It comes as no surprise that the pandemic has taken a toll on every part of the society. Whether you own a small home-based business or a large business corporation, you are bound to bear the brunt of economic damage.
If you’re even a little bit connected to the world through the news, you’d be aware of the fact that Hertz Car Rental recently filed for bankruptcy. Judging from what we’ve heard, many other car conglomerates are about to follow suit as well.
Freepik | Many used cars have been put up for sale by out-of-business car rental services
If you have a little bit of money saved up, it would do you good in the long run to buy a car. Now, before you exit this page, just hear us out for a minute. With all these businesses unburdening themselves of the cars in their arsenal, imagine what the market will look like in a couple of weeks. We’re going to need you to exercise those brain muscles a bit. Allow us to take you back to your high school days. Remember the supply and demand rule? Where there’s a large supply and not that much of a demand, the prices are sure to drop significantly. How else are these rental companies going to get rid of the 1.5 million vehicles that they have stocked up?
Freepik | A young couple viewing a car in a showroom
Now, you must be thinking, where do I even go to buy a car from a rental company? Well, fret not. It really isn’t that difficult, and to help out their customers, these rental companies have listed their entire inventory up for sale. Hertz Car Sales, for example, promises to provide quality used cars at no-haggle prices.
However, before you jump down that rabbit hole we need to warn you of a few things. The last thing you need is coming out on the other side with a car that you can barely afford and don’t even like that much.
Firstly, it is important to evaluate your budget and requirements. Imagine what being subjected to a selection of over 1.5 million used cars could do to a person. Forget 1.5 million; the average person probably wouldn’t even be able to choose between a hundred cars. This is because ample choices tend to have negative effects on our decision-making ability. Therefore, before delving into the world of vehicle purchase, experts deem it best to thread the waters carefully.
Freepik | A woman hugging her newly bought car
Once you’ve allocated a budget, the next thing you need to do is research. Look into the type of car you want and need to buy. Pro tip- no matter what happens or which car you come across, don’t swerve an inch from the car you’ve settled on. A fully informed decision should hold maximum importance over a rushed one.