Like any other industry, the car industry has also suffered a great deal in the aftermath of the 2020 pandemic. There are not many cars available in the market, and the value of used cars has skyrocketed as people have become more flexible in their choices. One thing that is pandemic has changed is the outlook of life. People have realized the virtue of being contended in whatever they have.
It has most certainly impacted the cars industry as much as any other walk of life. According to YouGov UK, most UK citizens plan to purchase a car for under £10,000 or less in the upcoming year. The group willing to spend more than that (under £15,000) is relatively smaller.
Although the statistics might imply that the prospects of buying a car these days are not very promising, a shift of focus on the factors that might work on making the purchase easier is interesting.
Another highlight of the post-pandemic conditions is the rise in online shopping. Long passed are the days when you had to scour through millions of adverts and car dealerships to land on a car that suited your needs. A wide range of cars is now available at various car dealers’ websites that even offer VR technology to check the car and its make.
New Startup Dealerships
With the new dealerships in town, primarily advertising online, there is no need to head to a forecourt before researching and evaluating the car on the website. These new online forums of car dealerships offer a wide variety of cars, from used cars to new ones. The adverts contain everything aspect of the car you would be interested in knowing.
These online car advertising companies have already created rippled effects in the existing car seller forums. AutoTrader is among the top online disrupters in today’s UK and new car industries. According to Nathan Coe, the head of AutoTrader, “most of the car buyer demographics has already opted for an online car purchase. Companies such as mine have done to catalyze the process.”
The new online car dealerships are also changing how conventional car dealers market their cars. The new upstarts use the internet space for adverts and allow for a more user-friendly interface to ease the evaluation of a car. For instance, Cazoo is an online car dealing forum that sponsors a few sporting teams. You can see the English Football League and teams such as Aston Villa and Everton, advertising Cazoo everywhere they go.
With highly effective marketing and the ease of buying a car from the comfort of your living room, these online car dealerships are here to steer the UK car market to its boom.
Soaring Demand of Used Cars
Depreciation of a car starts as soon as it is out of the showrooms and on the streets. No matter how well-kept you keep your car, its value will depreciate, and it will be considered a used one. However, one of the most significant industry trends in 2021, after the world is still recovering from the 2020 pandemic, is the shocking turnaround in the value of used vehicles.
According to Financial Times, the price of a used car has approximately risen to 15.2% annually in the UK. A sudden increase in used car sales can be observed on various online car dealing forums. Experts call it a consequence of many unsatiated car buyers and the resulting demand in vehicles after the coronavirus.
So, amidst the people now preferring to use their private vehicles instead of contracting germs while using public transport, the industry of used cars is booming. It is further fueled by the wide acceptance of purchasing used cars and creating online car dealerships making it more convenient than ever to buy a car. Consider these tips before venturing out if you want to purchase a used car.
Shift in Thinking
Another plausible point in your favor of buying your favorite car is shift thinking. How you might have been adamant about buying your one preferred car during pre-pandemic times has changed to having two more backup options.
Prospective buyers are now more flexible and have choices narrowed down to two or more cars. For example, you might be looking for a 2022 Kia Sorento SX Prestige X-Line in a specific color, and upon not finding it, you settle for the 2022 Subaru Legacy. This way, you skip the high-end price tag while getting all the specifications of an SUV vehicle.
This shift in the thinking of prospective vehicle buyers, coupled with the acceptance of purchasing used cars, has rendered car purchasing relatively easier these days.
Buying Cars with Cryptocurrency
With Tesla announcing that it now accepts bitcoin as the mode of payment, the car market has seen a visible spike. Trustworthy car dealers, such AutoCoin Cars, also have numerous car retailers that trade in bitcoin. One such car retailer is Scot Hardy Automotive. If you have stacks of bitcoin saved up as cryptocurrency, this is the best time to purchase a car with bitcoin.
Another most convincing point about buying cars these days by cryptocurrency is that you can cut the middle step and directly pay for your car in bitcoin. Initially, if you were to use your cryptocurrency for financing a car, you would need to get the bitcoins exchanged as per the rate and then pay in the usual currency. These digital times let you directly pay for your desired car.
Buying Cars is Easier These Days
Online car shopping might become as easy as ordering the grocery from Amazon. This trend seemed a far cry from reality before everything went virtual during the 2020 pandemic lockdown. Experts predict that nothing stops the car market from going virtual during post-pandemic times. However, many prospective customers prefer visiting the car dealership in person to check up on the vehicle. Due to this, online car dealerships are happily co-existing with the conventional ones to boost the fall in car sales during 2020.