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Pandemic Impacting Consumer Car Buying Behaviors

Mon, 11 January 2021  |  transportation 

Uncertainty and financial concerns driven by COVID-19 continue to have an impact on consumer automotive purchasing behaviors according to a new study from Deloitte. In a global survey of automotive buyers Deloitte found that despite the long-term trend towards electric vehicles (EVs) continuing to solidify, consumer anxiety amid the pandemic may be shifting automotive priorities towards familiarity and affordability, with 74% of U.S. consumers looking for a traditional internal combustion engine in their next vehicle.

Continued financial concerns are affecting vehicle ownership across the globe. Due to the COVID-19 pandemic, consumers in many markets are rethinking not only when they will be buying their next vehicle but also what type of vehicle they will buy next. As affordability concerns increase, a growing number of people are deferring vehicle loan/lease payments with some intending to acquire a less expensive vehicle than originally planned. One in 10 Americans (10%) opted to defer their automotive payment in 2020, but that rises to 23% among consumers aged 18-34. In addition one-third of U.S. consumers are pushing back their purchasing timelines for a new vehicle.

The COVID-19 pandemic has given rise to more virtual transactions, but certain aspects of the buying process remain difficult to digitize, reinforcing the consumers' desire for an in-person experience. U.S. consumers remain largely in favor of in-person sales experiences (71%). Having the ability to see the car in-person remains a major deterrent for fully virtual sales noted by 75% of U.S. consumers. Authorized dealers will remain a part of the virtual buying process with more than half (59%) of U.S. consumers preferring to interact with a franchised seller.

One virtual transaction that engenders a high level of interest globally is "virtual servicing," where a vehicle is picked up from a home or office when it needs service. Consumers in the U.S. (46%) are largely in favor of the added convenience, provided it comes free of charge.

Source: Deloitte