Demand for contactless services from dealers remains, with 76% of prospective buyers looking for virtual dealer appointments, at-home test drives, or home delivery.
CarGurus reports that the number of car buyers delaying their car purchases decreasing from 87% in April to 77% in June, while only 2% of those who planned to buy this year before the pandemic have delayed their purchase indefinitely.
On the financial end, 43% of car buyers are less confident in their ability to afford a vehicle purchase as a result of COVID-19, creating greater demand for financing deals.
Before the pandemic, 40% of car buyers planned to finance their purchase, now 51% plan to or already did.
However, 27% say they’re saving more than usual and 40% spending less on experiences.
Also, more than two thirds (34%) of car buyers said they expect to use their vehicle more going forward, meaning that cars are becoming even more vital to daily life.
Madison Gross, director of consumer insights at CarGurus, said: “With the vast majority of buyers still researching, and almost all expecting to follow through on pre-pandemic purchase plans within the next year, it’s more likely that we will see them dip back into the car market, particularly as vehicles become even more important to their daily life.
“It’s also clear that buyers are even more open to researching and interacting with dealers online, and dealers that can pivot quickly to contactless services will be in the best position going forward.”