Purchasing a car can be complicated, and perhaps an even more difficult decision to manage during the COVID-19 pandemic. Despite the ongoing economic challenges, consumers appear more eager than usual to make a vehicle purchase.
As people have shifted their lives to a more virtual environment, consumers continue to shop for cars online. According to a recent Cars.com survey, which polled around 3,000 respondents earlier this year, 48% of consumers said they’re interested in handling price negotiations online, while 42% said they also want to secure financing online.
According to the same survey, 20% of respondents have surprisingly considered buying a new car because of the pandemic’s economic impact. Additionally, one in three consumers report moving faster to purchase a vehicle than they would under normal conditions. This trend is likely due to a significant decrease in ride-sharing and public transportation use during the pandemic. In fact, the Cars.com survey found 40% of respondents are using ride-sharing services less often since the COVID-19 outbreak, with 93% of those people claiming they now rely on their own vehicle more often.
Although the 2020 landscape of car purchasing is different, some aspects of the process remain the same. It is crucial for consumers to research, comparison shop, test drive, and thoroughly inspect all prospective vehicles before finalizing a purchase. Knowledge of a responsible budget is a crucial part of the car-buying process.
Visit this link for 7 tips for purchasing a new car in 2020.