For countless Americans and people around the world, the coronavirus pandemic has changed life as we know it — and mostly not in positive ways.
However there is one bright spot for shoppers: Suddenly, a lot of things are much cheaper than they were a few months ago.
These 7 Things Are Cheaper Right Now
At Clark.com you know we’re all about helping you save money, so in this article, we’re going to go over seven things that are cheaper during the pandemic.
Oil prices have hit historic lows, with futures trading below zero for the first time ever.
Prices on clothes have fallen so much that the Wall Street Journal calls it “Black Friday in April.”
Clothing is where you’re going to see “the real bargains over the next few months,” Clark says.
“There are these absolute distress sales that are happening, especially on women’s clothing, with people getting emails on one-day or one-hour flash sales with true discounts ranging around 70%,” he notes.
As you well know, not as many people are driving like they normally do so demand for vehicles is lower. This has led to car prices dipping in many U.S. markets.
But Clark says you should weigh your financial situation carefully before buying a car right now.
“If you are a lucky person who has a job that is secure and you were planning to buy either a new or used vehicle, this is a great time to buy” he says.
4. Food Delivery
Because fewer people are dining inside restaurants, you can typically save a few bucks by using a food delivery service.
5. Credit Card Interest Payments
If you have good credit, you can take advantage of lower interest rates right now because so many lenders are offering great introductory rates and promotions.
If you’re saddled with debt at various interest rates, here’s how to consolidate your credit card bills.
6. Mortgage Rates
“With today’s low interest rates, you’re going to see a substantial reduction in your monthly payment,” Clark said in response to one listener’s question about refinancing. See more of his current refi advice here.
Due to the health crisis, only a very specific segment of the population (health care professionals and other essential workers) should be traveling right now.
If you absolutely need to travel, costs in that area have also taken a plunge, especially in the following categories:
- Car rentals
As this economic situation plays out, consumers may well see prices continue to fall in many areas. In the final analysis, whether to buy or not is a personal decision.
Clark says the key is to make sure that your financial outlook over the months ahead is strong enough to justify any big purchases you make.
For more timely money advice, check out our Coronavirus Financial Guide.