massive / colossal damages and it is only getting started. What it affects and the businesses it will affect we have no idea. The truth is scary and this is what people do not know about.

Everything is linked today.

I am sitting in Agra and they have shut the Taj and all hotels are shutting for 14 days and so are restaurants. In all fairness it is precautionary and hopefully it delays and kills the virus. However the impact these 2 weeks have on small businesses is mind boggling. And 2 weeks can extend to 8 weeks or 14 weeks. We do not know.

Sit tight and if this passes go back and pick that car. But if it does not you will surely require that money.
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Old 18th March 2020, 19:50   #20
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Default Re: Buy a car now or wait for Coronavirus to pass?

If i were you, i would wait. Situation is very fluidic and you never know what the future beholds. You will always get good deals in the future and i would not make any major purchases until the situation stabilizes.

I was in the process of buying a house which we wanted for a while. We looked at several houses from last winter and for some reason or the other nothing really worked out. Yesterday, we took a decision that everything will be on hold until this roller coaster ride settles down.
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Old 18th March 2020, 20:28   #21
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Default Re: Buy a car now or wait for Coronavirus to pass?

Cash is king and is the life blood for businesses. When such panic starts as is the case with Corona, the first mentality is to conserve cash. Now you individually may not be impacted directly but the impact will come when the big businesses, corporations, your partners start doing this. When it starts impacting us - this means our cash inflow gets impacted, for the salaried this could mean lay offs/ forced leaves, half salary etc., i pray we do not reach there but then if panic intensifies and freezes businesses, this scenario can occur. Now IMHO i dont think we will get there because governments and corporations are acting responsibly, nevertheless better to be prepared.

So as wisely pointed out by our forum members, it is recommended you defer this purchase and similar ones and conserve that cash ( kept for the car) until the situation improves and cash flow in the larger context improves, which is when i think you should be spending your cash on big ticket items
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Old 18th March 2020, 22:09   #22
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Default Re: Buy a car now or wait for Coronavirus to pass?

I am one of those who had planned a new car purchase in 1st week of April 2020. I have been dreaming about owning my first car for many years. I was helping friends and family in their purchases, searching for used cars, negotiating with used car dealers, doing test drives, picking up self-drive rentals so that I can measure my options in the market etc for about a year and half.

I had decided to call it quits from my used car search in April because I could not land a compelling deal in Bangalore used car market after a Lot of search.

Finally, after much deliberation, I had decided on the new Creta Automatic. I had a max budget of 12 lakhs for used car and had saved/sourced a large amount of it as cash. Creta automatic would cost me much more than the money I had kept ready and hence planned to purchase the car using part-cash-part-loan.

While I was waiting for Creta price reveal, the Virus threat became real in Bangalore, Kerala and rest of India. I saw the crashes in stock markets, the lock down of my relative's movie theatre business, the huge reduction in traffic, unavailability of masks and sanitizers in shops and online portals, and my office (and my wife's office) implementing work-from-home strategies. I, myself, stopped eating from outside (a combination of Corona and Bird-flu threat).

I initially started thinking that I will go ahead with full loan and complete the purchase of my much awaited first car. Thus, I will have my savings intact. And in the unlikely event of total economic break down, the bank will only take my car away from me (and my Credit score), but not my savings. The sales guy started pushing me to make pre-booking which I resisted because 'I am not booking any car without a test drive'. The price reveal came. It does, as expected, cost a bomb. I can afford it, even though I might not 'need' such a costly one. I do not find any cheaper alternative fulfilling my criteria. I convinced myself that I am going to keep it for at least 10 years and it will be worth it. I charted down a 5 to 10-year financial plan for my family to see if we can afford it.

I had even secured a three-quarter nod from my better half.

Now, for the past 2 days, it dawns on me that I should hold on. The sales person is also not insisting anymore (Not sure if it is because he feels that I am not worth his time anymore. Maybe he met his target for the month. Or his test drive car is yet to come). Even if I purchase now, I do not have places to visit. I have myself stopped going outside. I had planned to go to my hometown, Kerala, in my new car during the Vishu festival. I might not. The financing part of such a big purchase do need a stable environment. More than the financial aspect of it, I do not see myself being able to happily use my much-awaited purchase.

So, I am holding off for a month or 2. Maybe I can land a good used car deal in the meantime. Maybe I will find another alternative. I do have time for a 'What Car?' thread now. I certainly do hope Hyundai does not increase the price within the 'introductory' period.
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Old 18th March 2020, 22:40   #23
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Default Re: Buy a car now or wait for Coronavirus to pass?

I will go with most here and suggest buyers to wait and sit out this virus storm, which appears to be here for a longer haul than was initially speculated. The current scenario is straight out of Hollywood epidemic movies we've grown up watching. Certain industries like civil aviation, hotels, cabs, tour operators, malls, movie theatres etc. are already on thin ice. The damage generally doesn't stay confined to select sectors. The Domino effect ripples can travel across other sectors/nations.

