Is COVID-19 impacting car buyers’ confidence and their plans to purchase a vehicle? CarGurus surveyed over 501 buyers to find out.
According to the recently released UK COVID-19 Sentiment Study, 87% of respondents expect to purchase later than they initially planned to. However, most are just waiting for normal economic activity to resume. Even more significant, only 4% who were planning to buy this year have delayed their plans indefinitely. Other key findings include:
- Even among those planning to delay their purchase, three quarters (75%) are actively researching.
- 48% of those who previously used ridesharing or taxi services, and 44% of those who previously used public transportation, expect to decrease their use of these services—or stop using them entirely—when economic activity resumes.
- Before the pandemic, 36% of car buyers were open to buying online. Now, 64% are.
To learn more about changing consumer sentiment during this unprecedented time, download the full CarGurus COVID-19 Sentiment Study.