A survey conducted jointly by CNBC-TV18 and market research firm Piplsay has found out that a majority (64 percent) of vehicle buyers’ plans were disrupted because of the pandemic and even more (74 percent) are trying to source discounts and easy EMIs as they are going ahead with their plans now finally. The survey further finds that 43 percent are still keen on buying a car while only 38 percent are vying for a new bike. Interestingly, 65 percent of those who canceled their vehicle purchase plans are fully employed, which indicates that the cancellations were also an indicator of the “safety first” mentality due to the pandemic.
A good 64% of respondents say that their plans to buy a vehicle this year have been affected because of COVID-19, with 25% among them putting off their purchase this year. Among the latter, about 65% of them are fully employed. Only 17% of people say their plans to buy their preferred vehicle this year have not altered.
With life slowly returning to normalcy, at least in most parts, over 70% of potential buyers have already started looking out for better deals and options. At 38%, North India tops in terms of inquires while only 16% in the West seem interested, given the continuing lockdown and restrictions.
Among those interested in buying a bike, a majority of them (21%) plan to pay by cash, while 14% plan to get for a bank loan. Car buyers, however, are split, with 19% each planning to go for a bank loan and pay by cash. 18 to 25-year-olds seem most interested in taking a loan for their two-wheeler purchase as compared to other ages. Among car buyers, over 40% of 31 to 40-year-olds plan to go for a bank loan. Among those planning to go for a two-wheeler loan (bank and NBFC), close to 25% are those earning less than 4 lakh per annum. For four-wheeler loans from banks, 42% belong to the household income bracket of 6-10 LPA.
Vehicle features and brands make up the most important factors for almost 50% of potential buyers. Surprisingly, ownership costs appear in the bottom two factors, despite the financial hit that several buyers may have taken amid the pandemic. Coming to the price, 62% of men seem more conscious about it as compared to just 38% of women. The gap, however, narrows when it comes to the brand name.
Personal recommendations from family and friends continue to be an important influencing factor for over one-third of car buyers, underlining the importance of customer care and service. With plenty of online reviews, feedback, and research available, online forums are the next go-to source. Surprisingly, youngsters in the age group of 18 to 25 years tend to rely more heavily on recommendations (41%) as compared to other age groups.
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