According to digital marketing agency Adtaxi, 70% of respondents to their Coronavirus and Automotive survey have lowered their vehicle buying budget due to the pandemic.
With a greater focus on getting the most out of their purchase, 56% said they have shifted their focus from new to used vehicles.
Additionally, 49% said they will spend more time comparing prices and promotions online.
The survey also showed that 46% will spend more time researching models, and 43% will spend more time comparing dealerships online.
Daniel Maynard, director of automotive at Adtaxi, said, “For the remainder of 2020 and beyond, digital marketing that speaks to auto shoppers’ new phase of research and price comparison will be the gold standard.”
Furthermore, 69% are interested in home test drives, and 55% would be more inclined to purchase from a dealership offering home delivery.
Among those postponing auto purchases, 35% blame a drop in income, while 54% are being cautious due to economic uncertainty; 11% said buying a vehicle is no longer a priority.
