39% of Near-Term Intenders Plan to Delay Their New Vehicle Purchase
39% of consumers who intended to purchase a new vehicle within the next year say their plans have been delayed due to COVID-19. According to results of an online study of U.S. vehicle owners, fielded by AutoPacific from April 9-April 20, 2020, the majority of delays range from 3-6 months (33%) and 7-12 months (25%), while 27% say they are just waiting for things to get back to normal.
Source: AutoPacific COVID-19 impact survey; 0-12 month purchase intenders
Source: AutoPacific COVID-19 impact survey; 0-12 month purchase intenders who plan to delay their purchase (n=52)
The economic threat appears larger to the car-buying population than the fear of contracting or transmitting the disease.
Over half of consumers state “economic uncertainty” as the top reason for this delay while 19% say “fear of going out” has caused the delay.
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