Indians Will Buy More Used Cars Than New One’s Post The Coronavirus Lockdown

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Indians Will Buy More Used Cars Than New Ones
Post The Coronavirus Lockdown
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Overview

• The lockdown has definitely affected our daily
  lives, social distancing is set to become the new
  normal at least for the next few months. In order
  to understand the changing consumer sentiments,
  purchasing behaviour, and commuting preferences
  in the post Covid world, we conducted a research
  study using various digital platforms. Based on
  the same study we earlier published a report
  charting the potential impact of the coronavirus
  on car purchases in India. According to it, a
  huge chunk of the Indian population might prefer
  to buy used cars instead of new cars post the
  lockdown.

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Overview

• The lockdown has altered many habits of people
  across the globe and lifestyle change is one of
  them. Health and safety will be the top priority
  for Indian masses as they prefer to use more
  their own vehicles and less of public transport
  for commuting once the lockdown is lifted.
  Theyve also turned out to be more economically
  conscious owing to the huge dip in the economy as
  a direct impact of the coronavirus lockdown which
  has left most businesses shut for 40 days and
  counting. A budget cut when purchasing is
  definitely on the card in many households due to
  financial constraints.

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Vehicle Overview

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• According to the report, Family needs and risk
  of the infection emerged as the major reason for
  consumers to buy cars in the post-Covidworld.
  Also, 46 percent of the consumers have registered
  a reduction in their overall budgets. In such a
  situation, buying a brand new car can be a
  stressful ordeal. Buying a car was still a
  priority as 53 percent of the masses are likely
  to buy one in the next 6 months due to a lack of
  trust in the safety of public transport, the
  change in purchase preference is clearly visible.
  Before the outbreak of COVID-19, 40 of the
  subjects were willing to purchase a new car as
  opposed to 60 who were interested in buying a
  used car. However, after the spread of the
  pandemic and keeping in mind the monetary cuts,
  those who were willing to buy a new car decreased
  to a mere 31 and those interested in used cars
  increased by 9.

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• Therefore it is plain to see that 22.5 of the
  consumers who were planning to buy a new car last
  year would now prefer to buy pre-owned cars
  because of the limited budgets and a plummeting
  economy. What would be your choice of car after
  the lockdown, a pre-owned or a brand new one?
  Leave your answers in the comment below

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