We may see massive discounts on new cars coming our way in coming months. When economy slows down or is hit, first casualty is non-essentials and luxury goods. Cars not moving out of dealers' lot will force them to offer discounts. In car business, quick turn-around is the name of the game. Cars arriving from factory to dealers to leaving the showrooms. Cars stuck with dealers would put pressure on manufacturers to sweeten the deals. They have to keep the chain moving.
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Old 19th March 2020, 09:46   #24
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Default Re: Buy a car now or wait for Coronavirus to pass?

I highly recommend waiting.

From the looks of things, it will take anywhere between 4-6 months for this pandemic, which has wrecked every single economy, to subside. Job cuts for those employed, and tighter liquidity for the self employed, are expected. The silver lining - Automotive companies will in all probability begin to stimulate demand with mouth watering discounts, so you'll spend less on the very same car after a year
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Old 19th March 2020, 09:53   #25
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Default Re: Buy a car now or wait for Coronavirus to pass?

Quote:
Originally Posted by rahul_jo View Post
Ford is going to be another purchase. As I've always needed a car that is rugged enough to
not make me worry about outstation/poor road situations.
Considering it's going to be an additional car and the you have a well performing 4 year old BMW, I'd urge you to keep money in your pocket.

If the disease spreads, you're not going to be traveling anywhere. Cross infection puts senior citizens at a significantly higher risk.
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Old 19th March 2020, 10:33   #26
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Default Re: Buy a car now or wait for Coronavirus to pass?

After months of study, deliberation and brain-storming with my better half, I concluded that Ford Ecosport AT would be our choice of vehicle as it met all our criteria while remaining within our budget. We booked the car at Gautambudh Ford, Noida on 12 March, without realizing - or foreseeing - the potential impact of the coronavirus pandemic, not only on the economy - national as well as global - but also on our daily lives.

The downturn in economy could very well turn into a global recession and would affect us all in one way or the other. We felt this was not the time to embark on such a venture that would result in a big outflow of our savings (we planned not to get it financed but to make it an outright purchase). Moreover, when we asked ourselves where we would go even for running-in of the car, it dawned upon us that we can't go anywhere except perhaps to the doctor.

Neither my wife nor I work (retired two years ago) so we don't have to go to our workplace, can't go anywhere for tourism as it would increase the chances of exposure many fold, dining out is not possible (and unsafe) as pubs and restaurants are closed, social calls on friends/relatives are best avoided as casual guests are now unwelcome.

Yesterday we requested for cancellation of our booking and refund of the booking amount.
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Old 19th March 2020, 11:21   #27
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Default Re: Buy a car now or wait for Coronavirus to pass?

I too was contemplating buying a family SUV. I am still perplexed about making the correct decision and based on the replies in this thread, the word seems to be to WAIT. I had zeroed in on the BS-IV Innova as it offers a good balance of everything and its a car that I would use mainly to be driven around along with my extended family.
I recently bought the C-300d AMG Line in October 2019. The Innova Was to be a replacement for my LandRover FL-2 which I would want to trade in. I was hoping the dealer would offer a good deal considering its that time of the year and the month of March. Also opting for a BS-IV stock which the dealer again would be trying to get rid off before the end of this month. As I Write this, I am awaiting the dealers best quote. I think if the quote is one I cannot afford to refuse, I may go ahead with the purchase regardless of the market condition.
However, as the market situation is getting worse by the day and the virus spreads its roots to parts not known before; has made me rethink of the right thing to do. The volatile situation in turn is bound to have a domino effect especially on the earning and spending capacity of the masses.
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Old 19th March 2020, 11:32   #28
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Default Re: Buy a car now or wait for Coronavirus to pass?

At the moment even dealerships are shutting down or suspending ops. Got a message from BU Bhandari VW:
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Old 19th March 2020, 11:45   #29
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Default Re: Buy a car now or wait for Coronavirus to pass?

Quote:
Originally Posted by rahul_jo View Post

The plan was to take advantage of the 30% depreciation for march car purchases.
https://timesofindia.indiatimes.com/...w/70917169.cms

As per the above news you will get only additional 7.5% and not 15%. The additional 15 percent was available till last September 30th.
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Old 19th March 2020, 11:56   #30
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Default Re: Buy a car now or wait for Coronavirus to pass?

“We'll see what happens but they think August, could be July,” Trump told reporters at the White House, “Could be longer than that.”.

When the POTUS says something like this, it is serious. It is a good 4-5 months atleast. India at the moment is not in phase III of the pandemic, but still one will not be using the car as much since social distancing is being advised.

If you need it, go ahead. If you want it, just wait it out until the picture is clear.
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