With more people staying at home right now than arguably at any other time in human history, several industries find themselves in uncharted waters. People who aren’t traveling don’t need as many items to support their activities.

That means fewer cars, trucks, and SUVs get purchased since there isn’t a need to leave the house. Automakers are countering those conditions by providing some remarkable incentives.

You can find deals out there right now that provide long-term 0% APR, extended payment contracts to 84 months, discounted MSRPs, and the first 3-6 months of the loan taken care of for you.

Are the generous financing options and attractive prices a recipe for a great car deal? The answer to that question is surprisingly complex. 

Is 0% APR Worth the Investment?

Unless you were already in the market to purchase a new vehicle, it might still be time to wait. Having 0% APR for seven years can add up to significant savings, but it also means that your purchase will be underwater for significantly longer. That means you might get stuck with the vehicle until paying off that loan.

You must gauge your job security through an honest lens. If you’re working today, does that mean you still have a job tomorrow? Unless you have an emergency fund that can manage six months of your current expenses, it might be better to put a down payment toward uncertainty than a vehicle.

If you are an essential worker and were planning to get a vehicle soon, then now is a fantastic time to buy. If not, then it may still be time to wait.

How Will You Purchase the Vehicle?

The current patchwork set of stay-at-home orders across the United States makes buying a car an unpredictable experience. Some dealerships can only provide maintenance and repair services on vehicles while restrictions are in place. That means you might need to follow a direct-to-consumer process instead.

Companies like Carvana have contactless delivery options for you to use. Most automakers allow you to order directly during the COVID-19 pandemic, bypassing the dealership except for delivery. Every community is different, which makes it your responsibility to see what is available.

If you’re not comfortable with the current car-buying processes, then wait until things start getting back to normal once again.

A vehicle is the second-biggest purchase that most people make in their lifetime. A lot of deals are out there right now, but that doesn’t mean the right one is there for you. Proceed with caution.