The COVID-19 pandemic has struck us all hard! With social distancing and hygiene becoming more important than ever, the simple process of a daily commute has changed forever. Pre Coronavirus era saw many Indians commuting to their offices, especially in metro cities using taxis, buses, auto rickshaws, metros, local trains and other forms of shared transport solutions. Sure, there are many who use their own vehicles too, but taking public/shared transport has always been a way of life for many of us. But once the 'new normal' sets in after coronavirus crisis ends, will people still end up using public transport and shared mobility or look to buy vehicles of their own? That is a big question and that is what the 2020 carandbike survey answers.
Our carandbike survey revealed that nearly 66 per cent of the respondents are looking to buy a vehicle within three months of the lockdown ending, even with the dynamics of the car market having changed rapidly. 70 per cent respondents have stuck to their original choice of new vehicle purchase post lockdown. The survey also shows that general enquiries about used cars doubled during the lockdown and the enquiries about car purchases were higher in metro cities as compared to non-metro cities. This definitely matches up with the fact that the number of people using public transport and shared mobility are more in metro cities and many of them would now like to own a vehicle in a bid to maintain hygiene and social distancing.
Another significant finding from our survey was that nearly 28 per cent of respondents who enquired about a new car, have said that they do not plan to buy one any time soon. On the other hand, 72 per cent of the respondents would like to go ahead and have a new car purchase after the lockdown lifts. Similarly, people who enquired about used cars, 77 per cent of them have said that they will buy a used car once lockdown ends while the remaining 18 per cent have decided against buying a used car. Industry sources also revealed that pre-owned car registrations grew 10 per cent in FY20 while new car registrations saw a 28 per cent drop.
So, to answer the question, yes! A majority of respondents are looking to buy a new or a used car once the COVID-19 lockdown ends. This does indicate that there is a pent up demand for automobiles as the new normal sets in.
The 2020 carandbike 'Changing The Gears' survey was conducted in April 2020 with a sample size of more than 1,000 customers along with more than 100 dealers of new and used cars. The survey was conducted in cities of Mumbai, Delhi, Chennai, Bengaluru, Pune, Kolkata, Hyderabad, Jaipur and Indore.