The Recovery of the Auto Market After Covid-19

According to US News, vehicle sales increased to just over 15 million vehicles – an increase of 3.4% from 2020, the year the pandemic took hold in the US. Based on this trend, it appears that buying new cars is popular in post-pandemic times. Let's explore this topic in more detail to discover how COVID-19 impacted the market for new cars.

Mobility Has Increased

Social distancing and isolating became common during the pandemic. It meant people no longer had plans to go out and about unless it was essential to do so. Under these circumstances, purchasing a new car was the last thing on anyone's mind. When things got much better and it was possible to be mobile again, most people were thrilled. They celebrated by buying new cars in anticipation of all the trips they were going to take now that things were getting back to normal again.

Some People Had a Chance to Boost Their Savings

Some people also had a chance to work remotely and boost their savings during the pandemic. The situation allowed them to afford a new car. Given all that had happened during the pandemic, buying a car represented more freedom, and it was a worthy expense for some. Due to the uncertainty brought about by the pandemic, others chose to hold onto their savings. However, as things got better, they felt they had more freedom to spend money on the things that brought them more joy and freedom.

New Cars Have Been on the To-Do List for a While

The pandemic ruined a lot of plans for many people. For many, there were plans to travel that had to be postponed. That said, many had plans to purchase a new car for their long road trip. All of these plans had to be put on hold as the country focused on managing and eliminating COVID-19. When the situation improved, most people had to revisit their old plans and consider what to do to get life back to normal. The scenario resulted in many people who had old plans to purchase a new car suddenly deciding to do so once the opportunity became available. This helped revive the market for new cars.

When the pandemic first took hold, it seemed like everyone would be stuck in their home forever. Thankfully, all that is changing, and this is reflected in the boost in new car sales. If you also think now is the best time for your next new set of wheels, get in touch with us today.