• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

More than a fifth of people are no longer looking to buy a car, say business experts

John Bowman by John Bowman
November 5, 2020
0
Home News

More than a fifth of people who were looking to buy a car before the pandemic no longer plan to – and more than a third are undecided about it.

That’s according to a survey by PwC (PricewaterhouseCoopers) Research into changing demand.

It found that with restrictions easing then being brought in again, 22 per cent of people in the UK no longer intended buying a vehicle while 35 per cent were unsure.

However, it also found that 39 per cent of those who weren’t looking to buy before Covid-19 struck were now intending to do so – 27 per cent because they felt they needed to and 12 per cent for financial reasons.

No sample size was given by PwC – one of the Big Four accounting firms – but it said there were three main reasons behind the change in people’s buying intentions

Despite some households – those enjoying high and secure incomes – saving money and possibly looking to splash out on ‘revenge spending’, PwC said that overall the effect on car buying had been adverse.

This was because so many households were facing job insecurity, had a lower income, were having to eat into savings, and/or had less access to credit.

Of the 22 per cent no longer looking to buy, eight per cent said they could no longer afford it and 14 per cent said they no longer needed to buy a car.

The second main reason for the shift in buying habits was anxiety over public transport and air travel.

PwC said that with the colder weather setting in and the risk of infection rising, people were wanting their own self-contained transport to limit exposure to the virus while work on creating a vaccine and treatment continued.

It said that two-thirds of people looking for an alternative to public transport or travelling by air were now planning on buying a car.

Remote working and less movement was the final reason for the change in car-buying habits.

There is now less need for people to commute, coming on top of restrictions in some city centres for non-commercial vehicles.

As a result, well over half – 57 per cent – of those who had been planning to buy a car before Covid-19 struck were now unsure or simply not looking to purchase one.

PwC said the winners in the automotive sector would be those who understood the changing demand.

They needed to keep a closer relationship with customers, offer flexible and tailored propositions, and – where possible – move towards a network-wide approach to cut channel conflict as well as costs.

It also recorded a higher ratio of consumers looking to buy electric and hybrid vehicles – up from 36 per cent before the pandemic to 49 per cent in October 2020.

  • Register as a Car Dealer member and personalise your experience here
  • NEW! Car Dealer Mag issue 152 is out now – Read it here
  • Join our breaking news WhatsApp group – Click here to join now
Previous Post

FCA announces proposals for further support to consumer credit borrowers

Next Post

Click-and-collect, test drives, handovers and more. What you can and can’t do during England’s second lockdown

Related Posts

Watch: Sony’s Vision-S concept car takes to the road and shows off interior for first time
News

Watch: Sony’s Vision-S concept car takes to the road and shows off interior for first time

January 15, 2021
Investigation: How are new car sales performing so far in September? We ask dealers up and down the country
News

Most popular car colour of 2020 revealed… and it’s as bright as the year

January 15, 2021
Groupe Renault announces model offensive including new electric Renault 5
News

Jan 15 round-up: Brazilian Covid strain fears; Retro Renault 5 revealed; Holiday bookings rise; Google bags Fitbit

January 15, 2021
EU regulator says BMW, Daimler and VW colluded to limit emissions tech
News

Volkswagen Group sales fall 15 per cent in 2020

January 14, 2021
Used car market stronger than ever as August sees sales up by nearly 50 per cent for Big Motoring World
News

Lockdown 3 having minimal impact on consumer demand, reveals Auto Trader

January 15, 2021
News

Groupe Renault announces model offensive including new electric Renault 5

January 15, 2021

Want to receive the latest news?

Sign up to the Car Dealer daily news briefing for the latest news and advice during these unprecedented times.

Subscribe Now
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

December 21, 2020
Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs
News

Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs

January 6, 2021
Investigation: Should car dealers be selling and delivering during lockdown?
News

What do we know about online used car dealer Cazoo? Who is Alex Chesterman? And will Cazoo float on the stock market?

January 5, 2021
Car Dealer Live: Top tips for car dealers to keep business and spirits high during national lockdown
Car Dealer Live

Car Dealer Live: Top tips for car dealers to keep business and spirits high during national lockdown

January 15, 2021
Less demand at home and abroad sees car production drop by nearly a fifth
News

Car dealers blast manufacturers for continuing to impose sales targets during lockdown 3 as ‘morally wrong’

January 15, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 15, 2021
Car Dealer Power

Car Manufacturer of the Year – Where did your manufacturer rank in Car Dealer Power 2020?

January 15, 2021
Car Dealer Power

The best car dealer suppliers named in the Car Dealer Power Awards 2020

November 26, 2020
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C