New car buyers are increasing their budgets as a result of Covid-19

One-in-five new car buyers say their budget has increased as a result of the coronavirus pandemic.

New research by consumer outlet What Car? has found that more than 10 per cent of those buyers were now considering a more premium brand than they had been before the outbreak of the pandemic.

Furthermore, more than half of the 6,245 in-market buyers that responded to the survey said the number of vehicles on their shortlist had increased.

Rachael Prasher, managing director of What Car?, said: “It’s becoming increasingly apparent that we are heading towards a buyers’ market. The lockdown has clearly proven beneficial to some buyers as our research shows consumers are expanding their budgets and vehicle shortlists, with some moving up to the premium vehicle segments as a result.

“Buyers also tell us they aren’t afraid of asking for discounts, with 42 per cent of respondents saying they will delay their purchase if a dealer can’t match their desired price on a vehicle.”

The research also shows that buyers are not desperate to make a purchase, with 37.5 per cent saying that they are waiting to make a purchase to see if there are any post-pandemic government incentives.

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