Why Memorial Day Weekend Is a Phenomenal Time to Buy a Vehicle

The COVID-19 pandemic has sent shockwaves throughout the automotive industry. Ford (NYSE: F) and General Motors (NYSE: GM), among other major manufacturers, stopped vehicle production, wholesalers stopped auctions, supply of off-lease vehicles surged causing used-car residual values to plunge, and it's all caused unforeseen results. However, that could mean this is a phenomenal vehicle buying opportunity if you're in the right position.

"We're seeing far more generous incentives and deals out there than we typically would for Memorial Day weekend, and since more consumers might be looking at vehicles for summer road trips instead of airline travel, things might look up a bit for the industry," said Jessica Caldwell, Edmunds' executive director of insights, in a press release.

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