The deal is good for two months, totaling $3,000.
Times are tough all around right now. Numerous industries are feeling the financial pinch brought on by the Coronavirus pandemic, and that’s especially true for automakers. First-quarter sales in the U.S. for nearly every manufacturer we’re down compared to last year, all due to the enormous drop in March as manufacturing plants and dealerships closed for normal operations. We say normal because many dealerships are still operating parts and service departments, which are considered essential services. Sales departments are also trying to function in a remote setting, because dealers still have new cars to sell.
Koons Silver Spring Ford in Maryland is one of those dealerships, and they are tossing out quite a deal to entice buyers. In a recent social media post, the dealership announced it will pay mortgages up to $1,500 for two months should anyone buy a new car from them.
That’s a total deal of $3,000, and it doesn’t just apply to homeowners. The dealership offers the same cash for housing leases or rentals, and that’s in addition to any incentives offered by the manufacturer.
In short, folks who are in a position to buy a new car right could score deals of a lifetime. Using Koons Silver Spring Ford as an example, anyone who buys an elgible Ford vehicle through Ford Credit can have the first payment deferred for 90 days, with Ford offering bonus cash equivalent to another 90 days of payments. Lump in the rent/mortgage payment offered by the dealer along with other advertised dealer saving, and suddenly you can take home a base model 2020 Ford F-150 pickup for less than $20,000.
Ford certainly isn’t the only manufacturer offering special incentives. General Motors is offering interest-free financing for seven years (84 months) with deferred payments for four months on many Chevrolet, GMC, and Buick models. Ram also offers interest-free financing for seven years and will defer the first payment for 90 days. Toyota offers the same payment deferral, while some manufacturers like Hyundai are extending new vehicle warranties for existing owners, in addition to payment deferrals.
How long will such deals last? It’s a safe bet that the next two months at least will be extremely difficult for the auto industry.