CarGurus study: Pandemic slows, but doesn’t halt, car market

Madison Gross of CarGurus, who said that, "while 2020 auto sales may be lagging, they are certainly not lost due to the pandemic."
Lagging, but not lost.
That’s how a CarGurus analyst described the car-sales picture in the aftermath of the COVID-19 pandemic, whose impact on car shopper intentions seems to have moderated in recent months.
In April, 79% of shoppers planned on delaying their car purchases, but in June, that figure slowed to 69%, according to the latest COVID-19 Sentiment Study from CarGurus, which included other similar findings.
Not to mention, 70% of the delayers are still conducting vehicle research, according to CarGurus.
“The benchmarked CarGurus COVID-19 Sentiment Study showed us that while 2020 auto sales may be lagging, they are certainly not lost due to the pandemic,” CarGurus director of customer insights Madison Gross said in a news release.
“The study also shows us that COVID-19 has caused vehicle ownership to become more vital to consumers’ everyday lives, often replacing other transportation methods such as ride-sharing or public transit,” Gross said.
Among shoppers who prior to the pandemic had planned on purchasing this year, 8% in April said they would indefinitely delay the purchase, according to CarGurus. Now, just 2% say that.
Here’s one of the more interesting stats.
Consider the consumers who either 1) currently intend on buying a car this year but haven’t done so or 2) have already bought a car this year. Close to a quarter of them (22%) were not even planning to buy this year, prior to COVID-19, CarGurus said.
In terms of urgency levels in making a purchase, 37% of 2020 current prospective buyers said they were “somewhat urgent” to buy, with 28% saying they were “not at all urgent.”
About a quarter (24%) were “a little urgent,” and only 7% were “very urgent” and just 4% were “extremely urgent.”