As the population prepares to embrace the post-COVID-lockdown era as the ‘new normal’, one thing has become rather certain that people will want to move about the city in personal modes of transportation. Consumer preferences are expected to change and a boost of car and bike sales could be imminent in the very near future. In a recent study conducted by Cars24, 53 percent of the respondents said they intended to purchase a car within the next six months.
According to the survey, 46% of respondents said that they have decreased their budget due to the global pandemic, out of which, 50% said that they will be purchasing pre-owned cars once the lockdown is over. In another interesting finding, 22.5% of the consumers who were planning to buy a new car last year would now prefer to buy a pre-owned car because of their limited budgets.
In addition to the reduction in the budget of the buyers due to the global pandemic, family requirements and the risk of Infection have emerged as the major reasons for buying a car amongst the consumers. The report further revealed that while 42% feel that they now need to buy a car for the family, 53% of the consumers think of buying one within the next six months.
However, unlike metros where consumers intend to buy cars increased by 41%, respondents from non-metro cities feel that they would like to switch to two-wheelers instead. The analysis further revealed that 55% of the consumers who were using cabs as their primary mode to commute before COVID would now like to shift to private cars while 15% said that they will switch to 2-wheelers.
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Conducted using various digital platforms, the survey interviewed over 3600 consumers in 11 metros and 37 non-metro cities to understand their sentiments towards car ownership in the post COVID world. Comprising over 59% of the respondents from the metro cities and 41% of respondents from the non-metro cities, 30% of the respondents, interestingly, do not own a car. The report comprised 83% male responders and 27% female responders.
