Perhaps you need cash right now to buoy your finances during the pandemic, or maybe this is your chance to get a nicer car as dealerships get desperate to offload their pre-owned inventory.
The used car industry’s future is bright even as the coronavirus continues to shutter businesses and slow the national economy.
“Pre-owned inventory is starting to fly off the shelves,” said Mike Gorbet, the general manager of Mike Calvert Toyota.
At that dealership, sales managers expect pre-owned car sales to pick up as a result of halted new vehicle production — Gorbet said the dealer is on track to sell 320 used cars in June.
While local used car dealership Houston Direct Auto, saw a drop in used car sales in March, it’s still selling about 200 vehicles monthly, said manager Amin Hussain.
Car dealerships still want to make sales during the COVID-19 pandemic, and experts from local and national automobile companies have tips and tricks for consumers looking to buy or let go of their vehicles.
Selling or trading in a car
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Regardless of your reasons, you should know that dealerships are still taking in vehicles. But before going in, check with a customer service agent at the dealership about how social distancing measures have been incorporated into the traditional appraisal process.
Some have reduced the number of steps needed to check out a car before a seller hands it over for cash, said Kevin Cox, a regional vice president of sales at CarMax. The national used car company has limited the number of features appraisers have to touch to gauge the vehicle’s condition. They don’t even drive the car.
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“You pull up and don’t have to get out of the car,” Cox said. “That means we don’t have to touch any high touch areas in vehicle,” such as the steering wheel and radio buttons.
But others, like Mike Calvert Toyota, still require sales managers to drive the vehicle and ensure its condition before offering the seller cash or the ability to trade in for another vehicle. If you’re not comfortable with that, call several dealerships to get an idea of what they do during the appraisal process, and settle on one that matches your comfort level.
You can try selling your car privately on Craigslist, but dealers say it’s more difficult to sell at full prices during the pandemic as unemployment skyrockets and buyers hold on to their wallets.
“Now is just a difficult time,” Hussain said. “Many consumers do not have cash and the best and only option would be to trade in your vehicle at a dealership.”
Industry experts say this might not be the time to sell off your car, though. Brian Moody, an editor at used car marketplace AutoTrader, said it comes down to what you value more at the moment: time or money.
“If you want the most money, down to the last penny, selling it yourself is going to get the most,” Moody said.
But if you can’t be bothered to do a thorough clean of your car, or don’t have the ability to stage beautiful shots for a Craigslist post, it may be well worth your time to take it to the dealership and get a quick quote and cash in your hand, he said.
Buying used
Now is the best time to purchase a vehicle as dealerships struggle to offload inventory, Hussain said. Many dealers will be flexible with negotiating first payment dates, APR, the downpayment and even the sales price as they seek buyers who still have the capital to make a big purchase.
Before walking into the dealership, look at prices and photos of any cars that catch your eye online and call ahead to request that store associates provide you with more photos and videos.
Matching your list of required or desired features in a car to what’s available on the company’s website can help you narrow down the number of vehicles you’ll have to touch, and hopefully the amount of time spent at the store.
Most dealerships will allow you to test drive a vehicle alone on request, Cox said. That prevents you from sharing an enclosed space with strangers.
“Ask what things they’ve done to make the car clean before you get in there,” Cox said.
Others may be able to bring the car to you. Customers can call Mike Calvert Toyota and ask for a sales manager to deliver a pre-owned car to their homes to test drive and avoid large crowds at the dealership showroom, Gorbet said.
“We’ve had probably one to two percent of buyers say, ‘I’m not coming out there,’” he said.
In those cases, a buyer can hash out prices over the phone. The representative will come with the paperwork necessary just in case they close on the sale that day.
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If you plan to buy from an independent seller, don’t forget to take the usual precautions for your safety and money — meet in a public, well-lit space to try the car, such as a shopping center or a library. Bring your mask, hand sanitizer, Clorox wipes and gloves to keep the vehicle clean.
Ask why the seller is getting rid of the vehicle, and about any issues with the car that haven’t been fixed. You don’t want to overpay for an automobile that only half works.
Registration and titling
During the pandemic, Texas closed local tax collector offices to mitigate risks of standing in a crowd. Don’t count on getting any in-person title transfers or applications done soon.
The closure of the Texas Department of Motor Vehicles has also slowed the rate of title transfers, Hussain said. At his dealership, staff can only handle about 10 title transfers a week.
“Even when the DMV is reopened, they will be backed up and it will take months to catch up on getting titles transferred,” he said.
On the bright side, the state has waived re-registration requirements for the duration of the coronavirus emergency declaration and for up to 60 days thereafter. This leaves you with plenty of time to go in for the title transfer after the closures lift.
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