We all are aware of the economic recession that this coronavirus crisis has brought with it and it is going to get worse by preceding days. So this has increased fear in individuals and vanished their plans of buying a new or used vehicle in 2020.
According to some surveys done by car shoppers, it was found that many of the buyers are still juggling between buying a new or used vehicle or waiting for more for these conditions to get better. But you will be shocked to know how many enthusiast shoppers are still planning on buying a new car even while dealing with this crisis.
It is very clear that the pessimistic person will define this thing as a decline in interest and avoid shopping cars because of this COVID-19 situation but, the people who are optimistic would point this thing, out of which around 60% are still hoping into buying a vehicle even after everything is going on.
Well, on the other hand, it is also likely for people to pushing more towards buying a used vehicle as to the economic recession or we can call it downturns tribulations.
Because this survey suggested that buyers jumping in to buy used car elevated from a percentage of 38 to finally declaring it 45% after it.
What changes will this recession create on customers while buying a vehicle?
Well, it was pretty simple that consumers thought of buying a new car but the whole mess forces them to go for a used vehicle including smaller and less expensive brands having fewer options and multiple functions. Even in the US, pandemic convinced that the recession in the next 18 months will be around 34% but just after COVID-19 was declared as a pandemic the number jumped to 48%. Around 50% of the respondents stated that the virus is negatively impacting their whole outlook where on the other hand, their anxiety and fear are directly hurting the auto industry on a huge level.
What are the brands doing in a pandemic?
Well, multiple big brands have briskly shuttered-down the whole production unit in the US which includes Honda, General Motors, Mercedes Benz, Toyota, Volkswagen Subaru, Ford, Fiat Chrysler as well as Volvo. While as an alternative, some are also taping down their massive lines of credit to draw on because the production is on hold and they are even offering incentives by giving zero-interest loans, flexible plans of payment, assurance of job loss, and by convincing the customers that it is still a good time to buy a vehicle. Dealers are instructed across the country to make changes in the department of sales and other businesses. The decisions vary state-to-state as while some are ordered to shelter-in-place others are encouraged to shuttle in-store sales also. For the dealerships that have hard to close their floors of sales are being told to lean into their nascent online transaction programs by delivering in hand the new vehicle directly to the home of customers.
