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Is It A Good Time To Buy A Car?


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August 02, 2020

Is It A Good Time To Buy A Car?

In recent months, because of COVID-19, car dealerships and manufacturers have been offering special financing and incentives to entice consumers to buy new and used cars. Dealerships may have specific discounts like employee pricing, low to ZERO percent financing offers in addition to manufacturer rebates. Some car manufacturers are even offering deferred payment plans that allow consumers to delay the first payment on a new car purchase up to as much as three months in some cases. These offers can be hard to pass up if you're in the market for a new car. However, there are several questions and items you may want to ask yourself before you start testing driving new cars.

How much will your new car increase your auto insurance premium?

Consider the following:

  • How necessary is a replacement or additional car? Many consumers have found that they are driving less because they are working from home.
  • If you do not currently have a car payment, do you think it makes sense to add another payment, especially during these uncertain times?
  • Do you at least have your 3-6 months cash reserve in place, before you add a car payment?
  • How much will your new car increase your auto insurance premium?

If you do decide to make a purchase:

  • Negotiate the PRICE of the car and NOT the monthly payment.
  • Make sure that the monthly payment is not more than 10% of your household income; i.e. If you make $6000/month, you do not want your car payment to be more than $600/month.
  • Do not finance for more than 48-60 months.

You can also check out websites like or Costco Auto Program, as these websites can provide additional information and discounts. There are also websites like that will allow you to buy and finance your car without having to step foot into a dealership. Cars can be the second most expensive thing a person buys in their lives, next to buying a house. Before you choose to buy or get into debt for a new car, make sure you review all of your options so that you position yourself in to make the best financial moves during the current climate.


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About the author

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Cristina Briboneria

Vice President, Private CFO®

Cristina Briboneria, CFP®, ADPA®, AWMA®, Vice President, Private CFO®.

Cristina is originally from Los Angeles, California but has lived in Houston, TX, Cleveland, Ohio, and now resides in Atlanta, Ga. Cristina graduated from Oberlin College with degrees in Mathematics and History. She earned her Certified Financial Planner(TM) designation from Oglethorpe University.Cristina has also been recognized in Atlanta Magazine as one of Atlanta's Five Star Wealth Managers.

Cristina joined Ameriprise Financial in 2005 and was one of the Top 10 Advisors in her peergroup at the end of her first year. She was rewarded the Mercury Award, Centurion Award, and First Year Top Achiever Award for high achievement. She quickly moved into leadership positions as an Advisor Coach and District Manager in 2006. As a District Manager she earned the Circle of Success award when she lead her team to Top Five in the country throughout the entire company.

Since joining oXYGen, Cristina has built a successful practice of over 175 clients having awide range of demographic from business owners, corporate executives and employees, teachers, clergy, and non-profit organizations. She wanted to help build a company that was tailored specifically towards Gen X & Y."These generations have been overlooked and will be a driving force in our future economy. They will be a force to be reckoned with--many of of my clients are purpose driven individuals wanting to make a difference in their places of business but also wanting the knowledge of how to be financially responsible and successful."

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.
Background and qualification information is available at FINRA's BrokerCheck website.

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