VAB study: car buyers will spend less and postpone purchase
A study by mobility organization VAB shows that one-third of motorists will spend less money on a new car. Many customers also postpone that purchase if possible.
In the context of the corona crisis, VAB conducted several surveys among more than 10 000 motorists. Not only were they questioned about their travel behavior, but they were also asked about the economic consequences and how they intend to respond to them.
According to one of the surveys, anyone who was planning to buy another car, second-hand or new, will still do so. Especially people with a car that is in urgent need of replacement. Nevertheless, a large group (46% of second-hand buyers, and 35% of new car buyers) also indicates that they will postpone the purchase for a few months due to the corona crisis. 20% is even considering postponing the investment for a year or more.
Shift to second-hand cars
Budget plays a bigger role, especially now, when a period of economic uncertainty and possibly even job loss is approaching for many people. One-third of motorists will spend less money on the next car, although new cars are becoming increasingly expensive to meet all emission and safety standards. That’s why 10% of motorists who indicated that they intended to buy a new vehicle before the corona crisis now suggest that they will opt for a used car if the car has to be replaced soon.
These postponed purchases are bad news for the Belgian automotive sector, which has already been confronted pre-corona with lower sales figures due to the stricter CO2 standards, and the lack of a clear fiscal vision for the future because Belgium still does not have a proper federal government. Many professional buyers and companies have previously taken a wait-and-see attitude to replace cars and fleets.
Inform online, buy face-to-face
When Flemish customers buy a car, the showroom visit still appears to be very important to make a visual inspection (86%), to get personal advice from the seller (81%), or to make a test drive (79%). The internet is important to consult the offer online (71%) and to view photos and possibly videos of the car (66%).
Flemish consumers are not ready yet to buy their car online. According to VAB, a visual inspection of the car remains very important for potential buyers, especially when buying a used car.