Toronto, Ontario — CarGurus has released the results of its second Canadian COVID-19 Sentiment Study, asking 505 shoppers about their attitudes towards purchasing a car amid the pandemic.
Compared to the company’s benchmark study, conducted in April 2020, this survey, administered throughout the month of June demonstrated a rise in consumer’s interest in purchasing a vehicle amid the pandemic.
The study found fewer delays in car purchases in June, with 78 percent of consumers holding off on purchasing a vehicle, an improvement from 87 percent in April. Even among those delaying their purchase, the majority—70 percent—are actively researching.
The study also indicated that 18 percent of 2020’s current prospective buyers believe it’s a bad time to buy a vehicle because retail activities may put themselves and others at risk—down from 27 percent in April.
Only two percent of initial prospective buyers in June have now delayed their purchase indefinitely, compared to six percent in April. And, 21 percent of 2020 purchasers and current prospective buyers had not planned to buy this year before the pandemic.
In terms of financial security, approximately half of car shoppers reported they are less confident in their ability to afford a vehicle in the month of June compared to April.
Before the pandemic, 47 percent of car buyers planned to finance their purchases. Now, 56 percent plan to, or did.
Click here to download the full study.
