Cox Automotive Survey Finds Vehicle Buyers Rethinking Budgets

The most recent installment of Cox Automotive research on the evolving impact of COVID-19 on the U.S. was released today. This ongoing research, which focuses on consumers’ and dealers’ attitudes and behaviors during the pandemic, began in late March and continues to be updated biweekly.

The latest COVID-19: Tracking U.S. Consumer Sentiment report offers a fresh look at how awareness, familiarity and level of concern of COVID-19 is impacting everyday consumer behaviors. The economic impact of the pandemic is clear, with fewer vehicle buyers in market and buyers rethinking their budgets. It is also clear that “getting back to normal” is still a long way off.

MOST RECENT HIGHLIGHTS

In the latest study findings, we see three main takeaways:

1. The COVID-19 pandemic is more than a health concern. The economic impact of the pandemic is real. Affordability issues are paramount for shoppers who have been financially impacted, with Gen Z and Millennials the hardest hit.
2. There is positive momentum in service. Consumers were excited about the concept of service pick-up and delivery before COVID-19 hit. The outbreak has given many their first actual experience. The response is good.
3. Consumers are looking for The New Normal. It’s clear everything isn’t going to immediately snap back to the way it was, and in some instances, consumers have found a better way to do business that they don’t want to lose.

And, as always, if you want to dig deeper or speak to any of the experts at Cox Automotive, reach out to our PR Team. They’d be happy to help.