Over the past two months, AutoPacific has surveyed over 1,000 U.S. vehicle owners about their thoughts surrounding COVID-19 and their vehicle purchase plans. Overall, 20% of respondents say their new vehicle purchase timeline has changed due to COVID-19, up 6%pts from April’s survey results.
Source: AutoPacific COVID-19 Survey (April-May 2020)
Near-term purchase intenders, those originally planning to purchase within the next year, are the most likely to delay their purchase plans, while longer term intentions are less affected but still vulnerable. “For many, the restrictions and uncertainty surrounding COVID-19 have already lasted longer than originally thought,” says AutoPacific research analyst Deborah Grieb. “It’s not surprising to see a higher percentage of consumers choosing to delay their purchase.”
8% of Near-Term Purchase Intenders Plan to Drop Out of the Market
Economic uncertainty continues to wreak havoc on consumer shopping and large purchase plans as 8% of consumers who intended to purchase a new vehicle in the next 12 months say they are no longer in the market (up from 0 in April’s results). Another 15% say they will delay more than a year (up from 4% in April).
Source: AutoPacific COVID-19 Survey (April-May 2020)
Similar to last month’s results, the majority of consumers who plan to delay their new vehicle purchase claim economic uncertainty as the reason for doing so (67%), while 47% say a new vehicle is “no longer a priority” and 19% claim “loss of income.” Only 13% say “fear of going out/leaving the house.”