The Psychology of Post-Pandemic Automobile Purchasers




Check out the greatest cars for those shoppers as well as who is currently purchasing cars and why.

 

Purchasing an automobile is a significant decision. Choosing now to purchase a vehicle? That is a significant matter.

 

Car demand has remained high despite low availability since the epidemic upset the supply chain. As a result, in a highly competitive market, prices have increased. I know what you’re thinking: “Who the heck would be looking for a car right now?”

 

More people than you may imagine, and for unexpected reasons.

 

We polled over a thousand individuals who intend to buy a new car in the upcoming year*, and the two most common responses fell into the “need” category: The third reason fell into the “want” category. The first two reasons were (1) Current car is old/needs repairs (21%) and (2) Household/family needs changed (17%). (3) Desiring the newest gadgets (13%).

 

Based on these data, we created three personas that capture the characteristics of the existing in-market consumer and offer some recommendations for what each should purchase.

 

Who most resembles you?

 

1. Broken-Minded Bobby: “I’m done with my current car.”

 

Crashed-Down Bobby is a representative of the 21% of prospective automobile purchasers who actually need a new vehicle because their present vehicle is too old or expensive to fix.

 

Bobby is the kind of person who purchases a vehicle with long-term intentions. Like Bobby, the bulk of consumers (40%) shop using secondhand items. How come? Budgetary constraints are probably the main factor, although new cars, especially those that have just been produced or rebuilt, are more likely to have design defects than cars that have been on the market for a few years.

 

For consumers like Bobby, the typical budget is between $20,000 and $30,000. They might not want to spend additional money, or they might not be able to afford it. Bobby is therefore most likely looking for vehicles with a track record of dependability and established technologies.

 

This is also the reason that 84% of shoppers who resemble Bobby are more likely to look for an internal combustion engine (ICE) car than an electric one. Even though they are expanding and changing quickly, EVs are still relatively young when it comes to mass-market automobiles. Not to mention that ICE automobiles are just less expensive.

 

We would suggest any one of these three cars for Bobby:

 

* Toyota Camry, 2018–2020; * Subaru Outback, 2015–2019; * Honda Civic, 2016–2021.

 

2. Shift in Lifestyle “My current car no longer meets my needs,” said Lory.

 

Change in Lifestyle Lory is one of the 17% of car customers who also qualify as needing a new vehicle for a new pastime, pet, baby, or driver. Lory needs a new automobile to fit their new lifestyle.

 

Needing a larger car to fit their expanding family has changed the lives of many Lory-like shoppers, and what’s more vital than keeping your family safe on the road? This may be the reason that 50% of these consumers are thinking about purchasing new in order to take advantage of the newest driver assistance and safety features.

 

An additional factor contributing to these consumers’ preference for new over used cars is their greater interest in hybrids (39%) and battery-electric cars (30%). However, the majority (79%) is still in the market for an ICE car.

 

Larger cars typically have higher sticker prices, which is reflected in Lory’s spending plan. Although 34% of these buyers believe they will spend more than they anticipate, the median budget for these shoppers is between $30,000 and $40,000.

 

We would suggest any one of these three cars for Lory:

 

* 2015–2020 Chevrolet Suburban * 2023 Kia Telluride * 2023 Toyota Sienna Hybrid

 

3. Frankie, the Feature-Focused One: “My car feels old.”

 

Frankie, who is feature-focused, wants a new automobile even if they don’t need one because they’re losing out on some awesome new features like a panoramic sunroof and adaptive cruise control.

 

Most Frankies (76%) are purchasing new because they want the newest and finest, and their typical spending is the highest of the three groups, ranging from $40,000 to $50,000. Nearly a third anticipate having to take other brands into consideration while searching for their ideal qualities.

 

Given that improved features are always being developed and that he has a larger budget, Frankie probably has no intention of keeping this automobile for the foreseeable future. He can also consider other vehicle options, such as plug-in hybrids, full electric vehicles, and hybrids. Actually, 56% of Frankie-like shoppers are exploring hybrid vehicles, and nearly half (49%) are thinking about switching to all-electric vehicles.

 

In keeping with the “new” theme, Frankie is investigating the new avenue of online automobile shopping. Thirty-four percent of respondents anticipate doing a larger portion of their shopping online, whether it be contacting local dealerships or ordering the complete automobile online and having it delivered right to their door.

 

We would advise Frankie to drive any one of these three cars:

 

* Hyundai IONIQ 5 (2023) * Mazda CX-5 (2023) * BMW 5 Series (2020–2022).

 

Is 2023 Your Year to Invest in a Car?

 

It has been difficult, to put it mildly, to buy a car in the last two years, but 2023 appears to be a hopeful year for buyers, and things might return to “back to normal.” Just be aware that more people are anticipated to hit the market this year, so being well-versed in research and shopping techniques will be especially crucial.

 

SimpSocial can assist you with hundreds of thousands of new and used automobiles at thousands of Certified Dealers nationwide, as well as with professional research and reviews.