Good news for auto sector? Many intend to buy vehicle in next 12 months: Survey
In what appears to be a good news for the automobile sector in the country, majority of consumers have a strong intent to purchase a vehicle in the next 12 months, as per a survey conducted by Mobility Outlook. The survey sought responses from nearly 2.7 lakh customers across the country.
As many as 83 per cent of respondents revealed that they have an intent to purchase a vehicle in the coming 12 months while 13 per cent stated that they may buy a vehicle. The remaining four per cent of respondents said that they have no plans or intention of buying a vehicle in the next 12 months, the survey stated.
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While people's intent to buy a brand new vehicle seems strong, preference for used vehicles also seem to enjoy a fair share. The intent to purchase a vehicle essentially comes from a healthy recovery in overall spending habits of people, the survey stated.
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Specifying the kind of vehicle that people intend to purchase, the survey revealed that as many as 52 per cent of respondents wanted to buy a new personal car. Around 33 per cent of respondents want to buy a new scooter or motorcycle while 3 per cent intend to purchase a used scooter or motorcycle. The remaining 13 per cent of respondents said they want to buy a used personal car.
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Preference for used vehicles has seen a rise in the recent months thanks to good deals and warranty from used car dealers. These vehicles are made available at a good value for money and are cheaper than new vehicle, the survey stated.
Specifying the budget allocation for a brand new vehicle amid coronavirus, 49 per cent of the respondents said their budget remained same as before while 14 per cent said they have increased the budget by up to 20 per cent.
(with inputs from PTI)
