Consumer interest in buying a car is holding during lockdown, with 84% of those who plan to buy in 2020 are actively researching now.
A recent CarGurus survey revealed that only 4% who were planning to buy this year before the pandemic have now delayed their plans indefinitely, but many buyers are likely to return to the market sooner than expected with nearly a quarter (24%) wanting to purchase as soon as lockdown restrictions are lifted.
WhatCar? reported a surge in activity this week, with figures sitting around 20% down year-on-year, from a peak fall of more than 50% year on year.
However, economic uncertainty (30%), dealership closures (32%) and believing their purchase is putting people at risk (26%) were cited as some of the barriers to buying right now, according to CarGurus.
But for many, a vehicle purchase is essential. Nearly two thirds of buyers (64%) reported that their vehicle purchase was necessary.
In addition, 37% of those who had initially planned to buy new now plan to buy used or approved used.
Customers are also expecting fast service from dealers, with WhatCar? reporting that nearly four in 10 expect a reply within the day, 18% think it’s reasonable to hear back in half a day and a smaller yet ever-increasing group of buyers (7.4%) expect an answer in 60 minutes or less.
Madison Gross, director of customer insights at CarGurus said: “There is no doubt the COVID-19 pandemic is having an impact on the automotive industry, but our study shows it’s not all bad news for the sector.
“Many consumers are still planning to buy a vehicle quickly when the lockdown ends. And in a strange twist, concerns about public transport and ride-sharing may actually drive new demand.”