In our constant effort to bring you relevant and insightful stories, we recently conducted a survey to understand how the COVID-19 situation has influenced car buying decision. The results are finally out…
It’s no secret that over the past year or so, automotive sales have suffered a massive slowdown. And, the ongoing COVID-19 crisis and the nation-wide lockdown has only made matters worse. In fact, automotive sales completely stopped in the month of April – the first time it has happened in the history of the Indian automotive industry.
We at autoX always try to understand the market sentiment to bring relevant and insightful stories to our readers. To do just that in these unprecedented times, we took some help from ‘YOU’, our readers. We conducted a survey to understand vehicle buying sentiment on the other side of the coronavirus pandemic and the results are finally out.
More than 60% of our survey population voted that they are no longer looking at buying a car or a motorcycle. Aside from the obvious hazard to health, the COVID-19 situation has also resulted in pay cuts and job losses. Knowing that it will be a while before the economy stabilises, there seems to be hesitance in spending on vehicles. Over 17% answered that they have now reduced their budget, 14.29% said that they are now seriously looking at vehicle purchase with social distancing becoming the norm, and the remainder 7% are now looking at used car/two-wheeler options.
Interestingly, more than 60% also shared that good discounts and lowered rate of interest would persuade them into buying a new vehicle. It seems that car manufacturers are already taking steps in that direction. Hyundai has already announced 5 lucrative finance schemes and Renault to has a ‘Buy now pay later’ scheme for customers. Other manufacturers are also likely to follow the suit. These financing options and discounts offers are adequate measures to improve the overall buying sentiment.