Majority of consumers have strong intent to buy vehicle in next 12 months, finds survey

As many as 83 per cent of respondents confirmed the intent to purchase a vehicle in the next 12 months, while another 13 per cent indicated they may buy and just 4 per cent said no to buying a vehicle, as per the survey by Mobility Outlook — a brand of CarTrade Tech — which sought responses from nearly 2.7 lakh customers across India.

The strong intent to purchase a vehicle reflected a healthy recovery in overall spending habits, it added. While the intent to purchase new vehicles is strong, used vehicles also seem to enjoy increased interest, it added.

As many as 52 per cent of respondents wanted to buy a new personal car and 33 per cent were looking for a new scooter or motorcycle.

Interestingly, 13 per cent of the respondents said they intended to buy a used personal car, while 3 per cent were inclined towards the purchase of a used scooter or motorcycle.

Value for money, cheaper than new vehicle, good deals and warranty from used car dealers and getting upper segment vehicle for the same price were some of the reasons for consumers leaning towards used vehicles, according to the survey.

When it comes to budget allocation for vehicle purchase as a result of COVID-19, 49 per cent of the respondents said it has remained the same as before the pandemic, while 14 per cent said they have increased the budget by up to 20 per cent.

As far as ownership type is concerned, 74 per cent of respondents still preferred owning directly through normal purchases from dealerships, while 17 per cent were looking for long-term leasing for 1-4 years, 5 per cent opted for short-term leasing of less than a year, while 3 per cent of the respondents were looking for vehicle subscription service.