51 per cent buyers in luxury car space plan to buy in next three months: CarWale survey

The Coronavirus (COVID-19) pandemic has wreaked havoc across the globe. The automobile sector is one of the many industries to report huge losses due to fall in demand. To study the effect of Coronavirus lockdown on consumer sentiments, we have conducted a survey dedicated to the luxury car space. 

Based on feedback from 5,480 respondents, 36 per cent are willing to buy a new car. Moreover, the findings reveal that 73 per cent of the willing customers have not changed their purchase decision due to the current pandemic situation, but have agreed that their purchase timelines have been impacted. Of these, 51 per cent are still considering purchasing a new car in the next three months, while the rest plan to buy one in due course of time.

Considering the current economic condition, 48 per cent of the positive respondents have reduced their budget to buy a new car, while 37 per cent have stated that their budget to buy a new car is not affected due to the lockdown. Interestingly, 15 per cent of the buyers in the luxury car space have increased their budget to buy a new vehicle. 

Based on the survey in the luxury car space, we see that despite a drop in demand for new cars, there is a strong possibility of witnessing a growth in sales post the lockdown period. The buyers are clearly hopeful of seeing positive times in the months to come.