Car Buying Goldrush Predicted

Car Buying Goldrush Predicted

by Becky Harrison |
posted 26 March 2021

Evidence continues to mount that dealers should brace for a car-buying ‘gold rush’ as Covid-19 restrictions are eased further. Despite a slow start to the normally busy new car month of March, the latest market research suggests that more than one in 10 motorists are bringing forward plans to change their car. 

The depressing effect of coronavirus restrictions on car sales is also revealed by consumer sentiment analysis which shows that one in four motorists have been reluctant to buy a car during lockdown regardless of the availability of ‘click & collect’ services which remove the need to visit showrooms. 

BuyaCar recently asked 422 ‘in market’ motorists about their car purchase plans and found that 12.9% are bringing forward their plans to buy. The reason is unclear, but analysts have previously speculated that buying a new car or planning a major purchase may be among the activities that have brought some cheer to consumers during the hard times of the coronavirus crisis. 

Meanwhile, according to the survey, almost one in four motorists have held back from buying during the pandemic, even from dealers or online car suppliers who offer the safety and convenience of delivery or click & collect services. In the latest market research, 24.4% of would-be car buyers said they were uncomfortable with stepping back into the market until general restrictions have been lifted. 

This latest research supports a growing consensus among industry experts that dealers will be overwhelmed with demand when they reopen their showrooms in April. With pent-up demand building to such a peak, some believe that the rush to buy cars will even be sustained until the summer.

 

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Becky Harrison
Becky Harrison

Becky is part of the marketing team here at Money4yourMotors. Becky oversees a wide range of marketing activities including social media and content creation.