Revving up car sales? Here’s what America’s planning
of Americans have altered their plans for a new car; 17% will opt for pre-owned or leased cars
of Potential car buyers in America are interested in purchasing either an SUV or a sedan
of Americans would be keen to buy cars that come with unique health and wellness features
With the majority of the US economy opening up, several industries are eagerly looking forward to getting back on track. But it might not be as easy given the huge financial impact consumers may have faced. This report focusses on the trends that will define the automobile industry in the coming months. Automakers, car dealers, and financial institutions can leverage this data in their decision making.
The US automobile industry has taken a severe hit amid the pandemic, with major automakers witnessing more than 30% drop in sales in the second quarter. With life slowly returning to normalcy, how keen are Americans to purchase a new car, and what kind of sales can car brands expect in the days to come? Piplsay polled 30,422 Americans nationwide to get the details. Here’s a summary of what we found:
- About 33% of Gen Zers, Millennials, and Gen Xers have canceled their plans to buy a car this year
- Among those who have canceled their plans for a new car, 14% fall in the $50,000-$100,000 income bracket
- 64% of men plan to go for a pre-owned car as compared to just 36% of women; 38% of Gen Zers may opt for a car lease as compared to 62% of Millennials
- In terms of payment preferences, 34% of Millennials plan to opt for cash payment while 19% may go for a bank loan
Survey Methodology: This Piplsay survey (powered by Market Cube) was conducted nationwide in the US from July 22-23, 2020. We received 30,422 online responses from individuals aged 18 years and older.