A shift towards used cars
Sales are holding up despite the crisis
Rekindling our relationship with cars also seems dependent on the power of attraction that used vehicles hold now and in the future. On average worldwide, a quarter of upcoming purchases will involve used vehicles. The Portuguese, Poles, South Africans, Dutch and French are the most likely to opt for a second-hand car, with scores of over 30%. Meanwhile, around 90% of Chinese, Spanish and Japanese respondents are not prepared to do so.
Even more interestingly, in many countries during the first few months of the crisis, the used market demonstrated its resilience relative to new-car sales. In their own way, used vehicles are something of a safe haven, sheltered from the crisis and its consequences. In these uncertain times, the end of which is not yet in sight, this shift in the perception of used vehicles is bound to attract many new buyers.
A clear economic value
At a time when households are under increased financial strain, used vehicles make a significant difference, given that the budgets available for new cars are lower than was previously the case. Thus, the key advantages put forward are a significantly lower purchase price (48%), and the fact that new cars depreciate faster (34%). These financial arguments inevitably enhance the power of attraction of the used market.
The appeal of cars under a year old
An interesting variation on the used-car theme, cars under a year old make a few winning arguments that many are drawn in by. The number of people who consider them to be a good compromise between new and used vehicles is similar to the proportion who consider them too expensive compared to “real” second-hand cars (26% and 22%, respectively) (Fig. 38). Overall, 1 in 5 people believe them to be an attractive proposition.