CarGurus Study Shows Lasting Impact of Pandemic on Car Shopping
"Our most recent COVID-19 consumer sentiment study has shown that the pandemic has reshaped transportation and car-shopping for the foreseeable future,” said
The study’s major findings include:
- Shared mobility continues to decline: During the pandemic, demand for shared transportation halted – and consumers aren’t eager to return. Only half (54%) of consumers who previously used ride-share services expect to return to their pre-pandemic activity in the next year, and few more (59%) plan to in the long term.
- Shoppers are more interested in digital retail: Consumers are more interested than ever in shopping for cars online. 60% of respondents say they’d prefer to do more of the car-buying process at home for their next vehicle purchase.
- Consumers' expectations will stay high: With dealers having adapted to the pandemic through offering various contactless services, consumers hope that these changes will stay. Shoppers are most interested in pre-scheduled dealership appointments (46%), solo test drives (42%), test drive at home (32%), and at-home delivery (30%).
- Demand has rebounded following dips early in the pandemic: Due to decreased spending and an inflow of stimulus money, buying confidence has recovered. Major life changes like moving to a new house (29%), getting a new job (22%), and working from home (12%) have also made people more interested in buying a car this year.
- The inventory shortage is hitting buyers: The majority (58%) of shoppers are aware of high vehicle prices as a result of low inventory, an increase from 26% in
- In-person shopping returns cautiously: Consumers are much more comfortable shopping in-store this year, but they are still wanting a safe experience with the majority (51%) expecting dealers to continue wearing masks.
Dealers interested in learning how to apply these findings can check out a blog post with tips here. The benchmarked CarGurus COVID-19 Sentiment Study’s full findings can be downloaded here, and any questions about the analysis can be sent to firstname.lastname@example.org.
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
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Source: CarGurus, Inc.